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nmmtrria' I
RAT. OFFICE
REG, O.
COPYRIGHTED IN 1940 8r WILLIAM B. DANA COMPANY, NEW
YORK,
"VOL.151.
ENTERED AS
SECOND-CLASS MATTER JUNE 23, 1S79, AT THE POST OFFICE AT NEW TORN, NEW YORK, UNDER THE ACT OF
MARCH 3, 1S79.
CHASE
THE
BROOKLYN TRUST
B A N K
COMPANY
39407
N0 .
NEW YORK, DECEMBER 28,1940
BANK
NATIONAL
OF THE CITY OF NEW YORK
Chartered 1866
OF
George V. McLaughlin
1
President
BROOKLYN
NEW YORK
Member Federal
respondent hank service
NEW
is
a
traditional
policy of
the Chase National Bank.
Deposit Insurance
YOR K
Corporation
"Maintaining effective cor¬
Broaden your customer
service
with
Chase
cor¬
respondent facilities.
Hallgarten & Co,
Member Federal Deposit
Insurance
Corporation
Established 1850
BANK
AND
NEW YORK
London
Chicago
INSURANCE
City of
STOCKS
Philadelphia
PUBLIC UTILITY
Bonds
—-
INDUSTRIAL
The
RAILROAD
FIRST BOSTON
CORPORATION
MUNICIPAL
NEW YORK'
BONDS
Y
Moncure Biddle & Co.
' BOSTON
~
CHICAGO
PHILADELPHIA
AND OTHER
'
PHILADELPHIA
SAN FRANCISCO
~
PRINCIPAL CITIES
ACALLYN^1® COMPANY
INCORPORATED
CHICAGO
Boston
New York ■*
Philadelphia
Milwaukee
Detroit
Omaha
PACIFIC NORTHWEST
The
;
SECURITIES
New York Trust
(DrumhclW. Ehrlichttum
Company
Capital Funds
.
eattle
Exchange BIdg.
$37,500,000
OTIS & CO*
(Incorporated)
IOO
Established 1899
NewYork
CLEVELAND
BROADWAY
Chicago
:
Luzerne Co. G. & E. 7% Pf. Stk.
'1 Strawbridge & Clothier 7% Pf.Stk.
West
Penn
Power Com. Stock
Philadelphia Co. $5 Pref. Stock
Cleve. &
MADISON AVENUE
R. H. Johnson &, Co.
AND 40TH STREET
•
Pittsburgh 7% Guar. Stk.
Philadelphia El. Co. Com. Stock
United
Gas Improve. $5 Pref.
Penna.
Members
Power Co. $5 Pref.
Stk.
Stock
New York Stock Exchange
New York Curb
64 Wall
St.
Exchange
PHILADELPHIA
BOSTON
YvRNAIjL & Co.
NewYork
ONE EAST
1528 Walnut Street,
Philadelphia
57TH STREET
Canadian Securities
Carl M. Loeb, Rhoades & Co.
61
BROADWAY
Member of
NEW YORK
London
Paris
Amsterdam
Geneva
the
Federal Deposit
Insurance Corporation
HART SMITH & CO.
52
Montreal
William
St.
NEW YORK
Toronto
Dec.
The Commercial & Financial Chronicle
II
This advertisement appears as a matter
construed
buy
of record only and is under
offering of these securities for sale,
as an
or as a
no
1940
28,
circumstances to be
solicitation of
offer to
an
of such securities. The offering is made only by the Prospectus.
any
The Electric Auto-Lite
Company
$8,000,000
2lA°/o Debentures due
Dated December 15,
1950
Due December 15,
1940
1950
Price ioiV2% and accrued interest
Copies of the Prospectus
may
be obtained in
any
State in which the offering of the above mentioned
security is lawful from such of the Several Underwriters and Selected Dealers
registered
licensed dealers
or
or
as are
brokers in securities in such State.
LEHMAN BROTHERS
SMITH, BARNEY fcP CO.
HEMPHILL, NOYES & CO.
December 27, 1940
Dividends
Dividends
THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK
The
DIVIDEND NOTICE
Chase National Bank of the City of New York has declared a dividend
of 70tf per
share
transfer
Common Stock Dividend No. 100
the 7,400,000 shares of the capital stock of the Bank, payable
on
February 1, 1941, to holders of record
The
PACIFIC GAS AND ELECTRIC CO.
books will
at the close of
be closed in
not
business January 17, 1941.
A cash dividend declared by the Board
of Directors on December 18, 1940 for
connection with the payment of
the quarter ending
this dividend.
THE
CHASE
NATIONAL
December 31, 1940,
equal to 2% of its par value, will be
paid upon the Common Capital Stock
BANK
of this
OF
THE
CITY
OF
NEW
Company by check on January
15, 1941, to shareholders of record at
YORK
the close of business
W. H. Moorhead
Vice
President
and
December 31,
on
1940. The Transfer Books will not be
Cashier
closed.
D. H.
San
Foote, Secretary-Treasurer.
'
Francisco, California.
»
american
manufacturing
Noble
West
and
company
Streets
Brooklyn, New York
The
Board
of
Directors
of
the
American
Manufacturing Company has declared
an
dividend
of
the
The
Common
Stock
1940
of
to
$1.00
share
per
Company
Stockholders
payable
of
the
on
record
extra
December 31,
December
14,
"EXPANDIT"
Binder
1940.
The checks
will
be mailed
for this
as
well
as
for the previously declared dividend of 25c.
per
on the Common Stock and also
$1.25 on
the Preferred Stock.
will keep your
B.
Duquesne Light
ready for immediate reference.
share
ROBERT
Periodicals and Publications
BROWN, Treasurer.
Company
Dividend No. 52
In sizes up to 13x8 M inches
l
Pittsburgh, Pa., December 20, 1940
Price $2.00 each
Plus Postage
JOHN MORRELL & CO.
A quarterly dividend amounting to One
Dollar and Twenty-five Cents per share
(being one and one-quarter per cent
(1M %) on the par value of $100 a share)
the
5% Cumulative First Preferred
on
dividend
^
dividend of
ufnjMnnlf ($0.50)
per
no.
stock
Morrell
on
shown
on
&
the
Ottumwa, Iowa.
on
of
books of the
for larger sizes
John
Company.
George A. Morrell, Treas.
THE "EXPANDIT"
25 Spruce St.
Stock of this Company, has this day been
declared payable January 15, 1941, to all
holders of said 5% Cumulative First Pre¬
application
the
Co., will be
paid January 25, 1941, to
stockholders of(record December 31, 1M0,
as
Prices
Fifty Cents
share
capital
45.
BINDER
New York City
ferred Stock at the close of business,
cember 31, 1940.
-
De¬
Checks will be mailed.
H.
D. MEGAHAN
Treasurer
Vol. 151
DECEMBER 28,
No. 3940
1940
Editorials
The Financial Situation.—
Vetoed-----Facts
and
"Class
fc;
i
mm
Fiction
Struggle"
•
—
3784
3796
—
—
Concerning the
-
Election
and
the
-—.-3798
—-
Comment and Review
-
en::
-
The Business Man's Bookshelf
Week
the
on
.3800
European Stock Exchanges
3789
Foreign Political and Economic Situation
.3789
Foreign Exchange Rates and Comment
-3793 & 3831
Course of the Bond Market
-------
Indications of Business Activity.
Week
on
the New York Stock
Week
on
-.3799
3801
—
the New York Curb Exchange
Exchange
3787
—
3830
News
Current Events and Discussions
Bank and Trust
3814
Company Items
3829
General Corporation and Investment News..,
Dry Goods Trade----——.
State and
3878
-—.—-3914
-
Municipal Department
3915
Stocks and Bonds
Foreign Stock Exchange Quotations
fcss:
Bonds Called and
3833
Sinking Fund Notices
Dividends Declared
—
—
Auction Sales
Exchange—Stock Quotations
•New York Stock
Other
3846
Exchange—Bond Quotations-3846 & 3856
Exchange—Stock Quotations
•New York Curb
3837
3836
-
New York Stock
New York Curb
—3836
—
3862
Exchange—Bond Quotations
3866
Exchanges—Stock and Bond Quotations.
Canadian Markets—Stock and Bond
3868
Quotations.
3872
Over-the-Counter Securities—Stock & Bond Quotations.3874
Reports
Foreign Bank Statements.
Course of Bank Clearings.
.3792
3831
Federal Reserve Bank Statements
General
3814 & 3843
—
Corporation and Investment News
3878
Commodities
The Commercial Markets and the
.3906
Crops
Cotton.
Breadstuff s
-
3908
3912
*
on
Attention la directed to the new column incorporated in our tables
New York Stock Exchange and New York Curb Exchange bond quota*
tions
Published Every Saturday
pertaining to bank eUgibUity and rating.
Morning by the William B. Dana Company, 25 Spruce Street, New York City, N. Y.
President and Treasurer; WllUam'D. Biggs. Business Manager.
208 South La Salle Street (Telephone State 0613).
LondonWilliam B. Dana Company. Entered as TOcond-cIass matter
June 23,1879, at tte post office at New York, N. V., tinder the Act of March 3,1879.
Subscriptions in United States and Possessions, $18.00
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$12.56 for 6 months. Transient display advertising matter, 45 cents per agate fine. Contract and card rates on request .NOTE: Chi account
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Herbert D. Seibert, Chairman of the Board and Editor; William Dana Selbert,
Other offices: Chicago—In charge of Fred H. Gray, WesternlRepresentatlve,
Edwards & 8mithVl Drapers' Gardens, London. E.G.
Copyright 1940 by
The Financial Situation
THE
AS
Jl\
approaches
time
President's
the
for
expected "fire-side chat" tomorrow, the Ad¬
subjected to pressure from
ministration finds itself
demand the facts far more
far vouchsafed.
and shade
by groups of almost every sort
all sides
great many Americans, who now
fully presented than so
real concqrn to a
Audience
The
opinion as to what we should do about granting
aid to Great Britain, our own armament program,
of
and
other
various
aspects
of
with
relations
our
We have individuals and groups
the notion that we should defend our¬
foreign countries.
dedicated to
practically anything
and sailors. Others
be of what assistance we
by giving Great Britain
selves
she
requests—except soldiers
are
demanding that we
robbing
without
can
due
that
care
do not in consequence
be¬
is
there
risk
vital
in
ful that
our
This
once,
respect
into
a
Now it
appar¬
one,
How
this time.
of
"No
Foreign
Committee"
appeals
name
War
most
the
editor
to the
a
in
the
public for funds to
it
by
before,
to
which
follows
At
"soon
we
in the
whose
investor
have
to
interest
under its
care
imagined.
part the fact.
the
that
rate
all
traditions
the
down to
us
of
of
would
suppose
some
by such
a
host of great
free
men as
America,
as
handed
Washington, Jefferson,
patriots."
Lincoln,
Another committee
ardent and
persistent in its demands that we greatly and
quickly enlarge our effective assistance to Great
headed by another editor has
been
so
so
Britain that
some
effect
the
other influential groups
still believe, that
urging
early
United States.
consciously
This latter it
still cries loudly for many
tions of
believed, and
or
not it is in
participation in hostilities
have the feared results.
now
by
denies, but
things which could easily
Meanwhile, recent revela¬
delay in the armament program have brought
related
question
being made in
the manufacture of
ment for
that the
arma¬
possible shipment
to Great Britain.
One
assurance
to which
the
are
utility issue.
people of this country
clearly entitled is that
they through their chosen
Madison, Monroe, Patrick Henry, Abraham
and
his
armament program
the
of progress
knowledge that the day before it had
that
the
investor
pay
the last
farthing—and more—for
into
concerning the status
our
and
of
a
public
degree than has been his
wont
public) spring into imme-,
diate action in defense
the
confidence in much larger
fundamental objective of
one
he
cooperation he seeks,
take
Such is in¬
Yet the fact
or
certainly
and
if he is to obtain
the
by
insisted
again unless you (the
the
which
must,
Commission, acting one day its role as pro¬
tector of investors, would feel a little strange
be at total
may
number of
time,
the
concerning
conscience
evils, real
any
or
it.
public is entitled at this
of the provisions of law and the rules
regulations under them is that of pre¬
venting sellers from cajoling the investor
into paying too much for securities.
wreckage
inevitably
a
to
assurances
say
say
time, there
same
many
war," warning that
total
war
the
to
say
precisely
ought to
plainly
are
and
greatest nation of them all
down
the
At
him
ought to
he
how
of the other Acts?
or
undertake
tell
he
what
be
and it would be
to
to
or
other
its major responsibility.
the
supposed
remains
the
dragging
of
of
deed for the most
has known
never
several
objective is declared to
be true that these other Acts make
the investor and his interests a charge of
the Commission only as regards certain prac¬
tices
His
course,
predict what he will
It may
the world a calamity
as
foolish
seriously over-priced, and feel
be
issue
is
approach these
will, of
his own,
that "the issuer receive the
favorable terms obtainable" even though
virtue
"prevent the intervention¬
bringing
upon
address
insist
treatment
it
"the
Precisely
the Commission proceeding under
can
qualms
no
ists of 1940 from
such
future, he will
the future to disclose.
these two objectives be reconciled ?
can
Act
one
Iowa
central
such protection as
probably attainable at
actual
difficult tasks remains for
"protection of investors,"'and in in¬
numerable rules and regulations issued there¬
under the Commission has repeatedly cited
How
be¬
not
accomplished
how he will
with
assur¬
in
impossible.''
be the
negotiation is desirable
An
should
involved
have
by the SEC
the Public
Commission
administering
with
whose
laws
ardently insist that a peace
and
repeated
in the
war
happens that this Commission is
so
charged
ently, yet there are those
like Senator Wheeler who
of
we
come
public utility holding companies
utility subsidiaries.
The report,
of course, refers to matters under the juris¬
diction of the Commission by virtue of the
Public Utility Holding Company Act.
"appeaser" is still
term of approbrium to
every
during the campaign
that
their
and
word
almost
ances
registered
moment plunge
the conflict.
The
outlined
his
and
sale
the
almost any
us
tentatively
he
as
with
the maintenance of arm's-length
and competitive conditions in
distribution of securities of
to
bargaining
at
may
that
of
Division
Utilities
already patent
neutrality
want of
the Investor
vs.
the report recently made public
and
prepared by the staff of
deeply fear¬
are
Britain such
avoidance
being of
at
assistance
and others
policy of assistance to
a
Great
wage" for investment bankers or
of "over-pricing."
sentence
has been extracted from
"living
whatever
should take
he is able to reconcile
If
of Commission regulation of
price and spread should be to insist that the
issuer receive the most favorable terms ob¬
tainable rather than the maintenance of a
Some insist that
fighting.
and bring
real unity within its ranks he will be obliged to be
more forthright and more specific than in the past.
dently if he is to reassure the country
The objective
involved in the actual
come
we
SEC
Evi¬
President is to address tomorrow.
that the
has
ourselves
we
people whose emotions are so surcharged
variance at many points
a
our
and with
defense program
It is
and whose minds are thus at
representatives in Congress and after full and dis¬
pass
judgment
which confront the
tions
be
discussion will
passionate
themselves to
to
occasions in the
ourselves
but
his
judicially in the absence
now
address
these
are
appraise
There have been
past when we have
found
obliged to differ with ex-President Hoover,
doubt
we
what is
ques¬
judg¬
pass
hatched out in Washington
muddy already murky waters.
many
the vital
Nation today,
ment, that is, calmly, and
of clever little schemes
granted opportunity
upon
in
if
we
our
late
can
give better expression to
mind than to quote a portion of
last
week
in
this
city.
"Indeed
times," he said, "when it is difficult to
and
discuss with
objectivity.
The
gar-
Volume
The Commercial & Financial Chronicle
151
forces in
gantuan
Within
them
motion
not
are
social,
are
military alone.
ideas, which clamor to shape the world to
"Again,
in the last war,
as
we
propaganda from both sides.
interest
ings.
difficult
is
But of
arouse
tellectual
and
The real American
sympathies and
our
Intolerance
From it
tyranny.
mongers/
the United States Navy,
The number of such combat planes delivered to
separate from these plead-
intolerance.
not honest debate.
'war
The number of such combat planes delivered to
come.
deluged with
are
the British Empire.
The number of such combat planes delivered to
other countries, giving the
our
Emotion without the temper of
outrage.
breeds
reason
the United States Army.
importance, the actual events
more
emotions
our
of
sense
to
The number of such combat planes delivered to
political
and
economic,
We
afflicted with
are
'appeasers/
in-
breeds
'pacifists/
what
our
mind
fiercely
in
planes.
sign of
a
Nation
a
denounced
Britain
pointed
illustration
minded
being
as
the tools of
or
dangerously irrespon-
a
when
patriotic
the
refer
enlightening.
Great
of
two
our
the bill for what is done.
gratitude and confidence of the American people.
fully informed.
duty, is to
It is the
greatest issue that
"For my
part I want
and peace,
on war
can come to any
to
As
Congress has the final responsibility to declare
it should also debate and pass upon
every
war
that may
as
these
XT
reassure
more
than
anything
^
distinctly
grown
uneasy
concerning 1 s peace.
Britain is
in this
equally fruitful
an
country at present.
by the President of
council
with
greater
source
of uneasiness
The recent appointment
many
of
means
thoughtful Americans,
distress
of
no
coming from
shortages
of
Mr.
aluminum,
sundry other indications that all is not well
much too
well
of difficulties and
1o
our own
extending Great
are
authority has by
allegations
Knudsen,
are
cries
repeated
our
sort of supreme armament
a
quieted the minds of
and
we
calculated
to
arouse
suspicions
delays which have not yet
come
The mystery that has been made of
light.
cisely what
we
■
Underli
pre-
have furnished Great Britain in the
that
,
.
.
,
outpnt of
member
feels
of
the
The want of
points is apparent when
House
a
Appropriations Committee
obliged to demand information of the most
fundamental
This
sort.
legislator, Representative
Engeis of Michigan, let it be known during the
week that he had
the
requested such information from
Administration.
Here
is
what
he
is
said
to
have demanded:
available from the
capita
per
airplanes that
were manu-
during the months of September, October^
November
and
thus
December.
far
during
the
month
of
even
even
in 1937
Census
our
was
ing capacity was
at least
Not only that but. in
ess
®
chiefly,
.
the
in
,bnt"in
wai,
our
production of them.
Bureau
and
else-
manufacturing output
below that of 1929, and
it is certainly a fair inference that
our
manufactur-
correspondingly lower,
the
categories of
so-called
durable goods—those branches which must be
our
main dependence .in armament efforts—there
was
an
actual
as
well
as a
per
capita decline in output
and without much question in production capacity.
One
of
the
whether
vital
most
questions of
the
day
is
making satisfactory headway in
enlarging that production capacity, particularly as
we
are
the instruments of war.
Recent outgivings suggest that the Administration is not satisconcerns
tied with the progress that is being made.
difficult
more
people?
of
Can the
specific in his talk to the
Here is
precise
a
situation inherently
appraisal
precise presentation, yet
we
and
certainly
of
feel confident that the
of the American people to the facts would
response
well repay the utmost effort to inform them
con-
cerning this situation.
Certain it is that if the Administration desires
substantially
effort
The number of combat
factured
scale
mass
where make it plain that
American
troublesome factor.
such
what
are
.
,
,
implements of
to do for her is
a
co¬
tion of the
,
,
being made not only, not
is
President not be
on
in the past, ap-
case
all this is the
past, are providing her now, and have undertaken
information
taken
degree
a
vitally needed at this time.
are
Data
effort, and the relation between
preparedness and the aid
The
Wanted
uncertainty concerning the real status of
armament
certain.
are
not likely to be wholly successful,
are
preparations for
Information
But
thing is clear and
Underlying Question.
,.
Nation
a
One
and, after all, support and cooperation
step
coming from the heart of the
President tomorrow would do
else to
operation
lead in that direction."
Words such
be
peals for whole-hearted support and the fullest
that is not given time for public debate,
war
pay
can
valid argument against keeping Congress itself
far greater than has been the
Nation,
in g
there
into the confidence of their Government in
single step taken relat-
no
At any rate
That is that unless the American people
Americans, and their
their position
express
It is
the American people who must
any one except
no
"The transcendent right of
not be wise to
thus set forth.
as
be given the widest publicity without enlightening
They
bergh—both of whom have long since earned the
,
would be similarly
war
may or may
highly probable, however, that most of them could
William Allen White and Colonel Charles Lind-
are
Now, it
make public the full facts
men—single
country.
only air-
concerns
Similar information concerning the vari-
other instruments of
ous
are
And by way of
to
in their devotion to
men
toolg
Germany.
I
men
other
or
export to the various countries, and the number
This request for information
danger.
"Certainly it is
sible
manufacturer
or
of licenses applied for.
They do not make for national unity
country.
in time of
basis for deciding the fate of
no
Government
The number of planes which have been licensed
for
are
States
countries, and their disposition.
not.
"Slogans
United
the
through canceled contracts from Sweden
slogans:
and
of the country,
name
The number of such combat planes obtained by
get declamation,
we
3785
on
certain
increased
the part
aspects
activity and still greater
of American industry, there are
of
the
current
which he must be forthright.
described
last
situation
This need
in Lancaster, Pennsylvania,
was
on
about
tersely
Monday
by the president of the National Association
of
"One thing the
Manufacturers.
Commission
fense)
can
(National De¬
do," he said, "is to tell the
urgency' means in terms
of production needs.
Does it mean literally 'all
out' production, with industry working its ma¬
chines through a twenty-four-hour day, seven-day
country what this 'terrible
Government," he continued, "readjust
"Will the
provide for the unforeseen costs in¬
in time and a half or double time pay for
contracts
volved
to
will
and
overtime
millions
dreds
of
tracts
the
public relish
paying hun¬
speed
defense con¬
to
already let?
more
up
worthy of note that gains in business
are
the
changed its mind about maintaining 'busi¬
mission,
usual'?
ness as
,
urgency' scrapped the idea of
"Has the 'terrible
weekly period,
sacrifices?"
questions as these. ' As a matter of
and
supply really satisfactory answers—
can
imperative.
answers are
Then, of course, there is the eternal question of
Has the Government furnished, and
specifications.
is it
furnishing, specifications at a rate which
now
in
gold certificates was just about offset by a
were
sense
mass
becomes almost
President
The
will
production in the usual
deeply disappointing to
if
circulation increased
206,000, with the account variations consisting of an
bank balances by $32,807,000 to
$13,837,243,000; a decline of the Treasury general
by $88,958,000 to $481,494,000; a decrease
account
of
foreign deposits by $28,823,000 to $1,111,262,000,
an increase of other deposits by $38,069,000 to
and
The
reserve
ratio fell to 90.6% from
Discounts by the regional institutions
$149,000 to $4,200,000.
fell
Industrial advances were
commitments to
$165,000 to $7,598,000, while
make such advances
thoughtful elements everywhere among the Ameri¬
can
$19,920,571,000.
to
increase of member
up
impossible?
be
$558,000
,up
$81,363,000 to $5,964,938,000.
Total deposits with
12 regional banks fell $46,905,000 to $16,030,-
90.7%.
revision of them that
decline
the
$600,207,000.
willing to refrain from such constant
re¬
cash, and total reserves of the regional in¬
it
or
with the
gional banks in the period, raising their holdings of
such instruments to $19,680,782,000.
But the gain
permits the most rapid progress in arming, and is
able
The Treasury
bonds and $899,500,000 notes.
deposited $20,001,000 gold certificates
Federal Reserve notes in actual
fact, in existing circumstances only the President
himself
$13,000,000 to $387,000,000.
again were in suspense, during
stitutions
to such
to $1,906,000,000.
Loans by the
security collateral to brokers and
the Federal Reserve
the statement
week, holdings of Treasury securities remaining un¬
changed at $2,184,100,000, consisting of $1,284,600,banks
superimposing defense production on top of our
Obviously, only the Government itself can furnish
up
Open market operations by
production for normal domestic needs, of protect¬
answers
on
dealers receded
in other
ing all gains, of demanding no
such loans
member banks found
loans now
York City
$3,000,000 in the
New
Weekly reporting
rule.
banks
1940
side of the credit picture,
it is
000
Government, and particularly the Com¬
"Has the
On the demand
banks.
28,
balance with the 12 Federal Reserve
the Treasury
same
week?
Dec.
Chronicle
The Commercial & Financial
3786
dropped $51,000 to $6,253,000.
Winter Wheat
Crop
people if he neglects such topics tomorrow, and
he
in
fails
very
substantial
to speak
measure
THE winterwith unusually favorable weather condi¬
wheat crop planted last fall appears to
have
met
plainly and specifically.
tions and to be well on
Federal Reserve Bank Statement
the
way
toward producing next
harvest considerably better than average.
are revealed in the Department of Agri¬
summer, a
These facts
BANKING statisticsinterest chiefly becauseended
for the weekly period they
Dec. 24
of
are
reflect the
apparent seasonal end of the unusually
heavy demand for the circulating medium experi¬
enced this year.
Currency in circulation jumped a
further 1101,000,000 in
of
$8,817,000,000.
the week, to
At this level
an
all-time record
currency
in
use
is
$1,154,000,000 above the figure noted one year ago.
With
business
activity likely to remain at
a
high
be
rate, owing to the defense program, it is not to
expected that all of the seasonal advance in currency
will be retired in the next month
But
or so.
a
sizable
part of the increase will flow back to the banks and
will tend to swell member bank
It
reserves.
is
reserves
and
excess
quite possible that this factor, to¬
gether with the continuing gold imports, will raise
to fresh record
excess reserves
debate
as
to
levels, and the national
credit control policies
would be stimulated in that event.
currency
unquestionably
The
course
of
retirement in coming weeks thus will bear
In the
weekly period to Dec. 24 the
did not
banks
were
currency
quite offset the factors making for
increase of idle funds.
of Dec.
Excess
reserves
ad¬
an
of member
estimated officially at $6,440,000,000 as
an
increase for the week of $40,000,000.
The monetary
gold stock of the country increased
24,
$32,000,000 in the period, to
$21,930,000,000.
a
further record of
Also contributing to the advance
of member bank balances
was
was
a
sharp reduction of
Acreage
issued Dec. 18.
for this year, which
sown
this
year
46,271,000 acres, 5.6% above last
mated at
is esti¬
year's
little under the 10-year
(1928-37) average of 47,807,000 acres. But the chief
point of difference lies in the fact that the condition
of the current crop on Dec. 1 was 84% of normal,
43,820,000
acres
and
a
compared with only 55% on Dec. 1 last year, and an
average
data
of 79% for the 10-year period.
The available
11%
indicated, according to the report, that only
will be abandoned this year as
of the seeded acreage
compared with 17.5% both last year and on the
average
Dec. 1
for the 10 years. The condition of the crop
the best recorded for the date since 1930,
was
and the
crop
planted in that year produced, on a
slightly smaller acreage than that seeded this year,
825,396,000 bushels, the greatest winter
vest in
wheat har¬
history.
Of course, it is
dition at Dec. 1 is,
close examination.
vance
culture's annual acreage report
to gauge,
with
not intended to suggest that con¬
by
any
any means, a
criterion by which
degree of accuracy, the ultimate
crop.
The 1931
indicating what ex¬
tremely fortuitous circumstances, from the beginning
to the end of the growing season, are capable of pro¬
ducing. It is only necessary to recall the initial out¬
production of the winter wheat
figure is merely mentioned as
look and ultimate result of the crop
fall of 1939 to appreciate
the crop at so
early
a
planted in the
how hazardous a forecast of
date may prove.
A
year ago
Volume
The Commercial
151
the Department of
ditions
at
record, it
in
the
Agriculture reported con¬
55%, easily the poorest for the date on
also noted that the moisture shortage
was
greater part of the winter wheat area was
"acute
On these facts the De¬
beyond precedent."
partment said that
bushels
output of 399,000,000
an
indicated for 1940; actually
was
& Financial Chronicle
589,151,000 bushels
produced, despite the gloomy circumstances at
were
the outset.
bushels
Consequently the figure of 633,000,000
which
the
Department's
current
acreage
3787
will assemble
soon,
clarification of
to
Washington intentions with respect
taxation and other grave
known
indulge in
tomorrow
problems.
"fireside chat"
a
night, and this inclined
await
the
It was made
week that President Roosevelt
early this
would
to
and budgetary and other mes¬
from the Executive possibly will afford some
sages
presidential
over
many
message.
the radio,
observers
The official
policy of aid to Great Britain remains to be clari¬
fied, and American relations in general may come
report says is in prospect for 1941 must be regarded
in
with
couraging, but the great question is whether the
high degree of skepticism.
a
For what it is worth
that
winter crop
a
has been exceeded
and
equalled
however, it
may
be observed
of the size currently contemplated
only four times in the past 22 years,
It
once.
only about
is
50,000,000
Business
for review.
Administration will
to
accrue
concentrating
tion of
other
spring
crop,
which at this date is of incalculable
size, but which has averaged 185,000,000 bushels a
in the past six
year
about
Normal exports
years.
average
70,000,000 bushels yearly, but in the first four
even
a
considerable turnover
selling of low-priced railroad and
United
bonds.
States
Treasury obligations
steady in most sessions, and only minor frac¬
were
tional variations occurred among
rate
minor profits to
at Washington.
power
In the listed bond market
resulted from tax
the
permit
private industry in this era of steadily
bushels less than average annual domestic consump¬
wheat, and there is to consider, in addition,
reports remain rather en¬
bonds.
Activity
was
railroad
reorganization
cheaper
best grade corpo¬
centered largely in the
bonds.
These
months of the
current
clusive), only
14,000,000 bushels, including flour,
ing operations prevented undue pressure anywhere.
before.
Foreign dollar obligations were quiet and irregular
(July to October, in¬
season
shipped abroad, 45% less than the
were
The carryover
season
this
year's
should be
of wheat at the start of the current
284,088,000 bushels and
was
year
harvest
forseeable
and
the basis of
on
disappearance
substantially, perhaps 50,000,000
000,000 bushels, greater at the end of the
There is,
or
100,-
the future, which, in this in¬
stance, is the almost inevitable famine which will
one
day face warring Europe, and, in
certain demand for
grain which will result with
There is the possibility that
our
the return of peace.
what
now seem
day
may one
to be
save
the
any case,
large immovable accumulations,
millions from starvation.
in all sessions.
German, Italian, Australian, Cana¬
belligerent country bonds tended to
drift
velop
press
which better
the
touched
about of the
low-priced issues for
lishing tax losses.
There
was
not much im¬
were
pressed by the business that did develop
cated
Thursday, when
of estab¬
purposes
little business other¬
wise, and the fact that observers
was
indi¬
seat was sold at $32,000,
a
Foreign ex¬
prices would stimulate.
change dealings also reflected official controls, and
Modest gold imports are the only
field of finance.
considerable
a
This, in turn, probably will
action.
that normal expansion of production
upon
nothing else.
this
to
were
being restrained currently by fear of
are
churning
owing
Latin
Problems of price control
generally firm.
Government
STOCK prices moved in a narrowwith transfers
range on the
week,
fairly sizable,
commodity markets
The
gained increasing attention, and it is more than
On
market
issues.
possible that advances which might otherwise de¬
touched
York
but some buying appeared in
lower,
American
significant indications of the real situation in this
The New York Stock Market
New
greatly in price, as the switch¬
dian and other
dull but
season.
however, the unpredictable to be reckoned
with in contemplating
issues did not vary
New
Stock
York
Exchange
38
stocks
high levels for the year while 38 stocks
new low levels.
On the New York Curb
new
Exchange 18 stocks touched new high levels and 51
stocks touched
Call loans
mained
On
on
low levels.
new
the New York Stock Exchange re¬
unchanged at 1%.
the
New
York
Stock Exchange the sales on
817,660
establishing another low since the beginning of the
Saturday were 420,992 shares; on Monday,
century for seats on the New York Stock Exchange.
shares; on Tuesday, 832,950 shares; on Thursday,
Prices moved
838,362 shares, and on Friday, 1,272,540 shares.
On the New York Curb Exchange the sales
and
fractionally lower in
in others.
improved
week
was
some
sessions,
The net result for the
virtually unchanged level of general
a
Some of the steel and other industrial
quotations.
issues
managed to close last night at moderately
better
levels
others
in
lower.
than
prevailed
almost
a
week
earlier,
numbers drifted
equal
Utility and railroad
stocks
but
slightly
were
almost
motionless, and even the specialties produced few
worth
variations
York Stock
mark
in
noting.
Turnover
on
the
New
Exchange ranged just over the 860,090
sessions
the
on
Monday,
Tuesday
and
on
209,110
shares; on Tuesday, 190,515 shares; on Thursday,
440,505 shares, and on Friday, 320,000 shares.
Saturday were 108,770 shares; on Monday,
stock
The
market
on
Saturday
of
last
week
opened steady, with steel issues assuming a frac¬
tionally higher position.
the
raised
volume
Selling for tax purposes
day's turnover in shares to above the
enjoyed for a short session in many weeks.
Steel and
shipbuilding shares were singled out for
main attention and
issues,
presented
however,
a
drifted
strong appearance.
within
Thursday, while the 1,000,000-share figure was ex¬
Most
ceeded
inspired in
a degree by the aforementioned groups in the last
quarter hour they grew firm and closed mixed.
Liquidation to establish losses for incoirie tax pur¬
poses again tended to influence market action on
Monday, and coupled with the general upset state
yesterday.
Dealings
were
suspended Wed¬
nesday, for the observance of Christmas.
The
lack
continues
to
to
of
any
reflect
definite trend
the
the defense program
eral
wars
in
financial
and the
Europe and Asia.
in the market
uncertainty
course
The
of the
new
as
sev¬
Congress
range
the greater part of the day, but
a
narrow
The Commercial & Financial Chronicle
3788
of
world
York
Shipbuilding went against the
being the feature issue of the
trend,
other stocks in this group were
Notwithstanding the
the
after
of
day, while
easier at the close.
Christmas Day
following day, prices
holiday,
selectivity
usual,
opening equities
first hour,
was
were
the
day's
the main attrac¬
halfway through the second period
by moving up fractions to
again set in and
point.
one
Narrowness
checked the advance until the
afternoon, when shipbuilding issues bestirred them¬
selves and
produced
an
Increased
on
selling for tax
Thursday within
enjoyed the widest gains.
purposes
showed
a
result of this
Firmness charac¬
reached, and
turned to leave values
for tax purposes
a
volume
pivotal
affecting the general
irregularly changed.
1,272,540
on
Initial
no
Selling
sales
slightly higher, but the market at the
evinced
re¬
Friday last, lifting sales
shares.
great enthusiasm.
At
noon
edged
same
time
Fractional gains enjoyed earlier
verted into
a
point.
in this
Preferred stocks
higher trend.
tive purposes,
were con¬
on
Friday
on
yesterday for compara¬
a
moderately im¬
Electric at
at
yesterday at 32% against
22% against 21%; Columbia Gas &
4% against 4% ; Public Service of N. J.
28% against 28%; International Harvester at
49%
against 51;
76%;
against
Sears, Roebuck & Co.
Montgomery
Ward
&
at
Co.
77%
at
37
against 36%; Woolworth at 31% against 30%, and
American Tel. & Tel. at
Tube
at
40%
General Motors closed yester¬
% against %.
166% against 165%.
Western Union closed
oil
Among the
closed
Standard Oil of N. J.
stocks,
yesterday at 33% against 33% on Friday of
week; Shell Union Oil at 10% against 10%,
last
and Atlantic
closed
last
Refining at 24% against 24%.
the
Among
stocks,
copper
Anaconda
Copper
yesterday at, 26% against 26% on Friday of
American
week;
Smelting & Refining at 43
against 42%, and Phelps Dodge at 34% against
32%.
,v;.v-v.
In the aviation group,
Curtiss-Wright closed
yes¬
terday at 8% against 8% on Friday of last week;
Boeing Aircraft at 17% against 17%, and Douglas
Aircraft at
76% against 76%.
Trade and industrial
this week
reports which came to hand
begin to reflect the incidence of Christ¬
suspensions of activity.
mas
ending today
and
Steel
were
Institute
Steel operations for
estimated by American
at
86.8%
of
capacity,
against 96.8% last week, 96.6% a month ago, and
73.7% at this time last
tric power
year.
Production of elec¬
in the week ended Dec. 21 was reported
by Edison Electric Institute at 2,916,914,006 kwh.,
a
Friday of last week; Consolidated Edison
Co. of N. Y. at
at
Iron
proved trend.
32%
In the motor group,
especially fortunate
Using the closing prices
General Electric closed
&
day at 48% against 49% on Friday of last week;
were
the latter indicate
Sheet
Youngstown
and
against 40.
the week
of last week with those of
69
against 44%; Bethlehem Steel at 85 against
instances exceeding
As the day ended prices held to the
regard.
at 47
84%,
some
advances, in
higher trend the current
a
United States Steel closed yesterday at
against 67% on Friday of last week; Crucible Steel
considerable
activity developed and had the effect of hardening
prices.
reflect
stocks
Steel
week.
and reinvestment operations pro¬
broad market
to
move¬
the close steadiness
near
against 13%; Union
75% against 75; Southern Pacific at 7%
against 7%; Southern Railway at 12 against 11%,
and Northern Pacific at 5% against 6.
stocks
the fourth hour the bottom of the
ment was
duced
midday
signs of weakness,
In
list.
By
13%
at
Chrysler at 72% against 75%; Packard at 3 against
terized opening prices as attention centered on the
shares.
k Santa Fe at 17% against 16%;
Central
York
Pacific at
broader market ob¬
a
represented in the day's trades.
shipbuilding
fractionally
3; Studebaker at 7% against 8, and Hupp Motors
greater number of individual issues
a
were
and made it
unresi>onsive to other influences. As
tained with
cases
held the market
a narrow groove
liquidation to effect losses
22% against 22%.
most
Pennsylvania RR. closed yester¬
Atchison Topeka
New
irregularly higher closing.
Steel and chemical shares
stocks in
Railroad
quiet and mixed the
were
but aided by steel shares they attained
their best levels
United States Rubber at
day at 21% against 21% on Friday of last week;
The rally
tion, based upon future prospects for that industry.
At the
Friday of
with moderate gains
characterizing
The steels, as
trades.
on
week; B. F. Goodrich at 13% against 13%, and
last
on
technical nature and produced no broad par¬
ticipation,
Goodyear Tire & Rubber
group,
yesterday at 18% against 18%
higher this week.
eight days of declining prices.
a
rubber
the
closed
1940
28,
Tuesday managed to
on
through the session
squeeze
In
affairs, produced irregularly lower price
New
levels.
Dec.
all-time
new
high.
The figure compares with
2,826,402,000 kwh. in the preceding week and 2,641,458,000 kwh. in the similar week of 1939.
ings of
are
revenue
reported by the Association of American Rail¬
roads at
the
Car load¬
freight for the week ended Dec. 21
700,242
cars, a
decline of 36,090 cars from
previous week, but a gain of 48,850 cars over
the similar week of last year.
As
indicating the course of the commodity mar¬
kets, the May option for wheat in Chicago closed
yesterday at 20 against 20
Friday of last week; Allied Chemical & Dye at
164 against 162%; E. I. du Pont de Nemours at
yesterday at 85%c. against 84%c. the close on Fri¬
6l%c
against 60%c. the close on Friday of last
164% against 161%;
week.
May oats at Chicago closed yesterday at
on
National Cash Register at
day of last week.
May
corn
closed yesterday at
12% ex-div. against 13; National Dairy Products
at 13% against 13%; National Biscuit at
16%
against 16%: Texas Gulf Sulphur at 36 against
36% c. against 35%c. the close on Friday of last
36%; Loft, Inc., at 17% against 17%; Continental
Can at 37% against 36%; Eastman Kodak at 133%
yesterday at
against
131%;
Standard Brands at
6%
against
Westinghouse Elec. & Mfg. at 102 against
; Canada Dry at 12 against 12%; Schenley
Distillers at 11 against 10%, and National Distill¬
week.
The
spot price for cotton here in New York closed
10.26c. against 10.12c. the close on
Friday of last week.
closed
The spot price for rubber
yesterday at 20.63c. against 20.75c. the close
6%;
on
101%
yesterday at 12c., the close on Friday of last week.
ers
at 23
against 23.
Friday of last week.
In
London the
Domestic copper closed
price of bar silver closed yester¬
day at 23% pence per ounce against 23 1/16 pence
Volume
per
the close
ounce
Friday of last week, and
011
spot silver in New York closed yesterday at
the close
of foreign exchanges,
London closed
on
cable trans¬
yesterday at $4.04, the close
ister of
the
the British
low
markets, and price changes also were small.
Stock Exchange
closing.
mas
mand.
cheerful
a
preceded the Christ¬
Gilt-edged stocks were in quiet de¬
.
industrial issues also reflected
and
modest
A little business was done in Anglo-Amer¬
inquiry.
ican
maintained
the two sessions that
tone in
favorites, which again are represented by
small group
a
ordinary
the
Christmas,
sus¬
The firm undertone of the London mar¬
occasion.
ket
continued in the final sessions of the week.
was
The Amsterdam market was
the
long holiday closing.
relatively quiet, before
noted that best
was
lands East Indies
inquiry developed for Nether¬
shares and American certificates.
The Berlin Boerse
sion
was
pre-holiday
ses¬
Monday, after which the German market
on
closed for the usual
tendencies
long suspensions of the Christ¬
indications
No
season.
mas
dull in the
were
markets.
French
on
Defense and
available
as
to
v
He added, ac¬
a
idle shipping in American ports.
taken to refer to
some
140 ships
Danish and others carry flags of
Nations.
other
described
was
interview by
The
remarkable, because of
as
displayed by the British Minister as
the frankness
shipping problems, and because of "the overtone
to
of
that
assurance
would find
the
idle
facing her."
now
emergency
centered
shipping
The com¬
attention im¬
the vessels of the Axis countries
upon
Numerous unofficial
Nazis.
States Government
of helping Great Britain to
ships of Nations currently occupied by the
and the
suggestions previously
heard in the United States for
had been
seizure of the
or
United
the
some means
about
mediately
purchase
ships.
Foreign Office took up this matter
The German
Saturday, in a special Berlin press conference.
last
The American press
representatives in the German
capital were informed gravely by an official spokes¬
man of the German view that Mr. Cross was "in¬
to commit a
citing America
warlike act."
reaction in the United States "is
Assoc.
the
to
In carefully chosen words,
added.
spokes¬
according
German Foreign Office
the
Press,
The
being awaited by
Germany with extraordinary interest," the
man
Foreign Policy
was
and
Mr. Cross
Gains of a few points
registered in prominent issues, and it again
were
upon
are
Baltic
meet
pension for Boxing Day not being observed on this
eye"
Italian, 37
the
ment
after
supply
currently laid up, of which two are German, 27 are
of issues still remaining subject to pri¬
immediately
can
ship construction needed to keep
effort at its peak.
war
This comment
disposition. Dealings were resumed at London
vate
alone
States
"Times," that Great Britain looks 5'with
covetous
HOLIDAY" suspensions on the leading to a very
level, this week, held business European
stock
United
the
that
merchant
new
York
European Stock Markets
The London
Shipping, remarked in a London press con¬
cording to the London correspondent of the New
Friday of last week.
on
ports.1 Ronald Cross, British Min¬
in United States
ferences
Friday of last week.
on
In the matter
fers
34%c.,
3789
Chronicle
The Commercial & Financial
151
spokesman charged that the United States had fol¬
PROBLEMS of American armaments receive the
foreign policy continued to production
policy of "pinpricks, injury, challenge and
lowed
a
moral
aggression" against the Reich.
and of
most intense
but
study in the final full week of 1940,
important decisions were lacking during the
holiday period and it seems probable that Congres¬
sional
ures
opinion will be awaited before fresh meas¬
are
undertaken.
A
new
straint to the
with
Roosevelt, obviously in answer to the many
criticisms
of
lack
a
of
competent centralized
was
named
director
of
au¬
William S. Kund-
thority in the defense program.
sen
authorities viewed the mat¬
the
four-man
board
No comments were available in
senting labor,
War
Secretaries
while
Sfcimson) of the
Department, and Knox of the Navy Depart¬
also
ment,
are
to
be
Mr.
members.
Kundsen
tinued
full
gravity of the crisis should be recognized by
the
people, who were urged to "pull off their coats
roll
and
their sleeves and give their concen¬
up
undivided
trated,
swiftest
attention
relations which aroused
one
thing—the
recall of three members
the
in Paris,
British
officer to
escape
Secretary
nounced
of
Oordell
Hull
an¬
1
'
investigations had re¬
without foundation.
•
•
Halifax Succeeds Lothian
"the
present
people, tomorrow evening,
emergency," and this discussion
WHAT Prime Ministerthe most important post
Winston Churchill re¬
cently described as
subject could fill outside the United
British
possibly will provide some enlightenment on the
that
defense and
Kingdom was granted last
foreign policy questions.
In
a
Christ¬
Mr. Roosevelt called for unselfishness
mas
message,
and
faith, and warned that happiness is not to be
achieved by
conquest.
finally occasioned some official comments
Berlin,
last
Saturday, immediately after
sug¬
gestions were thrown out in London for American
action with respect to merchant shipping now idle
who
a
will
of
Ambassador to the United States.
a
The
Marquess of
matter of much conjecture on both
successor
Lothian was a
sides of
Sunday to Lord Halifax,
proceed immediately to Washington as
the British
choice
degree and nature of American aid to Great
Britain
in
from German-occupied
State
indicating that preliminary
possible production of the means of de¬
side radio address to the
The
Legation staff
compliance with the German request, while
vealed the charges as
•
last Sunday, for
our
German charges that they had aided
on
France.
of
Persident Roosevelt is to engage in a fire¬
fense."
on
to
clear that the
of the Danish ships, in particular, con¬
to receive the greatest study.
A further in¬
interest was a Berlin request,
some
a
promptly issued a statement to the effect that the
Washington,
problem
cident of German-American
comprising the Office, with Sidney Hillman repre¬
with the Reich spokes¬
in the same light
reports from that center made it
but
The German
"exercised re¬
Rome dispatches promptly indi¬
Office for Production
man.
dent
has
point of self-effacement" in dealings
cated that the Italian
created late last week by Presi¬
was
claimed,
was
Washington.
ter much
Management
it
Government,
the Atlantic.
to
the
late
It appeared last week that
George, the energetic Prime Minister
first World War, had been offered the post
David Lloyd
of the
bv
c
Mr.
Churchill, but Mr. Lloyd George was not
7
The Commercial & Financial Chronicle
3790
receptive.
Rumors
week-end indi¬
the last
over
cated that the British
Foreign Minister, Lord Hali¬
fax, had finally been
for this office of
selected
primary importance, and formal announcement fol¬
lowed late
as
but it appears
that
fax
was
Prime
of
one
Minister
objections to the choice
which
group
closest
Lord Hali¬
British
led
associates
of
former
Chamberlain, and
is
re¬
leader of the "appeasement"
as a
diplomacy
Munich.
to
London
dispatches state, however, that Viscount
Halifax
conditions
hard
a
the
announcement
finish.
as
of
one
Soon
after
the
official
as a
happy
invasion
holiday
Washington, it
But
step.
important
some
in the British Cabinet.
Along
made known in London, Sun¬
was
for
prepare
an
active
such incident marred the
no
and quiet of the two great countries
peace
engaged in mortal combat.
before
Just
fliers
this
tacit
truce
developed, British
pounded heavily at German centers and the
German
squadrons
deadly missiles
ports,"
less active in dropping'
were no
British towns.
upon
also
but
Over the last
only raided the so-called
German
the
railway
junction point of Mannheim, and a number of citieS
one.
that Lord Halifax would proceed to
news
guards
respite gained by the Ger¬
"invasion
Washington that the choice
Relinquishment by Lord Halifax of the office of
necessary
the
week-end British fliers not
Foreign Secretary naturally made
changes
that
might have been used to
in
regarded there
with the
realized
was
mans
made, Secretary of State Cor-
was
dell Hull remarked
was
now
influences in the British Cabinet for
to
war
regarded
Special
ideal.
reported
were
posted everywhere along the seashore, for it
were
enjoys the unbounded confidence of Prime
Minister Churchill and is
the strongest
unbroken in north¬
was
veloped in London, however, on the score of a pos-
Neville
garded by many
quiet thus
Intense uneasiness immediately de¬
Europe.
siple German invasion attempt, for which weather
some
the
and the unusual
ern
airplanes forth
no
the Reich on Christmas Day,
upon
That Washington regards
persona
voiced in various British circles.
were
drop bombs
1940
28,
grata goes without saying,
Sunday.
on
Lord Halifax
British authorities sent
oped.
to
Dec.
Heavy damage
deep in Italy.
fliers.
British
airplanes
and
in
The
reported by the
was
squadrons of German
sent over Liverpool, late last week,
were
raids
these
massed
continued
were
is
There
succession.
for
three
nights
denying the extensive
no
day, that Anthony Eden would take the portfolio
damage and the casualties occasioned by such at¬
of
tacks.
Foreign
Secretary.
Mr.
Eden
Halifax in that office and the
a
little
now
on
surprise, since it
the Italian
Lord
appointment caused
that Lord Halifax
means
will take directions from the
The elevation
preceded
man
sanctions question
he
displaced
some years
ago.
of Mr. Eden from the office of War
Early this week the Germans turned their
Sheffield, the ancient British steel
fury against
center, and that fine old town
Coventry type of raid.
of
tacit
the
and
many,
truce
But
settled
subjected to
was
a
Tuesday the calm
on
England and Ger¬
over
Christmas Day the only incident of
on
Secretary brought both favorable and unfavorable
the aerial
war was
comment in the United
noissance
airplane off the Orkney Islands. German
Kingdom.
As his
new
Sec¬
the
downing of
retary for War, Prime Minister Churchill selected
bombs
Captain David Margesson, chief whip of the Con¬
only in small numbers.
servative
was
for
party
the
last
nine
capacity of Captain Margesson
in
ceded
ties.
ment
The
in
held
these
noted
was
influential enemies in the
series
provoked almost
is
of
war
the
British
that he has made
course
British
utmost
times.
as
changes
favorable
com¬
circles, where the view
strength is advisable in
Rumors
Lloyd George
of his activi¬
Government
much critical
a»
informed
that
that Mr.
con¬
London, according to reports from that
capital, but it also
many
The
generally
was
years.
soon
circulated
persistently
will be "drafted" for
a
post of high importance in the British Government.
began to drop
carried
kind.
toll
British
basis
ties
were
a
suspended
Germany for
season,
between
Great
Britain
Allied
dressed
nations of the British
the
Great Britain
a
of
more
Line
a
in
and
announced
willing
But both sides apparently were
to call off the
dogs of
war
for
a
brief season, and
bombings created
an
im¬
pression that vied with that of the attacks which
row
have
become
modern warfare.
an
It
all
was
too
indicated in
feature
Commonwealth
on
being
Brauchitsch,
von
one
aerial
course
The
ent, France, also
their
range
Washington,
sirens
part,
between
day against various Ger¬
northern
in
again
France,
German
submarine base at Lori-
heavily bombed, it
was
Reich
were
and
appeals for help
confirmed
from
vessel
in
withhold attacks
reciprocated.
1941, it
was
on
Great
Britain, if British fliers
The truce would last through Jan. 1,
stated, unless untoward events devel-
scope
British
of
were
the North Atlantic.
of activities seemed suddenly to widen,
over. as
the
long-
air raid
heard in London and other
Radio
a
appears.
forces resumed
British cities.
reports that Nazi airplanes would
this
recent instances of daylight
rare
shelling of the Dover Cliffs
once
Great
bombing attacks had been
of the
the
active phase
an
Tuesday that German Embassy officials there had
the
prove no
The British Air Ministry
bases"
of the
struggle
great
Germany.
that
maneuvers.
For
the path to vic¬
the German Commander
eve
English Channel would
the
"invasion
man
of
common
planted
are
fighting again moved into
made in the
this week.
ac¬
proved for France.
The
The
Europe
Thursday
reported tor¬
safeguard for England than the Maginot
con¬
ditions, for fog veiled much of northern
on
to thJe Reich troops in which he
message
respite from the horrors of airplane 'bombings.
have been aided by bad weather
any
King George ad¬
figures.
Chief, Field Marshal Walter
interlude may
the relief from incessant
now
On Christmas
tory.
in
of
Christmas Day, assuring them that the feet of
on
and
much-needed
was
Admiralty
Britain
a
ships, and
cording to
northern
Europe
intermission
shipping losses totaled only 41,476 tons,
yesterday,
giving
at sea, however,
war
For the week ended Dec. 15 British and
pedoed.
few blessed days of the Christmas
a
merchant
claimed that the
WITHOUT formalities ofunderstanding, hostili¬
any kind and on the
only of
tacit
an
12,823-ton freighter Waiotira
issued
Christmas Truce
The
German submarines continued to take their
of
the
recon-
England, Thursday, but
on
without
on
German
a
heard
The
more¬
dispatches from Melbourne, Australia, told
shelling of the British-mandated island
of
Volume
The Commercial &
151
Nauru, in the Gilbert
tralian
the
nounced
sea
raider
Robert
which
incident,
Aus¬
early yesterday.
group,
Minister
Prime
G.
Menzies
an¬
attributed to
was
a
flying the Japanese flag, but presumably
financial Chronicle
had led the Italians into war,
asked what
the choices
are
of the whole British
Campaign
Attila
area
calm of the
Europe,
Anglo-German conflict to the north in
All outward
indicated
also
upon
the Italian
suggest that the British
appearances
concentrating with
effective¬
some
the task of ending the struggle with
upon
toward termination of the Axis
a means
as
more
arrangements and the further isolation of the Ger¬
of
British forces in the "Western Desert"
Reich.
man
Africa
northern
Italians
the
in
have been forced to
British
lines
pounded
relentlessly
the
at
Libyan posts to which they
now
The extension of the
retreat.
naturally begins to make
transport
problems difficult, but intense pressure against the
Italian lines
was
In Albania the Greek
continued.
Evzones drove the Italians
steadily northward, but
the rate of the Greek advance
There is
was
modest compared
weeks of the offensive from Athens.
to the earlier
to believe that German
cherish
the
that is
speech
was
Italian
participation
Reich
that
are
Careful sifting of
Italian fascists.
assisting the
also
troops
reports and rumors leads to the conclusion,
that
however,
German help for Italy
the
consists of material rather than
What may prove to
velopment of
warfare
address
Churchill,
Monday,
British Prime
this address,
the Italian
Italian
the
to
Minister surveyed the
in
sphere of
by Prime Minister Winston
a manner
people.
The
situation, in
calculated to
arouse
the
the
war
also
directed
abuse
and
vilification
were
Mr.
Some
com¬
mentators in Rome affected to see in the
address
a
suggestion for
to
Churchill
negotiated peace, which
a
In
scorn.
Berlin
similar
a
taken, and the Churchill "appeal" was
dismissed
as
futile.
If the Italians
full
ex¬
against
Churchill and the British Government.
of
text
were
not
permitted to know the
made
address
the
by Mr. Churchill,
they were at least kept fully aware of the extent
military disasters suffered by their country
of the
mander
Chief
of the
detailed
report
in
made
a
which
was
power
sized
Com¬
Marshal Rodolfo Graziani,
in recent weeks.
be the most significant de¬
the week in
was an
far
so
personnel.
in
engaged, meanwhile, in a wholesale campaign
press
of
appeal
The closely controlled Italian
punged, it appears.
proceeded
week
The text of the British
responsibility of "one man" for the
was
this
Wednesday that such an address
on
May 16 was omitted, and all refer¬
on >
the
to
But only a part of the
made known to the Italian people, who
informed
peace
people, and it doubtless
degree.
a
had been delivered.
ences
contempt
outspoken
by Mr. Churchill was a sufficiently
effective to
for
of
attempt to drive a wedge between Premier
view
circulated
and
Mussolini and the Italian
were
his hordes
of Gestapo police¬
gangs
bitter
most
This address
obvious
was
hand, to call in
with
Pass
record between races."
on
they
erably in the Albanian battle, and the usual rumors
the other
on
people, for whom he and his Nazi followers
transporta¬
reason
in the air, and
on sea,
to hold down, and to protect the
occupy,
Italian
Or
soldiery and his
arrangements have aided the Italians consid¬
tion
the
to
men
the Battle of Great Britain.
upon
Government is
Italy
centered
was
campaign than
ness
incidents
diplomatic
and
that attention
Empire
Brenner
the
over
ravenous
STRENUOUS fighting in week,vast Mediterranean
contrasted, this the
with the relative
to the Italian
open
Africa, and to the vigorous counter-attack of
the Greek nation.
Italian
the Prime Minister
now
"It is," he said, "to stand up to the battery
people.
in
German.
3791
r
Italian forces in Africa,
of the Italian
reverses,
given out in Rome, last Sunday.
The
of the British mechanized attack was empha¬
in this remarkable document, which also
stressed the British naval support
and the superb
By way of
friendly feelings traditional between Italians and
performances of the English air force.
Englishmen, and designed to separate the Italians
contrast, Marshal Graziani noted the lack of ade¬
from their fascist leaders.
Rome, and
quate motorized equipment and the relatively inef¬
fective Italian fire.
The Italian soldiers were de¬
assuring them that their African Empire will be
picted in this report as fighting bravely and well
Reminding the Italians
of former alliances between London and
torn
to
shreds, Mr. Churchill placed the responsi¬
bility at the door of "one man and one man alone,"
who
has
ranged
the
Italian
people
in
deadly
against overwhelming British
was,
superiority.
There
according to the Italian commander, no ele¬
ment of
surprise in the British attack, which was
struggle against the British Empire and has de¬
carried
out in
the full advance knowledge of the
prived Italy of the sympathy and intimacy of the
Italian
aerial
observers
This
United States of America.
one
man,
accord¬
ing to Mr. Churchill, has arrayed the trustees and
ancient Rome
inheritors
of
ferocious
pagan
tragedy
upon
barbarians.
the side of the
"There
lies
the
of Italian history, and there stands the
criminal who has wrrought
the deed of folly and of
shame," Mr. Churchill continued.
He reviewed the
Abyssinian sanctions incident briefly and declared
present war Great Britain was content
tb at in the
with
Italian
Churchill
Premier
neutrality.
disclosed, he
Mussolini
On May 16,
sent
warning
a
1940,
Mr.
communication to
against the "swiftly
widening gulf" between England and Italy, and ap¬
Signor Mussolini re¬
reference to the sanctions
pealing for continued peace.
plied
on
May 18. with a
and assurances that
mitments to
Italy would stand by her
Germany.
com¬
Reiterating that "one man"
view
of
this
generally
the
and
Command.
appeal for more mechanized equip¬
as an
ment in the African
campaign.
The battle in the Western Desert was
week
entirely
Italian
on
Italian
Libyan
waged this
soil, with the
objective of
base of Bardia the immediate
the British forces.
Stubborn resistance
was
by the Italians in Bardia, and the British
offered
problem
complicated by the vast numbers of Italian
was
prisoners.
camps early this week were said
35,000 Italians who surrendered in
British
to harbor some
the
In
admission, the report was regarded
Egvptian campaign.
near
As the fighting continued
Bardia, British spokesmen voiced confidence
regarding the result.
tinued-to
favor
the
The Albanian conflict con¬
Greeks, who took small out¬
posts of Valona and pressed
that
port.
unremittingly toward
British airplane pilots aided the Greeks
The Commercial &
3792
unquestionably were an im-
occasions, and
all
on
of the Albanian camof
reported late last week, in the
portant factor in the course
One of the most important occurrences
paign.
conflict
the
form of
was
Yalona and left
nearly 100 tons of projectiles at
the
of
opposition
without
area
kind
any
from
This foray into the Adriatic sup¬
Italian
fighters.
plied
sardonic postscript to the many assertions
a
by Premier Mussolini that the Adriatic is a "pri¬
vate Italian lake."
Some uneasiness was caused
Thursday, however, by Italian reports that a
on
British cruiser had been sunk and another
warship
the Mediterranean.
in
bombed
Thursday to Bucharest, where it was expected that he would assume
virtual governmental authority,
Killinger, was transferred on
par
FEW militarytochanges of any consequence occur
day
day in the several wars now in
from
blast, but the diplomatic
affairs are continually in
flux and predictions are idle as to the trend of
events.
Japanese soldiers have made little prog¬
ports and rumors of every conceivable sort have
emanating lately, with determination
of the
The hold established by
the Japane.se upon points in French Indo-China
are
enabling the Japanese aviators to bomb the
Burma Road, but supplies are reported trickling
also is
The indicated center
exceedingly difficult.
facts
is
discontent
which
.Rumania,
lately
was
stripped of various territories, subjected to changes
of
government, and finally visited by a devastating
alignment with the German
by
and
earthquake
Nazis.
from
Reports
Little
that chaos prevails in Rumania.
agree
prise
which indicated that large
troops were being
patches of Thursday,
fresh
transferred
German
of
contingents
trains
sur¬
occasioned, accordingly, by Budapest dis¬
was
Crowded
soil.
Rumanian
to
troop
observed rolling across the countryside,
were
estimates
unofficial
and
neighboring countries
all
the
to
were
effect
that
300,000 troops possibly are involved in the
some
In Berlin all knowledge of such
great movement.
troop
movements
ment
was
denied, and the brief
was
made
dulness
that
the
on
com¬
fronts
war
Siberia to the beleaguered Chinese
The second war, between French
(Siam) appears to be
reported.
Thailand
and
Indo-China
Increased use of the route
route.
Russian
confined for the present to
of
bombing raids on border
problem remains that
The real Far Eastern
towns.
of
Nationalist
if any, against the Chungking
ress,
regime of China of late.
from
DEEP unrest and from throughout the area re¬
Peninsula, prevails that perturbed Balkan
Far
the
in
progress
aspects of Far Eastern
through that
Balkan Turmoil
been
1940
28,
British naval raid into the Adriatic Sea,
a
battleships of the Mediterranean fleet hurled
where
Dec.
Financial Chronicle
Japanese intentions with respect to
currently
which
tories
not
are
Japanese missions still are
easy
to
But fears of Japanese military pressure
Batavia.
toward the south diminished to a degree,
question
old
the
on
This
waters.
northern
Monday,
admitted difficulties with the Russian
when Tokio
Soviet
defend.
said to be endeavoring
promises of larger oil shipments from
obtain
to
Singapore,
East Indies and other rich terri¬
The Netherlands
of fishing rights in
indication
continued
of
and Moscow seemed oddly
friction between Tokio
reassuring in the topsy-turvy world of the present
From BerJin came rePorts. late last week-
daythat
military and economic consultations are to be
held
by Germany, Italy and Japan, to implement
the Axis
In some circles this was regarded
pact.
reminder to the United States of the danger
as
invariably to give rise to fantastic
seems
other
from
rumors
attitude
Whatever
quarters.
developments of great importance are taking
place in the Balkans, and it is quite possible that
will
into
flower
moves
nificance for the conduct of the
kan Peninsula aroused immediate
German
intervention
in
of
Foreign Central Banks
Discount Rates of
THEREdiscount rates of
have been no changes during the week in
the
of the foreign central
any
Present
banks.
at
rates
the
leading
centers
down the Bal¬
as
to
Effect
Dec .27
Country
As
war.
Argentina..
Belgium...
Bulgaria...
the easiest route for
Canada
the Germans would be down
Dote
vious
Effective
Pre¬
Rate in
Pre¬
Roto in
misgivings
yet, there is not much basis for such fears, since
Effect
Country
Date
vious
Dee.27
Rote
Effective
Rate
3*
Mar.
1 1936
3
Aug. 29 1939
2
2
Jan.
5 1940
2H
Hungary
4
Aug. 15 1935
Mar. 11 1935
7
India
3
Aug. 29 1935
Nov. 28 1935
4H
0
•
2H
Holland
...
...
4K
3.29
Italy
May 18 1936
7 1936
Apr.
Chile
the
Yugoslavian
attack
valleys
against Greece
authorities
studied
were
the
Salonika,
toward
Rumors
Russian rift
more
than
a
began to circulate about
to the
as
to
no meas¬
German-
a
Balkans, and there
«/
grain of truth in such comments.
determine
than
they
are
are
scurities of Balkan affairs.
even
be
mav
/
the facts in this connection
an
carefully,
reports
according to Ankara dispatches, but took
ures.
if
Turkish
contemplated.
latest
But
3
Dec. 16 1936
4
Japan
Colombia..
4
July
18 1933
5
Java
3
Jan.
14 1937
Lithuania..
6
July
15 1939
3
Jan.
1 1936
3*
Morocco
6H
May 28 1935
4
Jan.
2 1937
5
Norway
4H
Sept. 22 1939
Czechoslo¬
vakia....
Danzig
4H
May 22 1940
Eire
3
June 30 1932
England
2
Oct.
Estonia
4
Finland
4
Denmark.
France
....
Germany
_.
Greece
*
.
manian
have
It is
significant that
assert
reported
after
Italian
on
and
a
from
were
Bucharest
attempts
suggested that the
willing to risk military
have
a
bearing
German Minister to
upon
to
Diplo¬
moves
control, and the prompt German troop
ments may
Ru¬
Wednesday to
unsuccessful
the control of the Danube Delta.
rumors
Russians
was
up,
4
7
4K
3K
Rumania
1 1935
5
South Africa
3 1934
4H
Spain
2
Jan.
4 1939
2H
Sweden
3J4
Apr.
4
Switzerland
6
Jan.
0 1940
4 1937
7
Yugoslavia.
..
5
Dec.
Aug. 11 1937
3K
May
5 1938
4 K
3K
May 16 1933
4K
4K
Mar. 29 1939
5
3K
.....
May 17 1940
3
IK
Nov. 26 1930
5
Feb.
•4
1 1935
2
6K
Not officially confirmed.
Foreign Money Rates
in the ordinary ob¬
Russian, German,
experts
broken
arrange
matic
of
Portugal
Dec.
difficult
more
5
3.65
4
Poland
3H
3
Oct.
H
17 1937
3X
4H
5K
20 1939
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%, as rates 1 short
on
conference
are
shown in the table which follows:
Italo-Greek
the
sig¬
some
war.
of German troops
The movement
providing Great Britain with unlimited aid.
it is fairly evident
to adopt, however,
care
that
incidents
of
Berlin
may
the
a
to
move¬
this situation.
Slovakia, Baron Manfred
The
von
on
were
Friday of last week, and 1 1-32%@1 1-16% for
three months' bills
as
Friday of last week.
Friday
was
against 1 1-32%@1 1-16% on
Money
on
call at London
on
1%.
Bank of
England Statement
THE statement of thefurther advance week ended
Bank for the in note cir¬
Dec. 25 showed
a
culation, the fourth in
as many
weeks, of £3,729,000,
The Commercial & Financial Chronicle
Volume 1S1
which raised the total
£616,904,000,
outstanding to
compared
with
£613,906,516, Aug. 14.
dropped
£66,556 in gold holdings,
£3,796,000.
of bankers'
high,
previous
Public
deposits
£497,000 and other deposits £5,010,288.
consists
peak of
a new
As the circulation increase
attended by a loss of
was
serves
the
re¬
rose
The latter
accounts, which increased £6,-
fense
discount
at
were
that the
90
in
due
par,
which
paid to borrow the
was
means
money.
Stock Exchange held
the New York
on
days, and awards
slightly above
Treasury
Call loans
to
bills
or
par
3793
1% for all transactions, while time loans again
1*4% for 60 to 90 days, and 1%% for four to
were
six months*
dating*.
1
*
462,852, and other accounts, which decreased £1,452,564.
to
The proportion of reserve to
and
14.0% Dec. 27
the
which increased
which declined
the
DEALING in detailfrom day toloan rates on the
with call day, 1%
Stock Exchange
the
ruling quotation all through the week for both new
Other securities,
years.
dropped £77,156, include discounts and ad¬
vances,
2% discount rate.
and securities,
£206,799,
£283,955.
No change
Below
items with comparisons for
we
was
made in
show the different
Other
Dec. 28,
Dec. 29,
1938
1937
£
accounts.
accounts...
Govt, securities
51,211 693
42,026, 789
178,527 ,838 151,466, 164
36,566,801
36 ,754,756
30,072,080 38,624,121
17,467,197
9,205,417
24,619, 800 21 ,455,849 20,866,663 21,156,924
52 ,474,772
41,916,212 46,806.049
26,641, 237
1,257, 220 327 ,201,575 327,233,343 314,212,259
28,888, 585
49 ,994,799
4,014, 443
Securities
39,191,159
69 ,216,164 114,598,165 134,480,883
24,561 529
4,268, 785
28 ,538,950
Disc't. & advances
20,547 ,086
Res've notes and coin
14,242 ,000
Coin and bullion
Proportion of
0
135,735 336 117,329, 509 101 ,027,025 120,640,908 150,580,188
Other securities
money
Rates continued nominal at 1%%
quiet.
to 90 days and 1%% for four to six months' ma¬
up
turities.
The market
has been
slightly firmer this week but the demand
largely in
for
excess
prime commercial
of the supply.
paper
Ruling
%@1% for all maturities.
are
Bankers' Acceptances
1936
£
The market for time
and renewals.
continues
Dec. 30,
1939
£
Bankers
Dec. 27,
616,904 ,000 554,615, 983 504 ,726,803 505,317,131 467,406,210
15 ,937,522
12,518 000 29,724, 616
11,384,185
12,134,969
186,947 029 159,356, 298 137 ,781,781 157,207,709 189,771,347
deposits
Other deposits
loans
rates
Dec. 25,
1940
Circulation
was
continues
previous years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Public
.•
Rates
total of £178,527,838,
a
highest figure in recent
which
•
Government securi¬
a year ago.
£9,400,000 to
'
'
.
liabilities fell off
7.1% compared with the record low, 6.8%, June 5,
ties increased
'
New York Money
1,146 638
reserve
to liabilities
7.1%
14.0%
2%
2%
Bank rate
Gold val. per fine oz.
168s.
24.8%
34.10%
2%
84s.
168s.
23.10%
9
11 Hd. 84s.
11 Hd. 84s.
2%
11 Hd
THE market for prime this week.acceptancesrates
been extremely quiet bankers'
Dealers' has
as
reported by the Federal Reserve Bank of New York
for bills up to
7-16%
and including 90 days
asked; for
bills
%% bid and
are
running for four months,
9-16% bid and %% asked; for five and six months,
The bill-buying rate
%% bid and 9-16% asked.
of the New York Reserve Bank is
%% f°r bills
run¬
ning from 1 to 90 days.
"
■
,•
.
Bank of Germany Statement
•
.
.
•
-t
'
■
Discount Rates of the Federal Reserve Banks
THE quarter-month statement dated Deci 23 THERE have been of the Federal Reserve banks;
circulation of
no changes this week in the
showed
further increase in note
a
rediscount rates
227,944,000 marks, which raised the total outstanding
to
record high of 13,287,809,000
a new
marks,
com¬
pared with the previous high, 13,059,865,000 marks
Dec. 7 and
Gold and
10,999,871,000 marks Dec. 23 a year ago.
investments
now
total
a
Bills of exchange and checks,
assets, and other daily maturing obligations
registered increases of 189,142,000 marks, 104,107,000 marks and
The
33,264,000 marks respectively.
ratio fell off to
reserve
0.58%, the lowest
of paper
record, compared with the previous low, 0.59% Aug.
Rate in Effect
Below
we
furnish the
comparisons for previous
Dec.
Reichsmarks
Gold and foreign exch.
Dec.
76,627,000
379,472,000
155,228,000
32,885,000
45,945,000
817,512,000
854,502,000
49,198,000
2,043,703,000 1,722,664,000 1,355,022,000
al84,383,000
al8,369,000
_
Advances
—1,6~2~4~666
Investments
Other assets
+ 104,107,000
Liabilities—
Notes In circulation.
»
...
Oth. daily matur.obllg.
,
Other liabilities
+227,944,000 13,287,809,000 10999,871.000 7.666,472.000
+33,264,000 1,781,888,000 1,572,232,000 1,062,032,000
a564,824,000
677.276,000
453.113,000
Propor'n of gold & for'n
curr.to note circui'n.
a
0.70%
0.58%
—0.02%
•IK
1.00%
on
owing
merely
a
to
scale
Christmas
carried
IK
Richmond
Atlanta.........
Chicago..
St. Louis.........
....
along
than
previous
modest
modest
was
in amount.
sold last
Monday
a
2
2
,
"
2
2
2
bear a rate of 1%, effective Sept. 1, 1939,
Chicago: Sept. 16, 1939. Atlanta, Kansas City and Dallas; Sept. 21,1939. St. Louis.
Advances on Government obligations
THE foreign exchange market was neverquotations
than
present. Fluctuations in more list¬
less
are
at
hardly noticeable.
The volume of business is
virtually at the vanishing point and the general
steadiness is of course due to the effective control
exercised by
week
London. Free sterling ranged during the
$4.03% and $4.03% for bankers'
between
sight, compared with a range of between $4.03%
and
for cable transfers has
$4.03% and $4.04, compared with a
The
range
of between $4.03% and $4.04 a week ago.
Official
rates
quoted by the Bank of England
New York, 4.02%-4.03%;
this
week,
were
Canada, 4.43-4.47 (Canadian official 90.09c.@90.91c.
and
United States dollar); Australia, 3.2150-3.2280;
Zealand, 3.2280-3.2442. American commercial
bank rates for registered sterling continue at 4.02
weeks
tendency toward expansion of outstand¬
ings, but the available paper still
2
Rates
usual
holiday.
from
3, 1937
Aug. 31, 1937
Sept. 3, 1937
IK
San Francisco
2
2, 1937
Sept.
•IK
........
IK
2
Aug. 24, 1937
IK
*1K
City....
range
market
Bankers' bills and commercial paper show
months.
a
smaller
the
Market
the New York money
on
Sept.
IK
been between
ACTIVITY
•IK
Cleveland................
$4.03% last week.
Flgureslas of Nov. 7, 1940.
New York Money
2
IK
Reichsmarks
77,272.000
77,365,000
—121,000
23, 1939 Dec. 23, 1938
Reichsmarks
2
Aug. 21, 1937
1
Philadelphia
Kansas
IK
•IK
New York
Course of Sterling Exchange
+ 189,142,000 13,553,597,000 10422,604,000 7,358,735,000
Bills of exch. & checks-
Silver and other coin.
23, 1940
Reichsmarks
Rate
1939 '
1937
1937
1935
Aug. 27. 1937
Aug. 21, 1937
1,
Aug. 27,
Sept. 4,
May 11,
Sept.
1
years:
Changes
Assets—
Previous
Established
Boston
REICHSBANK'S COMPARATIVE STATEMENT
for Week
Date
Dec. 27
Federal Reserve Bank
*
and 0.70% a year ago.
various items with
RATE8 OF FEDERAL RESERVE BANKS
Minneapolis.......
on
The following is the
in effect for the various classes
at the different Reserve banks:
DISCOUNT
Dallas...
31
Government obligations are shown
now
Gold holdings
1,624,000 marks.
year ago.
on
the footnote to the table.
schedule of rates
77,365,000 marks, compared with 77,272,-
000 marks
Bank's
in
foreign exchange decreased 421,000 marks
and
other
recent advances
is exceedingly
The Treasury in Washington
further issue of f100,000,000 de¬
continue
as
follows:
per
New
buying and 4.04 selling.
In
Italy,
London exchange is not
or any
quoted
on
Germany,
of the invaded European nations.
In
New York exchange is not
countries of
quoted
Europe, but there is
German official mark at 40.05 and for reg¬
for the
Italian lire
around 12.55.
istered marks
in New York in
a
this
more
even
extremely dull.
complete absence of financial develop¬
there is practically
demand for foreign exchange.
dollar
country in
a
dollars and
on
actual trade basis it is doubtful if dollars could be
effectively commanded in
is
no
Demand is solely for
There is probably not
exchange.
the world that is not eager to acquire
an
con¬
Britain
Great
change
on a
infapposition to obtain dollar
ex¬
_It will be late in January before anything more
be
can
definitely known in regard to the $3,000,000,-
credits
000
which
the
Administration
Washington
authorized the British Government to negotiate in
contracts for
new
contracts
resources
be
can
holds .that
which
demands.
Britain's
exceed British
are
sufficient to meet
But conservative opinion
needs
war
here
resources
or
before
will
'
Exchange
against Great Britain since before the
Great Britain is entirely an
Financial aid to
war.
long
elsewhere that might
conceivably be converted into dollars.
has been going
These
Dec. 19.
on
exchange problem and problems of this character
more
readily solved and the future provided for
before
a
Last
country's liquid
the
week
United States
entirely
one
the need for
It
Press
pointed out that the problem
financial
aid
to
Britain
Great
airplanes, ships, and other
of all kinds will
is
war
materials.
goods. British needs for supplies
rapidly increase during 1941, and the
British Government is
use
dollar
as
naturally anxious to make
possible of the
This need
as
of the United
resources
inevitably raises the problem of
exchange which Sir Frederick Phillips
came
to
It should be noted that
of
trade
has
even
been
in normal times the
Great Britain,
against
certainly with respect to visible items,
a
condition
resulting from the fact that Great Britain
factured for the greater part of
as
world
advanced,
Britain became less able to sustain its
the products of its
own
time that its
same
manufacturer
Great
population
on
imports
as
was
insurance,
freight
foreign investments.
recent
years,
1913
British
and
returns
owing to the
especially the
nvisible items have
In
carriage,
But
past
two
from
chaos
years,
of
the
virtually disappeared.
excess
of
approximately £134,000,000 (the pound then being at
gold parity with the dollar of $4.8665). The import
balance could at that time be regarded
only in the
light of British trade prosperity. Following the wrar of
1914-18
British
and cannot in any
prosperity.
In 1939
of
imports increased unduly
degree be regarded as evidence of
excess
excess
of imports
over
exports
side
were
undoubtedly due to the destruction of factories as
well
as
of ships.
to the destruction
The British Government is now taking
about
50% of it for
review
by
expenditures, according to a
war
the
of
Wilson
R.
Thomas
Department of Commerce.
beginning of the
war
total British long-term and
United States
investments in the
$11,872,000,000.
were
During the first year
$150,000,000 of United States securities
war
liquidated
balance and by the end of October,
on
had been
balances
dollar
of
$229,000,000
1940,
The Commerce Depart¬
showed that it is estimated that at the
ment's report
worth about
European
United States
Section of the Finance Division of the
short-term
nearly 60%
the United Kingdom and
of the national income of
withdrawn.
To
conserve
foreign exchange the British Govern¬
ment has canalized
a
large part of its foreign trade by
entering into agreements whereby all payments are
made
through "special," registered, or "sterling area"
accounts.
Such arrangements
transactions with
and
have been made for
Argentina, Bolivia, Brazil, Canada
Newfoundland, Chile, Greece, Hungary, Peru,
Portugal and Portuguese colonies, Spain, Sweden,
Switzerland, Turkey, the United States
(including
Islands and other territories under the
United States),
sovereignty of the
and Uruguay.
Trade with the sterling area is
and does not involve the
financed with sterling
use of foreign exchange.
London open market money rates
from recent weeks.
Two-months
1
bills
Call money is
are
1
1-32%,
show
no
change
available at M%.
three-months bills
1-16%, four-months bills 1 3-32%, and six-months
bills
1^%.
New
York
quiet
exchange is
Bankers
The
and steady.
Foreign Exchange Committee
announced at the end of last week the text of
new
regulations issued by the Ottawa authorities govern¬
ing expenditures by Canadian citizens
business travel in the United States.
lations, effective immediately,
imports amounted to
The unfavorable
8% under October, 1940.
about
Canadian
completely offset by invisible items such
Exports were only a
and were
than half those of a year ago
more
figures of the last few months on the export
soil.
Until recent years Great Britain's excess of visible
figures for November showed
down about 12% from a year ago
15% from October, 1940.
little
manu¬
the world since the
early 19th century, while at the
position
The Board of Trade
that imports were
the Philippine
Washington to discuss.
balance
£1,036,137,864.
of dollar exchange, closely linked with
and other sustenance
States.
£485,009,909, while imports totaled
For 11 months of 1940 exports and
re-exports totaled £415,348,416, while imports totaled
£891,542,731.
were
that
1939 British exports and
re-exports totaled
of the
said
export trade, with
show that during
Trade
become exhausted.
might also have added, the need for food supplies
full
marked success on the
British markets in other
countries, particularly on the European continent,
has
presented insurmountable difficulties.
Pre¬
liminary figures supplied by the British Board of
Service
resources
British
British official circles
of
are
—
whole, but the disruption of
easily paid for out of Great Britain's
in this country,
greater
even
materials
war
-
of imports amounted to
need to stress this angle.
made strenuous efforts to main¬
Great Britain has
and
trade basis.
There is no
£505,000,000.
Least of all
market.
any
28, 1940
£401,000,^^,
to
Sept. 30, 1940, the excess
tain its
only in that there has been
It may be said that
amounted
pegged
under normal
season
ditions for financial markets to be
This year is an exception
ments.
are
nominal market at 5.05.
It is customary at
an
the invaded
on
nominal quotation
a
Dec.
Chronicle
The Commercial & Financial
3794
cover
in tourist
or
These regu¬
travel permits,
security transactions by non-residents and services
performed by residents for non-residents.
funds
13
15-16% and
a
discount of 133^8%.
The amounts of
follow
Montreal
ranged during the week between a discount of
are
gold imports and exports which
taken from the
weekly statement of the
United States Department of
the week ended Dec. 18,
1940.
Commerce and
cover
Volume
gold
exports
■
,,
and
imports, dec.
12
to is, inclusive
Imports
...
Ore and bane bullion
increase has been
use(j
'
$36,318,361
Nil
$84,910
veudfddf
the
J
specifically assigned and cannot be
French
Treasury
J
to
meet
general
°
expenses.
Bullion and Coin Shipments—
United Kingdom
According to Berlin dispatches of Dec. 22 the
reichsmark, bolstered by the Reich's military and
economic power, has acquired new strength in the
jq ^03 276
MexicoILZYIIIIIIIIIYIIIIIIIIIIIIIIIIIIII
*
Venezuela
III]"
' 2i'o65
——-
-
_.___.,_I_IIIIII
4,164^060
Oceania"_"_"_"riIIIIIIIIIIIIIIIIIII]IIII
14'i33j)79
japan..
New Zealand------
-
......
IIIIII
o^,952
—
Union of South Africa
*
Exports
34,722,262
total
British
'
*$1,596,099
Refined bullion and coin
Detail of Refined
3795
The Commercial & Financial Chronicle
151
1,634,696
^24,770 Bntish oceama.
under earmark at
the
during the week ended Dec. 18 by $30,994,438 to $1,800,351,288.
Referring to day-to-day rates sterling exchange on
Saturday last
$4.03%@$4.03% for bankers'
was
On
sight and $4.03%@$4.04 for cable transfers.
Monday the
range was
$4.03J^@$4.03% for bankers'
On
sight and $4.03%@$4.04 for cable transfers.
S4.03%@$4.03% and
$4.03%@$4.04.
On Wednesday,
Tuesday bankers' sight
cable
transfers
there
Christmas,
bankers'
sight
was
On Thursday
market.
no
On Friday the
$4.03%@$4.04.
were
was
$4.03%@$4.03%; cable transfers
was
was
range
$4.03%@$4.03% for bankers' sight and $4.03%©
$4.04
cable
for
Friday
Closing quotations
on
Commercial sight bills finished at $4.00;
transfers.
60- and
transfers.
$4.03% for demand and $4.04 for cable
were
90-day bills
longer quoted.
are no
with
connection
the
recent
German-Rumanian
economic pact a further step was agreed to in the
direction of the reichsmark's revaluation in terms of
.
The clearing rate for the reichs-
Rumanian currency.
raised from 50 to 60 leis.
This
followed
mark
was
by
Reserve banks was reduced
Federal
dominated by Germany economically and financially.
In
.
chiefly $165,959 Canada, $146,407 Peru, $453,590, Philippine islands,
Gold held
occupied territories and neighboring countries now
similar reduction in the dollar rate from 217
a
^5 leis. According to German sources, at the new
parities the reichsmark is still undervalued with
respect to the dollar by about 20%.
The reichsmark's prestige is further enhanced,
according to the same sources, by the GermanSwedish trade agreement signed last week, which is
expected to raise the trade turnover between the two
countries from 1,400,000,000 kronor in 1940 to 2,000,000,000 kronor in 1941. A reichsmark clearing
account will be opened in Berlin. Heretofore all
Payments have been settled in Swedish kronor
through one clearing account in Stockholm.
xt is reported that a Franco-Belgian agreement is
nearing conclusion under which future clearings
between France and Belgium will be conducted
through the Reich's Clearing Office
:
Continental and Other Foreign Exchange
was
According to
a
as
intermediary.
recent Vichy dispatch the German
NOTHING new beofsaid regarding the Continental foreign currencies and who already have "blocked"
importance or of reliable military authorities, securities deposited in French
character
can
All reports relat-
banks, have decided to apply similar measures to
ing to this matter are colored by the war news and
gold and unmounted jewels and to foreign securities
in the safety deposit boxes of French private banks.
Exchange on the invaded European countries is
not quoted in New York. The German official mark
is nominally quoted in New York around 40.05, while
registered marks are quoted at 12.55. Italian lire
are pegged in New York in a nominal market at
5.05. The Swedish krona in limited trading is around
23.85, against 23.853^.
Swiss francs are steady
around 23.21j^@23.22, against 23.21 @23.213^. Ex-
exchange and financial situation.
by German sources of information.
Washington dispatches of Dec. 7, which appeared
in all newspapers
of
our
and
issue of Dec.
were
14,
reported here
on page
3449
to the effect that the
were
Spanish Government had asked for
a
credit of $100,-
000,000 from the United States with which to buy
foodstuffs for the
was
Spanish people.
As
we
stated, it
understood at the time of going to press that the
United States Government had not agreed to extend
the
requested credit but it
credit would be granted.
Hull said
on
was
thought probable the
Secretary of State Cordell
Dec. 21 that there
was no
truth in the
published reports that the Administration had under
consideration a $100,000,000 loan to the Franco
Government
in
Spain.
Under-Secretary of
Sumner Welles at the same
time issued
a
State
denial of
sum
of $50,000, part of the French Govern-
ment's total funds in the United States which were
frozen
Spanish
pesetas
are
nominally- quoted
at
9.25,
against 9.25.
T^XCHANGE
Xli
dull, but
on
on
#
the Latin American countries is
the whole values
are
steady.
The
Christmas season is generally a prolonged holiday in
the report.
The
change on Finland closed at 2.05 (nominal), against
2.05 (nominal). Greek exchange is no longer quoted;
Latin American centers and this doubtless contributes to the present dullness in these exchanges,
The
by the Treasury Department under Executive
United
States
Export-Import
Bank
an-
Order in June when the German forces marched into
nounced in Washington on Dec. 23 the assignment of
Dec. 21 for
Friends
the Bank's commitment for a $60,000,000 loan to
the Central Bank of Argentina. The arrangement
agreed on a few weeks ago calls for advance of funds
by the Export-Import Bank at the rate of $5,000,000
France, was released by Washington on
the
purpose
of
supplying the American
Service Committee with funds to buy milk in Switzer-
distribution
land for
among
needy children in
un-
occupied France.
a
month over the next year to stabilize exchange
non-
between Argentina and the United States,
A Buenos Aires dispatch of Dec. 21 stated that the
exchange control board on that date had relaxed
interest-bearing advances to the State from 66,000,-
restrictions on imports from the United States for
000,000 francs to 73,000,000,000 francs, to defray
the cost of the German armies of occupation.
This
the first time in two months by ordering that dollar
exchange be granted to importers for all necessary
imports. The relaxation of the restrictions was of
course a result of the $60,000,000 credit by the
According to a Vichy dispatch of Dec. 22 an agreement was
of
France
action,
reached between the State and the Bank
to
increase
the
total
provisional
it is understood, in part implements the
on Aug. 25.
The 7,000,000,000 franc
accord reached
The Commercial & Financial Chronicle
3796
Export-Import Bank and the loan of $50,000,000
It
United States stabilization fund.
from the
further
announced
dollar
that
was
would be
exchange
granted for the import of luxury items up to the
equivalent
value
admitted
of 50% of such items
first
months of 1940 had
11
055,897
States
816,447
pesos.
in
tariff value of 300,-
Argentina's
while
pesos,
United
a
the
period
were
exports
Notes Act, 1939, the Bank ol England
statements for March 1, 1939, and since have carried the gold holdings of the
Bank at the market value current as of the statement date, Instead of the statutory
price which was formerly the basis of value.
On the market price basis (168s.
per fine ounce) the Bank reported holdings of £1,146,638, equivalent, however,
to only about £679,866 at tbe statutory rate (84s. 11 J4d. per fine ounce), accord¬
ing to our calculations.
In order to make the current figure comparable with
former periods as well as with the figures for other countries In the tabulation,
we show English holdings In tne above In statutory pounds.
♦Pursuant to the Currency and Bank
In the first 11 months of the year Argentina's
1,328,123,000
pesos,
while imports
1,409,871,000 pesos, making the unfavorable
trade balance 81,849,000 pesos.
Argentina's exports
have suffered because of lack of
shipping, while its
imports register sizeable increases in value because
of
higher prices prevailing in foreign markets.
The
at
free market
or
peso
Chilean exchange is nominally
5.15, against 5.15.
Peru is nominal at
quoted at 5.17, against 5.17.
The Mexican
16.00, against 16.00.
at
peso
is quoted
20.75, against 20.75.
yen
steady, being pegged to the dollar at the rate of 23.45
cents.
The Indian rupee is held steady by the fixed
The Chinese
London control at 30.33 cents.
curren¬
irregular, Shanghai and Hongkong pointing
to even
Although the Chinese Govern¬
greater ease.
has received loans in recent weeks from the
ment
United States and Great Britain, it is evident that
Chinese
the
become in any
authorities
monetary
w^y active in support
have
not
yet
of the Shanghai
yuan.
September, 1936,
Closing quotations for
closed
kong
pound, and as recently
few as 126 francs were equivalent to the statutory pound.
of July 20, 1940.
as
For details of changes, see footnote to this table in issue
Vetoed
It
doubtful whether any
is
enacted
ure
Roosevelt
has
at
on
yen
received
has
checks yesterday
Friday of last week.
23.80@2313-16,
veto
both
in
votes
against
were
Hong¬
23.80@
against 30.33.
84s. ll%d.
principal European banks
dates of most recent statements,
the
and
per
as
fine ounce)
of respective
reported to
by
us
are
corresponding dates in the previous
1939
1938
1937
£
£
£
*579.855
242,451,946
3,868,250
63,667,000
16,602,000
Sweden
Denmark
Norway
1940
£
Nat. Belg..
Switzerland
—
97,714,000
132^57,000
84;758,000
41,994,000
6,505,000
6,667,000
Total week,
697,664,051
Prev. week.
697,718,758
*635,776
328,603,776
3,871,650
63,667,000
23,400,000
85,479,000
102,651,000
92,113,000
34,666,000
6,500,000
6,666,000
327,201,575
295,812,033
3,007,350
63,667,000
25,232,000
122,604,000
97,805,000<
115,586,000
32,867,000
6,535,000
8,207,000
327,233,343
310,171,259
2,513,650
87,323,000
25,232,000
113,820,000
98,361,000
79,020,000
26,103,000
8,545,000
7,515,000
1936
£
314,212,259
365,810,558
1,906,850
87,323,000
42,575,000
55,800,000
106,582,000
83,102,000
25,453,000
both in and out of
748,253,202 1,098.523,958 1,083,837,252 1,095,109,667
748,434,416 1.098,635,044 1.080,958,982 1,095,417,593
Note—The war In Europe has made it Impossible to obtain up-to date reports
from many of the countries shown in this tabulation.
Even before the present
nre
no
ques¬
measure
Congress, that
at the hands of the
which
evils
the
Congress to
it
convene on
intended
was
to
some
Jan. 3,
correct
ever-present and so widely pervasive that
any
are
post¬
ponement of their remedy is greatly to be regretted.
Fundamentally, the bill
intended to prevent
was
arbitrary and irresponsible action, completely law¬
less
well,
as
been
have
is
of Federal
swarm
and
so-called
officers;,
who
administrative
easily exaggerated in the hands of
are
their possessors.
there
with
endowed
that
powers
the part of the
on
boards, commissions,
bureaus,
Their action is
by law that it
positive proof
goes
of
now
slightly
so
unchecked unless
malfeasance
some
or
usurpation.
Upon the measure's first passage, by the Senate,
Presidential
opposition
organized, there
Eight months
having, in the
mean
the
the
a
been
single dis¬
time, resorted to
bill,
de¬
the Administra¬
ago,
or
every
being unable to
delay its consideration, so that
responsibility of approval
evaded,
had
not
was
House
of
or
of
a
veto could be
Representatives
insisted
taking action and the record vote resulted in
upon
202 for the bill and 97
against, 8
more
in the af¬
firmative than would have been necessary
had the
question then been upon overriding the veto.
last
November,
after
Late
regular reports were not obtainable from Spain and Italy, figures for which
of April 30, 1938, and Mar. 20, 1940, respectively.
The last report from
was
received June 7; Switzerland, Oct. 25; Belgium, May 24; Nether-
as
France
Administrative
per¬
aside
by
a
every
majority of 34 to 21, half of the 34 being
Democrats, Majority-leader Barkley, who
in
was
charge of the White House forces in the Senate,
resorted
sudden
even
to
and
the shrewd
trick
unexpected vote
with 44 Senators
of
on
bringing about
vote, 10
being absent
or
declining to
Democrats united with the 17 Republican
Senators to pass
full
a
its passage, and,
6,552,000
6,603,000
<
war,
its
upon
be
can
suasion to defer consideration had been swept
four years:
Netherlands
a
general and strong support that it has
force that result to
special cable yesterday (Friday); comparisons
Spain
Italy
received
tion, in view of the intrinsic merit of the
tion
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
Germany x.
it
Although there
available device to defeat the
Gold Bullion in European Banks
France y
wrhich
houses
original passage.
senting vote.
England
law because of
day season, of repeating the hugely preponderating
Bombay at 30.33, against 30.33; and Calcutta at
Banks of—
Logan-Walter bill,
a
great many Representatives absent from Wash¬
the
for the
the
as
ington and unwilling to return in view of the holi¬
and
shown
or
by the President and the impossibility, with
clared
the
consideration
full
just failed to become
49.80, against 49.80; Singapore at 47%, against 47%;
in
such
the Senate
and in
tives
which has
before
British statutory rate,
meas¬
large majorities both in the House of Representa¬
13-16; Shanghai at 5%, against 6}/$; Manila at
30.33,
other Federal
during the Presidency of Franklin D.
plainly expressed the deliberate judgment of
so
controlled
23.45, against 23.45
23
as
substantially equivalent bill will receive enactment
EXCHANGE quiet.theThe Japanese countries is
Far Eastern continues
unusually on
are
basis of latest valuation (23.84 mg.
7, 1940, there are per British statutory pound about 349 francs;
March
prior to March 7, 1940, there were about 296 francs per
attracted
—♦—
cies
years; on
a
closed
at 23.65, against 23.65.
The Argentine official peso
has long been held at 29.78.
Brazilian milreis closed
Argentine unofficial
1939 and 1940 include
several times In recengold 0.9 fine equals one franc), insti¬
The Bank of France gold holdings have been revalued
tuted
valued
were
with imports at 202,554,524
pesos,
total exports were
were
y
Exports of Argentina to the United
483,333,907
pesos.
Gold holdings of the Bank of Germany as reported in
"deposits held abroad" and "reserves In foreign currencies."
valued at 211,-
Kingdom in the first 11 months of 1940
at
the
to
Dec. 27.
many,
*
imports of United States goods into Argentina in the
28, 1940
Norway, March 1; Ger¬
lands, May 17; Sweden, May 24; Denmark, March 29;
during the first three months of 1940.
According to the Argentine Information Bureau
Dec.
House
of
the bill
over
25 negative votes.
A
Representatives, under the present
apportionment, consists of 435 members, but when
the
question of sustaining the veto
came
up,
on
Volume
The Commercial
151
287 Mem¬
bers present of whom 7 declined to vote; however,
157, giving a majority of 26, voted for enactment,
Wednesday of last week, there were only
might have been
predicted at any time during the last six
months,
vital neces¬
he seems
public defense is
proclaims that defeat of the bill was a
sity of the public defense. In other words,
have concluded that
to
adequate
unauthorized
executive action, when such action
incompatible with the restraints upon
and
arbitrary
administrative
is called
has been given the
form, which large majorities
ministrative
careful
in the
It would seem that Congress,
deliberation.
ad¬
in both
Congress favor after long and
of
Houses
or
about
when this legislation was adopted, or was reck¬
lessly lacking in patriotism.
For, among the
animadversions upon its action found in the veto
view, did not know what it was
President's
would re¬
inclusion of defense functions
"...
it would
produce the utmost chaos and paralysis in the ad¬
quire
disapproval at this time.
my
of
ministration
time.
.
.
Government
the
it is
.
an
afford
to
spend
to
.
.
.
when we can least
.
either Governmental
effort in the luxury
These
at this critical
private
or
all
overcome
of litigation."
with and
argument ad
their
force, if
an
would
might for once be indulged in, it
hominem
honorable and dis¬
Representatives who, hav¬
the reading of the entire message,
probably fully suffice to list the
tinguished names of the
ing listened to
steadfast in
remained
jurisprudence of the great Nations which
to the Common Law.
His attitude must
the
adhere
remind the
student, however, of the statement
George Clinton, seven times Governor of New York
and twice Vice-President of the United Staltes,
that:—
".
their opinion that the bill
ought to become a law.
There were 153 of them
the final vote, including all but two of the Re¬
of
1768, had been 'No Lawyers and No
For the lawyers wanted political
Presbyterians wanted religious
Presbyterians.'
the
and
freedom
freedom."
publicans who were present and 39 Democrats,
of their party associates who sympathized
recognizing
ineffectual op¬
support of the bill naturally
requirement to go upon record in
veto
the
power
would amount,
to
a
extract from the message
value,
profession of
if it could be taken at its face
sweeping condemnation of the
which it ostensible author is a
The words
member.
are:
"...
never
a
large part of the legal
profession has
reconciled itself to the existence
ministrative
tribunal.
Many of them
stately ritual of the courts, in
set
as
power,
should be modified
stand and even
client can under¬
influenced by a shrewd play
technical rules of evidence. . ; . Many of the
lawyers still prefer to distinguished precedent and
juggle leading cases rather than to get
the merits.
.
.
to confuse
down to
rhetorical verbiage, introduced
judgment and to arouse prejudice while
is an attack upon the
evolved by the English and American
law and equity throughout the centuries
attracting the ignorant, it
whole system
courts of
since
they
threw
domination by
and
to
the
off the shackles
of executive
which they were bound to injustice
oppression of all who had permitted
themselves to fall into
executive disfavor.
Roosevelt is a member of the
and
respective
the
wholly upon considerations inconsistent with its
use.
He showed that during the first 53
under the Constitution there had been only
vetoes and he classified eight of
years
Presidential
20
these
as
insignificant
yielded to the
suggestions, while all but one of the
dealing with proposals of such
importance that Congress at once
executive
such inherent weight that none had
others carried
by the requisite two-thirds.
over-ridden
been
found that President
to reduce
v
their
withheld
Bank
from bills to charter a
Presidents Madison,
States;
similarly thwarted efforts to
Monroe, and Jackson
eral
Yet Mr.
bar of the State of
United States;
7
Madison, Jackson, and Tyler had
approval
United
the
of
He
Washington had vetoed a bill
the size of the Armv of the
while Presidents
improvements at the expense of the Fed¬
Treasury;
and President Jackson had used
distribution of Federal
sales of the public lands
among the several States.
Mr. Buchanan termed
the veto power "this perilous power" and, as to all
but one of the significant vetoes theretofore inter¬
the
powrer
moneys
to
prevent
from
derived
the will of Congress, he com¬
;
"All the vetoes
of
self-denial.
.
.
.
,,
These acts have been
grant.
returned ac¬
remonstrating against the
extensions of executive power,
to
,
have been so many instances
companied by messages
which they proposed
Exerting the influence which these acts
proposed to confer upon him, the
President might,
strides towards the attain¬
of monarchical power.
Had a national bank
established under his control, uniting the
indeed, have made long
ment
been
."
If this is not mere
be over-ridden by re-
branches of Congress.
James Buchanan, fourteen years later to become
a
Democratic President, defended the power, but
in
voting
mented that:—
upon
to
that it
by an amendment to the Con¬
approval by bare majorities of those present
posed to restrain
participate in. Many of the lawyers
prefer that decision be
urged
and
stitution enabling any veto to
of the ad¬
which lawyers play
of
administrative hearings which a
In the
Constitution was
in the
up
undemocratic
and
prefer the
speaking parts, to the simple procedure
all the
under recent Presidents.
1842, Henry Clay, then a Senator, urged that
year
make local
position to the President.
Another charactertistie
growth in resort to
There has been an enormous
the
some
no
of the privileged, in the March
the war-cry
.
.
elections
on
with their
made
Spaulding, in his excellent life of
by E. Wilder
excessive
strong words, but in contrast
are
profession and
acquaintance with the history of his
...
invitation to endless and in¬
numerable controversies
he
and
anomalous
is the following:
message,
York, of which his father was also a member,
must at some time have acquired some
New
of
despite the Presidential disapproval.
The President's veto message, as
3797
& Financial Chronicle
moneyed with the political power
had
been
a
of the country;
splendid system of internal improvements
adopted
and
placed
under
his
direction,
presenting prospects of pecuniary advantage to al¬
most every individual throughout the land; and in
addition to all this, had the States become pen¬
sioners on
the bounty of the
for the amount
public lands;
Federal Government
of the proceeds of the sales
we
of the
might soon have witnessed a
powerful consolidated Government,
with a chief at
The Commercial & Financial Chronicle
3798
its
head, far different
from the plain
and
number of highly significant facts.
unpre-
of
days."
and
Where
deprecated
tried
is
feared
and
lauded
by
this
doctrine of
now
power
used infrequently, with restraint, and
Federal
our
polity condemn the excessive
the veto power
witnessed during recent
No
to what avail?
the
as
one
of
use
would
have
member of
a
refused
Congress.
for
vote
had
When it is
discreet and restrained
the level of
mere
be in
Willkie's
more
personal government in which the
is
such misuse of the veto power
sentative
as
and
Senator,
tive
legislative
against
power
aggression by over-riding the veto.
way
independence
the
can
figures
matter what his views
no
to the intrinsic merits of the vetoed
measure,
vote to sustain the
consonance
Repre¬
every
and
In
dignity
with
of the
areas—thirty in
Fiction
modern
for
explaining
forecasts,
mortems.
Just
filled
estimates
with
and
pre-election
as
political
City,
farmers, the
groups"
polls
post
were
on
mortems
subjects.
so
themselves
notion that
has in recent years
We take this list
the
for
a
areas
the
in
the
result
sections
Solid
the
South.
same
defections among
wage
land
earners
as
strength
was
low
income
therein,
groups
appears
be
to
accepted
as
almost
Mr. Willkie's weakness is viewed
i.
as
hav¬
1932
1940.
I
The
than
in
respects, still leaves the key problem of the
Republican party, according to this analysis, pre¬
cisely what it was before—that of convincing the
many
"low
ers
income groups,
in
the
large
no
particularly the
wage
earn-
centers, that the party is their
doubt that there is
ment of truth in
many
we
most
a
substantial ele-
of those who
seems
to
us
discuss the
more
than
that many.
recent
elec-
tion, and, for that matter, the trends which
pre-
ceded
it, in these terms do
are
in
a
Dem.
4,873,000
4,271,000
6,550,000
10,889,000
11,967,000
11,040,000
number of instances
late Associated Press estimates rather
final returns,
since detailed returns
are
hand, but comparisons with official returns
not
now
available for most of the States leave little doubt
that the final
in
any
returns
will
substantial way.
not
alter
there
figures
They probably will add
so
sufficiently to the Democratic vote in industrialized areas to leave the final figure practically
un¬
changed from 1936 and the Democratic figure for
of these analyses,
wish there were, hut it
if not
Rep.
9,247,000
8,740,000
9,308,000
8,488,000
9,259,000
11,629,000
"
friend, not their mortal enemy.
We have
Dem.
2,623,000
2,421,000
6,699,000
8,770,000
12,144,000
12,049,000
figures for 1940
based upon
at
was
Other Areas
5,903.000
6,270,000
10,522,000
6,570,000
6,624,000
9,219,000
1936
tricts, and his campaign, remarkable
it
excluded
(iOutside the South)
1924
ing been located primarily in these crowded dis¬
as
been
reasons:
■!.
1928
commonplace.
by many
has
areas,
outside of
Rep.
such
areas
present
Year
it has left, or had left prior to 1940,
as
to be found in the small towns and rural
we
areas
Industrialized Areas
a
and the
while
Below
VOTES RECEIVED BY DEMOCRATIC AND REPUBLICAN
CANDIDATES
1920
so-called
representing the indus¬
South
The
Hol-
Youngs-
and
first the vote in these
throughout for obvious
Republican party
of the
as
country.
and second the votes cast in other
largely lost its following in the
industrialized
of
of the
number of years,
•
highly
Springfield,
Tacoma,
have many if not most of the
interested
The
Wheeling, Worcester,
Toledo.
town.
likely to do when they went to the
Nov. 5,
Provi¬
Francisco, Oakland, Scranton,
Seattle,
trialized
and the various "income
wage earners,
Pittsburgh,
yoke,
were
groups,
Camden,
Wilkes-Barre,
having to do with what the
Jews, the German elements, the Italian
Philadelphia,
ter, St. Louis, San
post
prognasties
New
Chicago, Cincinnati,
dence, Fall River, New Bedford, Reading, Roches¬
greater evidence than in political
political
Allentown,
Bridgeport,
apolis, St. Paul, New York City, Newark, Jersey
almost
system in terms of the "class struggle" has perhaps
analyses,
Troy,
Boston,
Buffalo,
precisely
following cities:
lis, Kansas City, Los Angeles, Milwaukee, Minne¬
everything except possibly the behavior of the solar
nowhere been in
the
Schenectady,
Baltimore,
certain
are
about
The
leading industrial
Cleveland, Dayton, Detroit, Hartford, Indianapo¬
Concerning the
Struggle"
penchant
the
They
and
Albany,
Bethlehem,
Election and the "Class
The
in non-indus-
particularity.
some
lists
all.
Haven, Waterbury,
and
than
much
currently accepted ideas that the
in
areas
Akron,
the
Legislative Department be maintained.
Facts
Mr.
furthermore
are
industrialized
Census
defined
other
of
non-industrialization.
year
presented with
are
Bureau
to
execu¬
no
origin to factors other than
this
marked in
to
appear to
of the President
attempted, it is the plain duty of
gains
1940 appears
in
will be shown later this loss
of
degree
Some
strength
trialized areas, although, here again, other factors
be more dominant,
Facts such as these appear to be so much at variance with popular impressions and so wanting in
among
eighty millions of qualified voters must give way
to the arbitrary will of a single individual.
Whenever
the
Democratic
in
districts
as
to owe its
appears
1936.
is, through
toward decline
evidence, but
merely
application degenerates to
lawfully expressed will of the vast majority
and the
evenly distributed between the two
non-industrialized
in
he
used
so
since 1920 is in evidence,
districts—that
tendency
authority that might be safe and salutary under
an
struggle" political theo¬
No downward trend in the votes
day.
areas
of
kinds
constrained to
was
to
us
the validity of the conclusions
upon
extreme "class
has been about
But
in the past ever went so far
which he
every measure
believe he
would have
many
rate the dispassionate student of
Republican candidates either in industrialized
other
or
as
gains of the Democratic party, at least since 1928,
present Chief Executive in the direction of
vetoing
been
for
never
years.
more
rists of the
veto
a
It is quite pos-
voting trends finds a great deal in the figures
of the
The wisest and most competent students
abused?
of
the
to cast doubt
successor,
What
At any
been
now
Democratic
a
of
become
has
conscious"
"class
so
believe.
that
Everything
President?"
Buchanan
has
not
buggy
and
is Buchanan's ideal, the "plain
now
unpretending
and
"horse
the
were
course,
1940
28,
sible, we hope it is quite true, that this country is
tending President recognized by the Constitution."
Those,
Dec.
in plain disregard of
a
other
areas
somewhat
over
lion under those of that
Taking the data
(1)
as
three-quarters of
they stand,
Mr. Willkie's gains
over
we
mil-
find:
the 1936 vote
about 39% in the industrialized
25% elsewhere.
a
year,
areas,
were
and about
Volume
The Commercial & Financial Chronicle
151
(2) The relatively steady
throughout the
of the figures
course
(with the sole exception of
years
1928) makes it clear that the percentage figures
no
mere
(3)
has
areas
remained about
(1)
really began in 1928, not 1932,
continued
to
mount
until
1910,
when it
passing phase for the Re¬
a
publican party, which thereafter continued merely
to
poll its customary vote in industrial
1910, when it
gain.
able to register
was
until
areas
an
impressive
ized
The
is
areas
There
a.
doubtless
of the parties in non-industrial¬
course
roughly the
was
in
was
same
except:
the Mason
rate
part due to the rapid growth in
v
both actually and percentually
smaller than in the industrialized
areas,
The Democratic
c.
(6)
If
about
had
vote
split
according to custom prior to 1932, the Re¬
publican party would have had
States—Iowa,
supposition
of the
industrial
no
that the
was
the
Twelve
tables
shows
of
degree
exceptions
based
showing
areas
industrialization
final
The per¬
are
in
with
are
returns,
while
districts and
upon
industrialized
separately
an
basis for the
no
centages for the States in their entirety
few
of first-
areas
important factor in these States.
an
States
of them have, and
seven
other
number of instances based
a
preliminary
cases,
therefore show slightly lower gains, but the
difference is
The
latter,
in
to
that the comparative
suppose
between industrialized and other
as
of course,
gains
industrialized
re¬
areas
instance substantially distorted.
in
some
unimportant in magnitude, and there
reason
in any
are
It will be
that in several instances the
areas
substantially
were
greater than those in other districts, while in all
they
cases
of the
are
same
order of magnitude.
Let it be further observed that the States in the
substantial
a very
no
returns.
observed,
and
party lost ground appreciably.
non-industrialized
the
have
of
mediately preceding).
was
four
Mississippi and north of
Dixon line.
importance, but
sults
gain
and
in the first
group
is
1910
add
we
souri, with 25%, and Kansas, with 23%—we have
population in these districts during the years im¬
b.
this list
upon
comparable rise in 1928 (which
no
3799 J
gain of 30%; New Mexico, with 29%; Mis¬
a
those
,
(5)
to
examination
stationary.
1928 proved but
with
If
all the States west of the
The upward surge of Democratic votes in in¬
dustrialized
but
are
of mathematics.
vagary
River.
majority outside of the South and almost certainly
first
would
have
Wisconsin, Michigan, Ohio and New York, and that
would
depend somewhat
won
the
election, although this latter
the geographical
on
dis¬
tribution of the votes.
Such
facts
as
these
with much of the "class
in
hardly
are
accordance
struggle" reasoning of the
day, but the figures have not yet told their full
Outside of the Solid South the Republican
story.
party received
1936.
in
Those
greater
were
States
than
below with their
LARGER
THE
34%
some
this
it was,
vote
which lie east of the Mississippi
group
with only
in
which
the
Indeed, it
over-all
industrialized
gains
included among
listed
their
are
REPUBLICAN
would
all
Percentage Gains Over 1936
State
Entire
Industrialized
Other
State
Areas
Areas
112
79
78
75
70
North Dakota
Oregon
Wisconsin,
Nevada
Minnesota
<m
69
75
"
'
there.
its
owes
furthermore clear that
areas
done
activity.
to
this
Such
well
as
an
the
as
eventuality
of banner States
group
those, otherwise omitted, which lie east of the
Mississippi
Ohio
the
rivers
clear
Pennsylvania border.
Wihkie's
centual
of
north
and
to the
across
gains
mm
63
64
Arizona
have added
Mr.
122
States
the better-than-average States had
non-industrialized
respective percentual gains:
STATES
these
returns
Jersey, Illinois and Indiana would have been
centers of industrial
GAINS—BY
It is
areas.
New
figure
of
areas
election
position in this table wholly to the gains made in
Republican
where
the
be said that New York
may
votes than it did
more
exception, the heavy Willkie
one
industrialized
characterizes
are
poorest showing in
over
1936
of
are,
terms of per¬
course,
to be found
along the Atlantic seaboard and in States border¬
64
Idaho
_
59
54
ing thereon—with the exception of New York and
45
61
possibly
46
62
California
Montana
49
gains in industrialized areas uniformly and usually
59
_
56
Washington
Colorado
49
Utah
43
New Jersey.
In
these
States,
however,
54
Michigan
42
Oklahoma
Ohio
39
Nebraska
34
these
All
39
W yoming
49
40
New York
substantially exceed those elsewhere recorded.
—
41
-
South Dakota
36
*
58
facts, taken in their entirety, give the
14
changes revealed in the election returns
geographical
We next
where the
THE
present a similar table for those States
gain
was
less than 34%:
though
of
classes
or
or
sectional
course
broad issue
SMALLER REPUBLICAN GAINS—BY STATES
or
they
stamp.
do
not
consideration
groups was
Illinois-.
Other
Areas
Areas
31
30
-
Industrialized
State
39
21
34
26
30
42
30
-j
Connecticut
New Mexico
29
33
Missouri
31
Kansas
25
23
Massachusetts
22
Maryland
West Virginia
17
15
23*
19
Delaware
13
Pennsylvania
Kentucky
Rhode Island
New Hampshire
12
Indiana
Iowa
—-—-—?*
29
10
Loss
our
involvement in
war
reported to have been great, and harmful in the
East, where progress in armament and aggressive
attitudes
toward the "dictator"
nations
were
per¬
•.«.
-
m
—
considered of paramount
17
haps
15*
tainly whatever "class struggle" factors
Cer¬
importance.
—
-
are
sug¬
15
gested, there is no evidence of less ability to make
—
•
•*
15
~5
23*
headwav in
industrial districts than elsewhere.
i5*
-
-
—
—
The Course of the Bond Market
of the two
tables reveals that of
In
made
average
It may be that the
for Massachusetts and Rhode Island combined.
Examination
the 19 States
some
across
5
Loss
Maine
Percentages are
West, where fear of
that
11
Vermont-.
»
12
16
in the
is
prove,
helpful to Mr. Willkie
was
State
Entire
They suggest,
cutting sharply
at work.
international situation
Percentage Gains Over 1936
New Jersey
marked
a
-
where Mr. Willkie's gains were above
all but four lie west of the Mississippi
contrast
with
fractional
last
advances
week,
this
Government
week,
grade corporates have declined slightly.
virtually marked
time.
while
issues
the
have
highest-
Other corporates
The Commercial &
3800
lower prices.
have
displayed
tendency
a
Two non-callable issues, Chesapeake
Norfolk & Western 4s, 1996, lost
4%s, 1992, and
Ohio
&
bonds
railroad
High-grade
toward
Me¬
dium-grade and speculative rail issues have been mixed
one-half
in
point each
IV2
New York Central 3^s, 1997, declined 1
trading.
dull
Southern
Coast
Atlantic
47^4.
to
Pacific 3%s, 1946, advanced
Line 5s, 1945, contrary to
quality, closed at a new high of 78up
85Y2f and
i>oint to
126V2, respectively.
131 and
at
issues of similar
Defaulted issues did not display any definite trend.
iy2.
Trading activity in utility bonds has been
and price changes for the most part have been
issues have displayed a softening
stricted,
Lower-grade
small.
but
tendency,
number
able
grades have remained firm except in
high
instances where refunding
those
decidedly re¬
for such
of new
be registered
Bonds of the Third
in the near future.
purpose
A consider¬
is indicated.
issues are expected to
Avenue
S.
U.
AU
120 Domestic Corporate •
Daily
Dec. 27-
119.48
26- 119.36
Stock
25..
P.
Baa
RR.
U.
112.05
121.72
112.05
92.75
99.66
16.64
121.49
111.84
125.90
121.49
111.84
92.59
99.66
16.64
112.05
126.13
121.49
111.84
92.75
99.66
16 64
126.37
121.49
112.05
92.59
99.66
16.64
121.72
92.59
99.66
16.64
2212110593647
Corporate by Groups
12750639
RR.
2.91
3.36
4.44
4.02
3.14
2.92
2.73
3.37
—
Baa
2.72
2.92
3.37
4.45
4.02
3.14
2.93
4.44
Aaa
3.36
A
Aa
P. U.
Indus.
Exchan ge Clos ed
126.37
112.05
92.59
99.66
16.64
112.05
126.37
121.72
111.84
92.59
99.66
16.86
126.37
121.72
112.05
92.75
99.66
16.86
112.25
126.37
121.72
112.05
92.90
99.66
17.07
112.05
126 37
121.49
112.25
99.83
16.86
121.49
14- 119.61
112.25
126.61
121.72
112.05
92.75
99.83
16.86
121.49
13- 119.63
112.25
126.61
121.72
112.06
92.75
99.66
16.86
121.72
12- 119.60
112.05
126.61
121.49
112.05
92.59
99.66
16.86
112.05
126.37
121.72
112.05
92.59
99.48
17.07
112.05
126.37
121.72
112.05
92.43
99.48
17.07
126.37
121.49
112.05
92.43
99.48
17.07
112.05
126.37
121.72
112.05
92.43
99.48
17.07
112.05
126.37
121.72
112.05
92.28
99.31
17.07
112.05
126.37
121.72
112.05
92.28
69.31
16.86
111.84
126.37
121.49
112.05
92.12
99.14
16.86
111.84
126.37
121.49
112.05
92.12
99.31
16.86
111.84
126.37
121.49
112.05
92.12
69.31
16.86
121.27
110.43
124.48
119.69
110.24
91.35
68.11
15.78
118.81
4.45
4.02
3.14
2.93
3.36
3.36
2.71
2.91
3.37
4.45
4.02
3.13
2.92
3.36
2.71
2.91
3.36
4.44
4.02
3 13
2.92
3.35
2.71
2.91
3.36
4.43
4.02
3.12
2.92
3.36
2.71
2.92
3.35
4.44
4.01
3.13
2.92
3.35
2.70
2.91
3.36
4.44
4.01
3.13
2.92
3.35
2.70
2.91
3.36
4.44
4.02
3.13
2.91
3.36
4.45
4.02
3.13
2.92
3.36
2.70
2.92
3.36
2.71
2.91
3.36
4.45
4.03
3.12
2.92
3.36
2.71
2.91
3.36
4.46
4.03
3.12
2.92
3.36
2.71
2.92
3.36
4.46
4.03
3.12
2.93
3.36
3.36
2.71
2.91
3.36
4.46
4.03
3.12
2.93
2.71
2.91
3.36
4.47
4.04
3.12
3.36
2.71
2.91
3.36
4.47
4.04
3.13
2.93
3.37
2.71
2.92
3.36
4.48
4.05
3.13
2.93
3.37
2.71
2.92
3.36
4.48
4.04
3.13
2.93
3.37
2.71
2.92
3.36
4.48
4.04
3.13
2.93
3.38
Weelly—
111.64
126.13
121.04
111.84
92.28
69.14
16.86
2.72
2.84
3.37
4.47
4.05
3.13
2.95
3.38
2.73
2.95
3-38
4.47
4.06
3.13
2.96
2.75
2.95
3.39
4.47
4.05
3.13
2.98
8
3.41
2.77
2.97
3.42
4.49
4.09
3.16
3.00
1
120.80
22- 118.67
111.64
125.90
120.82
111.64
92.28
98.97
16.86
120.59
16.64
120.14
15.. 118.53
111.43
125.42
120.82
111.43
92228
99.14
8- 118.29
111.03
124.95
120.35
110.83
91.97
98.45
16.21
110.60
Oct. 26— 116.92
19— 116.85
110.24
124.72
119.69
110.04
91.20
97.78
15.78
118.81
110.24
124.72
119.69
109.84
91.20
97.61
16.00
118.81
11- 116.64
109.84
124.48
119.03
109.44
90.75
67.28
15.78
117.94
5- 116.83
109.84
124.48
119.25
109.44
90.75
97.28
16.00
109.44
124.02
119.25
108.85
89.99
96.61
15.78
117.60
109.24
123.79
119.47
108.66
89.55
66.11
15.67
3.44
2.79
3.00
3.45
4.53
4.11
3.18
3.04
26
3.45
2.78
3.00
3.46
4.54
4.13
3.18
8.04
4.54
4.14
3.17
3.04
108.85
123.56
119.25
108.66
88.80
95.62
15.57
109.05
123.56
119.69
108.85
89.10
95.78
15.57
2.78
3.00
3.47
2.79
3.03
3.49
4.57
4.16
3.18
3.08
5
3.47
2.79
3.02
3.49
4.57
4.16
3.17
3j08
8ept.27
3.49
2.81
3.02
3.52
4.62
4.20
3.18
3.10
3.50
2.82
3.01
3.53
4.65
4.23
3.19
3.09
3.62
2.83
3.02
3.63
4.70
4.26
3.19
3.61
2.83
3.00
3.52
4.68
4.25
3.19
3.09
3.54
2.84
3.03
3.54
4.73
4.29
3.21
3 11
3.55
2.84
3.04
3.54
4.76
4.31
8.22
8.11
3.14
117.29
5.. 116.17
3.45
3.47
117.72
13- 116.17
Oct.
117.94
Sept.27.. 116.67
20— 116.54
117.72
Aug. 80— 115.70
108.46
123.33
119.03
108.46
88.36
95.13
15.14
117.29
23- 115.56
16.. 116.14
108.27
123.33
118.81
108.46
87.93
94.81
14.93
108.08
122.86
118.81
108.08
87.49
94.66
14.72
116.64
108.46
122.86
119.25
108.46
88.07
95229
14.93
117.07
2— 116.68
108.27
123.10
119.25
108.27
87.93
95.29
14.72
6
117.29
9- 115.45
116 as
July 26.. 116.66
108.08
122.63
119.47
107.88
87.64
95.13
14.61
116.43
19— 115.63
108.27
122.63
119.47
107.88
87.93
95.13
14.72
107.88
122.40
119.47
107.69
14.93
Aug. 30
94.65
122.63
119.25
107.69
86.50
93.69
14.72
June 28.. 116.21
106.92
118.81
106.73
85.52
92.75
14.09
115.78
21— 116.37
14.. 114.73
108.17
122.17
118.38
106.36
84.28
91.81
13.48
121.27
117.50
105.41
82.66
90.44
12.45
7.. 113 15
103.93
119.47
116.43
104.48
81.87
89.40
11.43
118.60
116.21
103.93
81.61
89225
11.03
112.66
89.69
11.03
24- 113.06
103.56
118.81
115.57
104.11
17- 113.73
105.79
120.37
117.72
105.79
84.96
92.28
12.66
108.46
123.33
119.26
107.88
88.36
94.97
14.72
3.. 116.36
109.24
123.79
120.37
108.66
88.95
95.29
15.57
123.79
120.14
108.08
88.51
94.81
14.03
118.81
19- 115.94
108.46
123.56
119.92
107.30
88.07
94.33
14.61
108.27
123.56
119.69
107.11
87.93
94.33
14.30
108.66
124.25
119.92
107.30
88.51
94.81
14.51
107.88
123.56
119.25
106.92
87.49
93.85
13.89
118.38
21- 116.36
107.69
123.56
119.03
106.36
87.49
93.85
13.68
123.33
118.81
107.17
87.85
93.69
107.49
123.10
118.38
106.17
87.21
93.69
13.07
1— 115.42
107.11
122.63
118.38
105.79
87.07
93.53
12.86
107.30
123.10
118.60
105.79
86.92
93.85
12.66
117.07
16- 115.48
107.49
123.33
118.8J
105.98
87.07
94.01
12.86
107 30
122.86
118.81
105.98
86.92
94.01
12.66
106.92
122.63
118.60
105.41
86.78
93.69
12.45
106.92
122.63
118.38
105.41
86.64
93.69
12.25
116.86
20— 116.65
106.54
122.40
117.94
105.41
86.21
93.21
12.25
4.29
3.57
2.88
3.01
3.58
4.79
4.32 \
3.22
3.15
3.58
2.87
3.02
3.58
4.86
4.38
3.23
3.15
3.62
2.89
3.04
3.63
4.93
4.44
8.26
3.18
3.66
2.89
3.06
3.65
5.02
4.60
3.29
3.19
3.72
2.93
3.10
3.70
6.14
4.59
3.34
3.23
3.78
3.01
3.15
3.75
6.20
4.66
3.39
3.30
3.80
3.05
3.16
3.78
6.22
4.67
3.41
3.33
3.80
3.04
3.19
3.77
6.20
4.64
3.41
3.36
3.68
2.97
3.09
3.68
4.97
4.47
3.33
3.54
2.84
3.02
3.57
4.73
4.30
3.23
3.09
3.19
3.04
.....
3.23
4.69
3.56
4.72
4.31
3.22
3.04
3.06
3.54
2.83
2.99
3.60
4.75
4.34
3.24
3.55
2.83
3.00
3.61
4.76
4.34
3.25
3.06
5
3.53
2.80
2.99
3.60
4.72
4.31
3.24
3.04
Mar. 29
3.57
2.83
3.02
3.62
4.79
4.37
3.27
3.08
3.68
2.83
3.03
3.65
4.79
4.37
3 28
3.08
3.59
2.84
3.04
3.66
4.80
4.38
3.28
3.10
3.59
2.85
3.06
3.66
4.81
4.38
3.31
3.09
1
3.61
2.87
3.06
3.68
4.82
4.39
3.32
3.12
Feb. 23
3.60
2.85
3.05
3.68
4.83
4.37
3.33
3.12
3.59
2.84
3.04
3.67
4.82
4.36
3.32
3.10
4.83
4.36
3.33
12—
...
8
116.43
13- 115.96
4.76
3.53
116.86
Jan. 27— 115.54
4.78
3.57
2.98
117.29
2.. 116.43
3.67
3.01
2.97
117.60
9.. 116.44
3.01
2JS7
2.82
117.07
Feb.23.. 115.32
2.87
3.65
2.82
117.72
107.49
8— 116.03
3.56
3.52
117.50
16- 116.74
8.15
26
3.50
117.94
13.68
3.23
3.12
3
118.81
Mar.29— 116.87
3.16
Apr. 26
118.38
6— 117.10
3.13
3.24
4.29
4.28
118.38
12- 116.38
3.23
10
118.81
108.85
3.22
4.28
7.
117.72
Apr. 26.. 116.18
3.23
4.28
4.76
May 31....
114.72
10- 115.51
4.32
4.75
3.55
5
112.25
81.87
4.79
3.54
3.02
June 28
113.27
103.56
3.56
3.02
2.85
14.
114.72
May 31.. 113.14
3.04
2.86
3.55
21—
115.57
105.04
2.86
3.54
19
July
116.43
122.17
3.56
2
116.43
87.49
107.69
3.11
9
116.43
12- 115.66
5- 115.68
2.93
3.39
Nov. 29
Weelly—
Nov. 29— 118.80
2.71
2.93
2
121.27
1— 117.00
2.92
3.36
11
121.27
3- 118.86
2- 118.82
2.92
3
121.27
4— 118.95
2.93
3.14
4
121.27
5.. 119.00
3.14
4.02
5
121.27
6- 118.98
4.02
4.45
3.37
7—
121.27
7.. 119.08
4.45
3.36
2.92
6
121.49
112.05
3.36
2.91
9
121.49
9— 119.35
3.14
2.92
2.71
13
121.49
11- 119.54
10- 119.66
4.02
2.71
16
121.49
92.75
2.72
3.36
3.36
17
121.49
17— 119.61
16- 119.60
3.36
19
121.49
112.05
Stock
20
121.27
112.05
119.38
121.49
Corp.
120 Domestic
by Ratings
tic
23
121.49
18— 119.48
19-
120 Domestic Corporate
120
Domes¬
24
121.27
112.05
20— 119.16
AU
Daily
Averages
121.27
112.05
126.37
AVERAGES
(Based on Individua Closing Prices)
25
23- 119.26
112.05
MOODY'S BOND YIELD
Dec. 27
Excban ge Clos ed
24.. 119.27
21.. 119.10
trend
1940
121.27
Aa
Aaa
21168240
throughout the week.
Price movements
have been generally confined within narrow limits, with
some isolated spots of strength such as the City of Sydney
0V2S, 1955, which gained 5y2 points, and Belgian issues
improving one point and more.
Uruguay 3^s, 1984, sold
off 12 points at 36.
Moody's computed bond prices and bond yield averages
are given in the following tables:
}Indus.
126.13
been dull with a slightly
foreign bond market has
The
declining
,
Corp.*
Union Oil of California 3s, 1959, which
4%~6%s, 1944, down 1% at 91,
Childs Co. 5s, 1943, which gained 2% points at 34%.
Ys at 105M;; the R. Hoe
and the
tic
Averages
industrial
week, the list having been generally
points at par; the
lost
Corporate bp Groups *
Domes¬
California Electric Co.
Nevada
attention.
mixed, with
fractional changes the rule.
Deviations from that rule
include the Shell Union Oil 2y2s, 1954, which gained 1%
120 Domestic
by Ratings
120
Govt.
and
28, 1940
important changes have taken place among
No
issues this
(Bated on Average Yields)
Bonds
Co.
Railway
attracted considerable
MOODY'S BOND PRICES t
1940
Dec.
Financial Chronicle
3.11
9
2.86
3.04
2
Jan.
3.60
3.67
3.62
2.87
3.06
3.70
4.84
4.38
3.34
3.13
3.62
2.87
3.06
3.70
4.85
4.38
3.36
3.13
3.64
2.88
3.08
3.70
4.88
4.41
3.35
3.16
3.63
106.73
122.40
118.16
105.60
86.50
93.53
12.25
116.64
2.88
3.07
3.69
4.86
4.39
3.35
3.14
116.03
106.92
122.86
117.72
105.60
87.07
93.85
12.45
116.64
3.62
2.86
3.09
3.69
4.82
4.37
3.34
3.14
Hlgh 1940 119.61
112.25
126.61
121.72
112.25
92.90
99.83
17.07
121.72
High 1940
3.81
3.05
3.19
3.78
5.24
4.68
3 42
Low 1940 113.02
103.38
118.60
115.67
103.93
81.35
89.10
10.83
112.05
Low 1940
3.35
2.70
2.91
3.35
4.43
4.01
3.12
2.91
High 1939 117.72
106.92
122.40
118.60
105.22
87.78
94.33
12.05
116 48
High 1939-
4.00
3.34
3.55
4.10
5.26
4.76
3.76
3.64
Low 1939 108.77
100.00
112.45
108.27
98.28
81.09
87.93
04.30
106.54
Low 1939
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.16
1 Yr Ago
Dec .27*39 115.66
105.79
121.49
117.29
105.04
84.96
91.81
11.84
115.78
Dec. 27, 1939—_
3.68
2.92
3.11
3.72
4.97
4.50
3.37
3.18
101.06
117.94
111.23
100.00
81.09
87.64
06.73
111.43
Dec. 27, 1938...
3.94
3.08
3.40
4.00
5.26
4.78
3.63
3.39
6-
1
2 Yrs.Ago
2
Dec .27*38 112.72
•
These prices are computed from average yields on the basis of one
level
or the
yield
averages,
*
6.
"typical" bond (4%
average movement of actual
Year Ago—
Years Ago—
coupon, maturing In
price quotations.
They merely serve to Illustrate In a
the latter being the truer picture of the bond market.
'
rhe latest ooraplete list of
3.36
more
30 years), and do not purport to show either the average
comprehensive way the relative levels and the
bonds used In computing these Indexes was published In the Issue of
relative movement ol
July 13. 1940. page 160
main
objective appears to be to establish a theoretical case
"coordinating our agencies of long-term finance through
uniting them in a Capital Reserve Banking System" analo¬
gous to the Federal Reserve System.
It has the defects
experience has taught'us to expect in such a volume.
The Capital Reserve System would inject a greater ele¬
ment of planning, a more "social viewpoint," and would
emphasize low interest rates and relatively high rates of
amortization.
The author endorses A. A. Berle, Jr., who
for
The
Business Man's
Bookshelf
Money in Motion
By Arthur C. Holden.
242 Pages.
Here is
a
book
ing, written by
less in the field of money
and bank¬
well-known New York architect whose
more or
a
Harper & Brothers.
Price $2.50
establishment of agencies
ranging to a nominal
figure approximating zero for public agencies like hospitals.
The plan would, of course, involve further centralization of
believes
it
wise
to
explore the
which would lend at long term at rates
3801
The Commercial &. financial Chronicle
Volume 151
peak, and has moved to a new high in
probabilities are that the output this year will
close to 10% above 1937, and at least 10% above
control and the author appears to have no doubt of the ability
of society, through the exercise of such control, to solve the
but not to the 1937
problems by which it would be faced.
average
Holden ap¬
pears to take for granted that the Federal Reserve System
has in large part solved all our commercial banking prob¬
lems, and does so at precisely the moment when thoughtful
students of the subject are obliged to question whether that
system, whatever its original purpose and design, has in
actual practice not been more of a disturbance and a burden
than an aid to the financial community.
He is likewise
obviously imbued with that other popular notion of the day,
that money, credit or investment, or all of them taken to¬
gether, can in some way be effectively employed as a sort of
lever with which to control the course of business enterprise
In
common
with most writers of the day, Mr.
to suit the ideas of the
planner.
worked over these now rather
certain originality, which imparts a
the material not always found in such works,
The author has, however,
familiar
with
ideas
freshness to
a
although, judged as a plea for a definite line of action, it
would probably have been more effective if the argument
were not quite so distended.
An extensive bibliography is
appended, which, however, suffers from some serious
omissions.
1929
Present
1929.
Per
While
these
of
facturing Output 1937."
The question whether industry
had, by 1937, broken its 1929 record, has already aroused a
lively discussion among statisticians, economists and political
Fabricant's
survey
of the available
statistics, and his detailed discussion of the various technical
problems involved in constructing indexes, will leave little
doubt that 1937 manufacturing output at least equaled if it
did not surpass output in 1929.
As Mr. Fabricant puts it,
"judged by the standard of 1929, the lean years following it
seven
and
no
more."
Although he does not carry his own computations beyond
1937, Mr. Fabricant finds reasons to believe that 1940 has
moved ahead of both 1929 and 1937, so that it represents a
new peak in the manufacturing output of the country.
His
index numbers show that the increase in manufacturing
Other data
output between 1929 and 1937 was about 3%.
indicate that output
sharply from those given by
1929
that
even according to his index per capita output fell slightly.
While factory output made a net gain of 3% from 1929 to
1937, the Nation's population increased by 6%.
Con¬
sequently, the per capita output of manufactures declined
3%. According to Mr. Fabricant, "the significance to be
ascribed to this depends on many things. It is possible that
1929, in which already lay imbedded the seeds of the serious
recession that followed, set too unusual a standard by which
to judge 1937."
A comparison with 1928, for example,
places 1937 in a much more favorable light.
In any case,
Mr. Fabricant goes on to say, "we must not forget that while
this has been an unprecedentedly long period of stagnation
it is not the first time per capita output has been retarded.
Even within the 30 years from 1899 to 1929 such periods can
be found: between 1907 and 1910, and again between 1916
and 1923, there was no substantial net growth in factory
production, and per capita output declined.
Yet each of
these periods was followed by a period of further growth."
fell sharply in 1938, recovered in 1939
Differences Among Industries
from the average, Mr.
reports, as regards the extent to which they grew
Individual industries varied widely
Fabricant
or
of American factories in 1937
was at least as high as in 1929, and probably a small per¬
centage higher, is the principal finding by Solomon Fabricant
in a report which has just been issued by the National
Bureau of Economic Research under the title "1929 Manu¬
Mr.
differ
Wide
That the aggregate output
•commentators.
Capita Output Lags
results
older index numbers, which show 1937 lagging behind
in manufacturing output, Mr. Fabricant points out
Manufacturing Output 1937
By Solomon Fabricant of the National Bureau
Economic Research.
32pp.
$0.25
^numbered
1940.
declined between 1929 and 1937.
the
studied
139 industries he
was
At one extreme among
increase of 10,600%
an
At the other extreme was a decrease of
Even when these individual industries
are combined into 14 major groups,
there remains a wide
dispersion, ranging from an increase of 24% in the output
of chemical products to a decrease of 24% in the output of
forest products.
.»
■
While there were exceptions, the industries with increases
in output between 1929 and 1937 were concentrated in the
production of perishable and semi-durable consumers' goods.
On the other hand, most of the industries producing durable
goods experienced a decrease in output.
The material in Mr. Fabricant's report is drawn from a
much larger study he has made which is to be published in
January by the National Bureau under the title "The Output
of Manufacturing Industries, 1899-1937."
This volume,
based on a study financed by The Maurice and Laura Falk
Foundation of Pittsburgh, may prove to be one of the most
comprehensive descriptions and analyses of factory pro¬
duction ever published. Technical men are expected to be as
interested in the volume's elaborate description of the
statistical methods used as in its factual conclusions.
for distilled liquors.
57% for charcoal.
Indications of Business Activity
STATE
THE
TRADE—COMMERCIAL
OF
EPITOME
Friday Night, Dec. 27, 1940.
Business
Trade
contained a few new rec¬
production for another week ended
activity continues at an excellent pace.
reports over the holiday j>eriod
Electric
ords.
power
Dec. 21 made another new high for all time.
Car loadings
dipped less than seasonally.
Retail sales of cars and
trucks for last month were the best for any November on
have
record,
according to
the
Automobile Manufacturers Asso¬
ciation, and sales for the first 11 months of
last year.
week
Glowing reports are now becoming more or less common¬
place
as
industry receives the stimulus of the Govern¬
defense program.
The necessity for arm¬
ment's gigantic
ing
quickly and keeping Great Britain supplied with the
implements of war is keeping the plants of the heavy in¬
dustries humming, with this activity becoming more in¬
tensified
as
time goes
on.
Extension of the system of priorities, spreading
work
through
of defense
subcontracts to manufacturers not now en¬
gaged in such work, and extension of the work week are
probable results of President Roosevelt's newly-formed
four-man
"super-defense board," it is estimated by the
"Iron Age" in its current summary, out recently.
By order of the
President, the magazine points out, the
of the priorities system has been extended to sub¬
contractors which include the steel and machine-tool in¬
scope
The amended order gives the priorities board of
dustries.
Defense Advisory Commission control
.all orders for defense, whether direct or indirect.
National
ihe
"More
-be
over
rigid control over machine-tools may immediately
exercised," the survey continues.
"Formal priorities on
will come about more gradually, as the occasion de-
steel
.mands, but in all probability will first be applied to Brit¬
ish orders, which even now are being rushed by request.
Some steel companies, which have not hitherto supplied
.much steel to Great Britain,
quantities.
have been asked to take larger
material
be contracted
fourth
the
will
be
greatly
for."
Production of
the year were
.26.9% ahead of the same period in 1939.
Bank clearings
for the Dec. 25 week -were substantially higher than Christ¬
mas
military tanks and other
expanded if the Presi¬
dent's "lend-lease" plan for Great Britain is adopted.
The
first notable expansion, though not specifically covered in
rhe President's plan, is in shipbuilding for the British.
The 60 ships which
the Todd Shipyards Corp., of NewYork, will build will take about 120,000 tons of steel.
At
least 60 additional ships, possibly
more, will eventually
"Production of airplanes, ships,
ordnance
electricity in the United States reached a
ended Dec. 21,
2,910,914,000 kwh. were
successive all-time peak in the week
ninth
in
two
months,
when
produced by the light and power industry, according to the
Edison Electric Institute.
Output for the latest period was
48,512,000 kwh. above the total for the Dec. 14 week and
was 10.2%, or 269,456,000 units above the 1939 comparative
of 2,641,458,000 kwh.
Engineering construction awards for the short w-eek due
to the Christmas Day holiday total $75,341,000.
The week's
volume brings the 1940 total to $3,987,243,000, the highest
engineering construction total ever rei>orted by
'"Engineer¬
topping the previous record of $3,950,by 1%, and last year's total by 33%.
ing News-Record,"
1929
315,000
in
Private
awards
for
the
year
gain 31%
over
a
year
ago,
public construction tops 1939 by 34%, due to the 311%
increase in Federal work.
The week's volume is 68%
higher than in the corre¬
and
sponding 1939 week.
This is the seventeenth consecutive
week in which current awards have topped their respective
totals of a year
year ago.
The
Private construction is 22% over a
ago.
Public awards gain 91% over last year.
Association
of
American
Railroads reported
today
700,242 cars of revenue freight were loaded during the
week ending last Saturday.
This was a decrease of 4.9%
compared with the preceding week; an increase of 7.5%
compared with a year ago, and an increase of 22% com¬
pared with 193S.
Automobile output
this week, sharply curtailed by the
estimated by Ward's Reports, Inc.,
and trucks, falling below the com-
Christmas holiday, was
to
total
81,295
cars
The Commercial & Financial Chronicle
3802
Dec.
1940
28,
The
Moody's Commodity Index Advances
and
parable 1939 mark for the first time in a long period.
service set last weeks' production at 125,370 units,
Moody's Daily Commodity Index advanced from 168.3 a
89,305 assemblies were made this week a year ago.
the final week of 1940 at the best
level in a decade, surveys today showed.
With striking
increases over last year, retail trade is keeping pace with
a
record volume of production and the heaviest income
flow since 1930.
Gains are widely distributed.
All major
said
Business is entering
shopping centers are reporting some advance over the 1939
level of retail trade, with the Christmas period climaxed
by an unexpectedly heavy splurge of last minute buying.
promotional emphasis dwindled sharply in the
last few days before Christmas, the heavy influx of shop¬
Although
continued to tax store capacity, Dun & Bradstreet,
Inc., reported.
Keta.il sales increases over a year ago,
which have been running at better than 6% since the start
of the Christmas shopping period, jumped to 8% to 16%
this week.
Biggest gains were in industrial and military
170.5 this Friday, representing a new high for
week ago to
this
The principal individual change was a sharp
year.
advance in hog
prices.
follows:
The movement of the index was as
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
*
168.3 Two weeks ago, Dec. 13—
...168.5 Month ago, Nov. 27—
169.4 Year ago, Dec. 27
Dec. 24
—170.1 1939 High—Sept. 22Low—Aug. 15—
Dec 25
*
Dec* 26III-III-I——170.0 1940 High—Dec. 27
Low—Aug. 16
Dec. 27
—170.5
Dec. 20
Dec. 21
Dec. 23
168.7
167.6
-
—
169.6
—172.8
.138.4
170.5
149.3
—
Holiday.
pers
There
no
were
spectacular
developments
weather
re¬
New York City and a large section
ported the past week.
of the East observed Christmas in weather more fitting to
than
Easter
ditional
Yuletide
the
of
the
city
open or off.
It was, according
warmest Christmas since 1932.
58 degrees at
3
p. m,
Lacking
season.
the
to keep them at home,
of Christmas
residents
of
dreds
to
snows
strolled
with
their
tra¬
hun¬
coats
to the Weather Bureau, the
The thermometer
rose
to
setting for Santa Claus.
In the South and on the
Pacific Coast downpours of rain were the rule.
The balmy
weather brought out a horde of motorists whose cars filled
highways around New York City and the other large
7>f the United States, with a resulting high number
cities
The Associated Press made a survey of acci¬
of accidents.
Nation and fgund that 223 persons
Christmas.
On Friday the weather was cloudy and temperatures
ranged from 40 degrees to 50 degrees.
Occasional light
rain is forecast for Friday night and on Saturday.
Lowest
met
throughout the
death
violently
on
for the city and suburbs tonight are
placed at 40 degrees, with an average o£ 45 degrees on
Interstate
States for
United
the
in
railways
Commerce
sheet items of Class I
totals of selected income and balance
steam
the
month
of
September.
These figures are subject to revision and were compiled
from 131 reports representing 136 steam railways.
The
present statement excludes returns for Class I switching and
terminal companies.
The report is as follows:
TOTALS FOR THE UNITED STATES
Income
(ALL REGIONS)
Items
peculiar
proper
dents
the
statement showing the aggregate
A11 Class I Railways
in
courses
the
a
The unseasonable weather
to New York City.
Golfers crowded
Syracuse, where the temperature was 61 de¬
grees.
Waterbury, Conn., with a maximum temperature
of 62 degrees, enjoyed its warmest Christinas in 51 years.
Only in northern New England, Wisconsin, Minnesota and
the Rocky Mountain regions did the weather provide the
not
of
Statistics
of
Bureau
The
which was as high as it stood at the
coldest hour of the last July 4.
was
Steam
Commission has issued
training centers.
Class I
Balance Sheet Items of
Railways for September
and
Income
Selected
For Month
of September
For the Nine Months of
1940
1939
1940
1939
$
$
$
$
74,193,234
11,331,009
86,529,620 440,433,544 355,716,806
11,035,246 104,349,376 100,363,669
Mis cell, deductions from income-
85,524,243
1,883,644
97,564,866 544,782,920 456,080,475
17,441,716
1,865.607 18,754,231
Income avail, for fixed charges—
83,640,599
95,699,259 526,028,689 438,638,759
13,046,385
37,784,483
118,844
13,945,545 104,254,144 104,448,211
38,398,531 344,372,751 347,097,765
131,719
1,134,025
1,194,128
income
Net railway operating
Other income
Total income
Fixed charges:
Rent for leased roads &
Interest
equip.
_
deductions.a
deductions
Other
50,949,712
52,475,795 449,760,920 452,740,104
Contingent charges
32,690,887
1,958,279
43,223,464
1,961,167
76,267,769 fl4,101,345
17,669,709 17,653,204
Net income.b
30,732,608
41,262,297
58,598,060 131,754,549
17,272,940
8,610,853
16.866,171 153,775,463 151,483,534
4,396,123
43,126,857 19,932,290
Total fixed charges
Income after fixed charges
temperatures vboth
Saturday.
Overnight at Boston it was 39 to 41 degrees; Pittsburgh,
to 55; Portland, Me., 32 to 34 ; Chicago, 37 to 48; Cin¬
cinnati, 52 to 58; Cleveland, 40 to 55; Detroit, 38 to 53;
51
Milwaukee, 36 to 43; Charleston, 57 to 71; Savannah, 58
to 69; Kansas City, Mo., 34 to 42; Springfield, 111., 37 to
50; Oklahoma City, 34 to 49; Salt Lake City, 36 to 44, and
Depreciation (way and structures
and equipment)
Federal income taxes.-.
Dividend appropriations;
On common stock
On
75,000
1,777,246
554,325
56,271,318
14,727,271
51,809,441
13,407,083
1.64
1.82
1.17
0.97
1,667,589
preferred stock
Ratio of income to fixed charges .g
Selected Asset and Liability Items
Seattle, 42 to 45.
Class
+
All Class I Railways
Commodity Price Indexes of Ten Countries Compiled
by General Motors and Cornell University
General
Corp. and Cornell University, which,
prior to the European war, had collaborated in the publi¬
cation of a world commodity price index, have resumed issu¬
ance of
international price statistics, but on a different
basis than before the war.
Instead of a composite index of
world prices, these organizations now are publishing the
information only as individual country indexes.
The index is built upon 40 basic commodities and the list
is the same for each country, m so far as possible.
Each
commodity is weighted uniformly for each country, according
to its relative importance in world production.
The actual
price data are collected weekly by General Motors Overseas
Operations from sources described as "the most responsible
agencies available in each country, usually a government
department." The commodities involved include "a com¬
prehensive list of several groups, including grains, livestock
and livestock products, miscellaneous foods (coffee, cocoa,
tea, sugar, &c.), textiles, fuels, metals, and a list of other
miscellaneous materials (rubber, hides, lumber, newsprint,
linseed oil, &c.).
Weights assigned in the index to the
different commodity groups are as follows:
Grains, 20;
livestock and livestock products, 19; vegetable fats and other
foods, 9; textiles, 12; fuel, 11; metals, 11; miscellaneous, 18.
The indexes, which are based on prices as expressed in the
currency of each country, were reported Dec. 23 as follows:
1940
Argen¬
Aus¬
Can¬
Eng¬
tina
tralia
ada
land
$
New
Swe¬
Switz¬ United
ico
Zeal'd
den
erland States
......
120
118
120
143
116
113
112
131
132
June
118
118
120
144
116
113
114
131
136
118
120
145
115
112
114
132
140
109
118
119
120
150
115
111
120
132
144
109
116
113
120
121
145
116
110
122
135
153
111
123
122
145
117
110
120
139
158
114
rll9
of September
1939
e
$
%
631,338.121
508,890,182
549,281,423
510,424,200
21,937,402
438,293,577
32,890,041
24,975,427
77,934,985
2,156,712
408,558,768
18,424,673
20,303,892
48,516,871
1,459,110
67,504,940
62,348,859
56,830,686
52,062,895
57,978,917
132,819,769
336,063,039
20,156,493
1,458,304
7,610,252
56,526,957
120,126,906
304,638,536
18,474.035
1,350,625
8,129,621
43,248,925
103,777,082
260,344,884
17,445,461
935,449
5,562,519
42,992,357
91,951,552
232,589,908
15,903,002
1,357,937,359 1,192,959,558 1,064,405,748
940,133,957
129,576,199
Special deposits..
Loans and bills receivable
.
22,721,459
64,496,689
1.784,269
Traffic & car-service bal¬
ances
Net
receivable
bal.
receivable from
agents and
conductors.
Mis cell, accts. receivable.
Materials and supplies
Interest A divs. receivable
Rents receivable
Other current assets...
Total current assets..—
Funded
debt
maturing
within 6 months.c
80,812,797
50,250,255
203,869,263
29.336.052
76,849,899
83,284,091
60,332,280
58,691,034
228,099,144
69.340.125
40,774,360
13,069,197
2,446,895
80,756,078
22,484,635
40,240,677
218,870,479
67,329,098
39,480,367
10,982,927
1,338,920
80,153,588
23,419,200
35.595,367
172,487,056
57,011,775
36,115,500
12,702,271
2,446.895
57,359,203
19,400,767
28,179,804
164,093,796
53,557,227
35,546,629
739,768,025
764,323,300
475.371,603
500,630,314
96,462,866
70,496,727
85,911,041
61,271,575
159,022,171
payable——;
169,444,482
156,676,790
85.880.124
Loans and bills payable.d
Traffic & car service bal¬
ances
776,036
6,594,893
168,501,385
109,726,544
118,774,812
Audited accounts & wages
payable..
Misceli. accts. payable
Interest matured unpaid.
Divs. matured unpaid—
.
Unmatured divs. declared
Unmatured int. accrued
Total current liabilities.
Tax
10,600,030
1,338,920
55,985,021
19,609,585
24,358,173
liability:
taxes
109
118
$
at End
1940
567,437,772
37,417,770
27,443,216
99,488,657
2,558,230
Demand loans & deposits.
Time drafts and deposits.
112
July
August....
September
e
Not in
58£f,705,937
except of affiliated cos—
Cash
U. S. Govt, taxes
Other than U. S. Govt,
1940—
of September Balance
1939
Railways
Inv. in stocks, bonds, &c.,
Other current liabilities
Mex¬
Java
Selected Asset Items—
Unmatured rents accrued.
(August 1939=100)
May
Balance at End
Motors
I
Receivership or Trusteeship
.
October
Weeks
end:
Nov.
2_.
rll2
124
123
rl45
117
110
141
162
Nov.
W.¬
110
123
124
rl45
117
110
118
141
rl63
115
Nov, 16—
Nov. 23—
114
123
rl25
143
117
110
117
141
rl63
116
113
126
125
rl45
118
111
118
142
163
118
115
Nov. 30—
Deo.
7—
114
127
125
145
rll9
111
117
142
164
rll9
112
126
125
145
119
111
119
143
*164
119
Dec. 14__
112
126
125
*147
*119
111
119
144
*164
119
*
Preliminary,
r Revised.
a
Represents accruals, including the amount In default.
railways not in receivership or trusteeship the net Income
b For
was
fol-
as
September, 1940„ $32,319,943; September, 1939, $42,741,400; nine months,
1940. $133,001,399; nine months of 1939, $63,840,796.
c Includes
payments of principal of long-term debt (other than long-term debt
In default) which will become due within six months after close of month of report,
d Includes obligations which mature not more than 2 years after date of issue,
e 1939 figures for certain liability items have been revised, for comparative pur¬
poses. to conform with changes prescribed in the Uniform System of Accounts by
Commission's order of Dec. 6, 1939, effective Jan. 1, 1940.
m
ows:
f Deficit
or
other reverse
items.
*
6 For railways in receivership and trusteeship the ratio was as follows:
Sep¬
tember, 1940, 0.94; September, 1939, 0.95; nine months 1940, 0.49; nine months
1939,0.34.
Volume
A
1939.
Dec. 21
AND RECEIVED FROM
(Number of Cars)
FREIGHT LOADED
REVENUE
freight for the week ended Dec. 21
revenue
American Railroad
totaled 700,242 cars, the Association of
announced
or
on
cars in the seven days ended Dec. 23,
comparative table follows:
ing week and 305,800
Loadings Off 4.9% in Week Ended
Revenue Freight Car
Loading of
3803
The Commercial & Financial Chronicle
151
Dec. 27.
This
was an
Loaded on Own Lines
of 126,044 cars or 21.9%
Loading of
above the
same
from the
cars, a
4,514
less than carload
149,032
increase of
lot freight totaled
decrease of 4,590 cars below the preceding week, but an
above the corresponding week in 1939.
cars
I^Coal loading amounted to 148,577 cars, a decrease of 1,091 cars from
the preceding week, and an increase of 9,841 cars above the corresponding
week in 1939.
^Grain and grain products loading totaled 28,047 cars, a decrease of
5,009 cars below the preceding week, and a decrease of 4,655 cars below
but an
week,
Chicago & North Western Ry
14,950
International Great Northern RR.
3,759
Coast
Lines
RR
14,137
42,485
5,158
Missouri Pacific RR
New York Central Lines
N. Y. Chicago & St. Louis Ry..
Norfolk A Western Ry
6,308
7,628
27,630
5,485
Ry
Pittsburgh A Lake Erie RR
Southern Pacific Lines
Wabash
Ry
13,454
2,894
1,666
3,703
13,852
38.774
5,430
15,089
9,749
7,814
9,483
8,550
12,589
1,435
6,834
7,765
9,565
1,255
2,232
2,212
2,931
10,575
2,476
8,390
40,039
46,402
12,912
5,401
10,559
44,198
5,872
5,926
6,273
6,972
6,195
9,244
10,096
6,068
10,110
10,536
38,898
5,036
6,226
7,859
8,798
18,062
61,477
25,602
5,454
4,847
305,800'212,727 225,222 189,112
324,570 344,728
CONNECTIONS
AND RECEIPTS FROM
TOTAL LOADINGS
7,114
18,690
6,412
18,145
9,220
8,799
8,436
11,578
1,298
1,997
2.630
9.631
44,200
11,882
5,263
41,775
5,626
5,319
20,401
68,873
6,558
7,736
30,603
5,412
19,223
Pennsylvania RR
14,997
18,143
44,000
66,570
Pere Marquette
22,005
20,742
16,724
3,053
1,723
4,508
15,926
2,622
1,551
Gulf
11,843 cars, a decrease of 1,884 cars
increase of 427 cars above the corre¬
^ Live stock loading amounted to
the preceding
19.840
Total
the corresponding week in 1939.
below
16,133
Mlssourl-Kansas-Texas
above the
cars
corresponding week in 1939.
Loading of merchandise
20,862
Chic. Milw. St. Paul & Pac. Ry—
decrease of 20,720
32,628
Chesapeake A Ohio Ry._
Chicago Burl. & Qulncy RR
preceding week, and an increase of 30,903
17.773
29,474
19,897
33,751
21,953
17,549
17,601
Atchison Topeka A Santa Fe Ry.
Baltlmore A Ohio RR
reported:
Miscellaneous freight loading totaled 299,318 cars, a
cars
14 Dec. 23 Dec. 21 Dec. 14 Dec. 23
1940
1940
1939
1940
1939
21 Dec.
1940
week in 1938.
preceding week.
decrease of 36,090 cars or 4.9% below the
The Association further
Weeks Ended—
Dec.
freight for the week of Dec. 21 was a
revenue
Received from Connections
Weeks Ended—
increase of 48,856 cars
7.5% above the corresponding week in 1939 and an in¬
crease
CONNECTIONS
(Number of Cars)
sponding week in 1939.
Forest products loading totaled
the preceding week, but an
37,778
cars, a
decrease of 1,815 cars below
increase of 6,067 cars above the
Weeks Ended—
corresponding
Dec.
week in 1939.
Ore loading amounted to
12,852 cars, a decrease of 503 cars from the
above the corresponding week
preceding week, and an increase of 1,041 cars
in 1939.
Chicago Rock Island A Paclflo Ry.
Illinois Central System
St. Louis-San Francisco Ry
Coke loading amounted to
12,795 cars, a decrease of 478 cars from the
preceding week, and an increase of 712 cars
in 1939.
above the corresponding week
•;
......
The first 18 major
railroads to report for the week ended
Dec. 21,1940 loaded a total of 324,570 cars of revenue freight
on their own lines, compared with 344,728 cars in the preced¬
REVENUE FREIGHT LOADED AND RECEIVED
562
571
582
1,425
1,280
164
7,808
1,300
6,864
175
Boston A
1,430
7,276
1,583
12,205
2,579
10,706
2,151
Maine
1,561
Chicago Indianapolis A Louis v.
1
18
24
78
49
1,322
11
Central Indiana
1,722
2,621
8,923
7,993
2,185
8,272
Delaware A Hudson.
6,128
5,507
Delaware Lackawanna A West.
9,400
9,700
1,172
4,574
8,514
346
332
248
108
2,861
.2,684
2,412
1,637
Central Vermont
1,305
.......
Detroit A Mackinac
Detroit Toledo A Ironton
385
307
249
4,038
13,647
12,474
5,070
11,452
14,013
4,499
9,181
157
2,335
1,285
Detroit A Toledo Shore Line
Erie
6,302
Grand Trunk Western...
Lehigh A Hudson River.......
Lehigh A New England.......
Lehigh Valley...............
Maine Central
Monongahela
Montour
151
166
2,241
9,983
3,054
4,134
1,568
45,235
1,887
9,146
2,790
4,357
1,572
7,754
'
108
1,419
3,609
12,821
7,793
1,829
8,019
2,639
219
38
2,452
3,968
1,092
1,338
7.553
2,447
225
1,565
8,037
25
45,167
14,713
1,906
12,912
1,490
6,083
6,273
332
359
9,425
21,427
9,164
19,545
17,701
14,661
497
414
409
711
790
138
156
150
876
114,040
103,510
98,239
82,771
70,049.
14,530
2,446
10,450
3,134
Chicago St. P. Minn. A Omaha.
13,162
2,243
18,562
3,725
12,589
Chicago Mllw. St. P. A Pacific.
16,724
2,661
20,742
Tennessee Central
Southbound.—
Winston-Salem
Total.
Northwestern District—
Chicago A North Western
Chicago Great Western
419
Elgin Jollet A Eastern
9,355
8,207
6,644
8,448
7,040
461
426
384
172
155
10,798
9,555
9,788
3,300
2,681
560
550
537
726
639
490
386
362
443
418
405
243
164
845
978
751
1,990
1,725
598
558
548
965
5,412
5,766
3,851
5,159
3,191
1,019
10,530
3,752
9,333
151,947
130,415
185,631
165,579
11,193
1.554
5,684
5,212
31
3,658
Ft. Dodge Des
Moines A South.
Great Northern
Green Bay
A Western
Lake Superior A
—
Northern Pacific
Spokane
Fe System.
...........
7
6,488
13,662
12,568
Cornwall
694
656
564
48
41
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois.....
Colorado A Southern
Denver A Rio Grande Western.
Cumberland A Pennsylvania..
309
313
259
31
30
Denver A Salt Lake..........
Llgonler
159
160
104
47
24
Fort Worth A Denver
794
545
692
1,302
68,873
16,696
1,141
64,818
13,974
890
1,601
51,718
12,073
44,198
20,260
3,744
18,754
3,630
8,107
3,025
2,997
8,009
2,623
1,500
39,339
18,774
2,823
6,867
159,608
146,755
111,568
116,106
102,744
Long Island
19,458
2,540
7,114
2,335
5,635
2,092
497
370
79
80
15,205
2,516
11,442
2,691
15,301
9,483
7,664
2,706
11,691
2,720
955
826
807
718
3,589
2,791
1,985
10,731
2,413
1,236
3,562
2,959
20,712
Illinois
Terminal
North Western Pacific..
21,112
17,279
3,918
19,144
9,749
5,401
1,682
8,013
4,557
4,347
46,668
42,309
41,108
16,832
13,495
17,617
745
12
13
856
1,854
1,689
1,021
1,505
1,363
972
435
1,040
136
132
476
442
367
409
0
4,994
1,311
8,057
1
22
21
0
25,483
22,715
20,188
397
391
346
6,260
1,354
10,126
Total.
14,016
468
571
6
5
2,195
1,727
1,806
2,493
1,876
113,785
.....
15,790
516
Union Pacific System
103,299
102,062
60,532
50,553
148
233
109
268
418
1,435
2,212
1,461
2,224
1,049
1,952
1,612
925
Burlington-Rock Island.......
Fort Smith A Western x
3,054
1,723
3",500
3,573
1,756
1,719
188
210
182
1,006
City Southern
Louisiana A Arkansas.........
2,299
2,055
2,128
1,756
1,572
2,179
1,958
International-Great Northern .
249
210
188
145
195
736
773
646
1,695
Atlanta Birmingham A Coast..
730
627
613
1,264
1,460
1,103
5,105
2,945
1,317
2,311
279
Missouri-Kansas-Texas Lines..
Missouri Pacific..
Coast
12,245
4,334
10,449
4,030
10,075
429
377
331
1,396
Charleston A Western Carolina
Cllnchfleld
...
Columbus A Greenville
1,441
1,165
6,533
3,723
1,498
2,662
309
Line
330
653
261
3,662
Durham A Southern
171
193
146
677
441
Florida East Coast
924
854
955
1,115
1,013
30
Gainesville Midland
1,145
Georgia
1,629
370
362
595
579
3,383
yl,526
21,509
21,177
10,885
21,525
20,536
2,911
12,444
6,495
3,242
22,792
23,457
150
Nashville
260
159
964
143
Mississippi Central
year's
figures
Kansas Oklahoma
.
Kansas
revised.
164
• Previous
139
figures,
386
z
5,690
299
1,615
795
Litchfield A Madison
397
381
278
996
633
681
180
326
Midland Valley
704
144
170
178
395
250
4,508
15,948
4,084
4,082
2,931
2,809
14,435
13,163
10,575
9,093
Missouri A Arkansas
128
110
88
118
140
7,528
6,935
4,843
4,548
2,297
2,661
Texas A Pacific
4,098
2,479
7,067
4,597
2,931
Texas A New Orleans
8,791
2,766
6,932
,089
4,790
3,287
4,290
2,976
3,983
135
161
190
61
109
10
28
16
234
54,083
51,363
48,905
39,578
Quan&h Acme A Pacific.....—
St. Louis-San Francisco
St.
Louis Southwestern...
609
Macon Dublin A Savannah
Note—Previous
1,765
373
Illinois Central 8ystem
A
702
948
73
3,632
Georgia A Florida
Gulf Mobile A Ohio
Louisville
103
31
32
177
A Gulf-....
Gulf Coast Lines
Southern District—
Alabama Tennessee A Northern
Central of Georgia
349
895
1,578
15,781
(Pacifle)—-.
Atl. A W. P.—W. RR. of Ala.
Atlantic
911
896
Southwestern District—
Total.
2,846
474
980
21
Peoria A Pekln Union
Western Pacific..
21,953
20,401
4,334
3,254
806
799
Utah
Pocahontas District—
2,644
1,372
1,901
........
Northern
Southern Paclflo
1,611
1,700
......
Missouri-Illinois
Nevada
7,974
9,222
2,764
868
City
Toledo Peoria A Western
....
18,817
3,026
17,549
11
.....
19,897
2,947
Chicago Burlington A Qulncy..
Chicago A Illinois Midland
7
Norfolk A Western..
44,560
Bingham A Garfield—..—...
4
Virginian
52,595
749
256
Chesapeake A Ohio..
73,766
15,717
1,494
5,012
Total.
78,949
912
1,666
.....
1,256
395
291
Union (Pittsburgh)
Western Maryland
245
1,715
25,304
1,602
......
257
1,628
462
270
Co
120
1,520
31,247
2,674
Valley
3.740
116
2,020
620
Central RR. of New Jersey...
1,725
2,117
3,144
Central Western District—
1,945
7,450
Reading
1,967
2,869
33,751
2,741
1,671
61
74
1,521
4,559
9,580
516
...
Penn-Readlng Seashore Lines.
Pennsylvania System........
187
1,646
4,752
10,083
86,279
Total.
18,690
2,201
Buffalo Creek A Gauley
Cambria A Indiana
206
2,015
5,108
9,986
269
99
International
Spokane Portland A Seattle—
Alton
Bessemer A Lake Erie..
3,299
3,824
253
Ishpeming
Minneapolis A St. Louis——Minn. St. Paul A S. S. M
Atch. Top. A Santa
Alleghany District—
Akron Canton A Youngs town.
Baltimore A Ohio
7,926
Duluth South Shore A Atlantic*
6,949
6,457
...
3,729
8,550
12,520
2,194
6,558
Wheeling A Lake Erie
785
39,624
513
.•
5,157
434
5,874
Rutland
Total.
379
11,203
23,655
Richmond Fred. A Potomac.—
Seaboard Air Line—
Southern System
418
400
36
2,509
1,012
1,402
4,558
554
5,319
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
3,472
1,269
1,526
5,644
6,336
584
8,932
1,533
4,729
4,385
5,018
347
201
34,519
949
991
648
9,829
.......
...
397
814
41,227
Pittsburgh A Lake Erie
Wabash
2,741
1,133
776
10,939
1,162
N. Y. Chicago A St. Louis
N. Y. 8usquehanna A Western.
Pere Marquette
Southern
Piedmont Northern
3,361
1,110
452
L.
4,137
161,849
New York Ontario A Western.
1,717
2,491
z
Nashville Chattanooga A St.
1939
1940
Duluth Mlssabe A I. R
3,776
N. Y. N. H. A Hartford
District—(Concl.)
Mobile A Ohio
Norfolk
from Connections
1938
1939
19,475
4,069
7,721
New York Central Lines
Total Loads Received
Total Revenue
Southern
1,504
ended Dec. 14.
increases when
Freight Loaded
1940
Eastern District—
65,846
CARS)—WEEK ENDED DEO. 14
Railroads
Bangor A Aroostook
74,368
uv/
compared with the same week last year.
1939
1940
1938
1939
23, 1939
22,519
30,591
12,736
for separate roads and systems for the week
1940.
During this period 92 roads showed
from Connections
1940
........
UUUC1 vaiivv
wo
Total Loads Received
Freight Loaded
Ann Arbor
JLUUUWilig
FROM CONNECTIONS (NUMBER OF
Total Revenue
Railroads
UIIU
Dec.
14, 1940
25,181
34,439
14,758
,23,535
32,650
13,663
69,848
Total
1U
Dec.
21, 1940
Southern
Wetherford M. W. A N. W
Wichita Falls A
Total
Discontinued Jan. 24,1939.
-
y
Gulf Mobile A Northern only,
t
'/
44
1
36,438
Included In Gulf Mobile A Ohio.
Chronicle
The Commercial & Financial
3804
Railroads
59,473 New Freight Cars in Service
Past 11 Months
Placed
Class I
59,473
railroads put
freight cars in service
new
1940, the Association of American
Railroads announced
Dec. 20.
on
In the same period last
20,085 new freight cars were put in service.
year
The Asso¬
ciation further reported:
freight cars installed in the first 11 months
Of the total number of new
of this year
888 stock,
there
29,650 box, 27,028 coal, 1,055 flat, 646 refrigerator,
were
and 706 miscellaneous cars.
The railroads also put
locomotives,
new
Installed
in
Diesel.
in service in the first 11
which
of
months this
367
year
the first
The Edison Electric Institute in its current
freight
order
on
cars
electric light
for the week ended
The current week's
output is 10.2% above the output of the corresponding
week of 1939, tvhen the production totaled 2,641,458,000
kwh.
The output for the week ended Dec. 14, 1940, was
estimated to be 2,862,402,000 kwh., an increase of 9.9%
and power industry of the United States
Dec. 21, 1940, was 2,910,914,000 kwh.
Class
order,
which
Nov,
1,
were
steam
on
Dec.
1
and
65
last year
196
were
were
this
1
182 new locomotives on
electric and DieseL
On
locomotives on order, of which 131
year
had
66
were
and
new
electric
and
Diesel.
New locomotives
Freight
Week Ended
Week Ended
Week Ended
Dec. 21,1940
Dec. 14,1940
Dec. 7. 1940
Nov.ZQ, 1940
New
8.5
7.8
9.3
7.5
12.5
11.7
11.9
12.6
8.7
8.3
6.3
6.4
Southern States
10.1
10.7
10.5
12.0
Rocky Mountain
Pacific Coast...
12.3
7.9
3.6
5.3
9.0
9.3
7.0
8.0
9.8
10.1
West Central.
locomotives
and
leased
otherwise
or
acquired
—
Total United States.
totaled 115, which included 44 steam and 71 electric
9.9
10.2
RECENT
FOR
DATA
cars
7.5
6.7
5.2
6.7
England
Middle Atlantic
order
on
Diesel.»
and
Week Ended
Regions
Central Industrial
steam
were
there
1940,
Dec.
on
116
year ago.
Major Geographic
refrigerator cars.
railroads
I
of
a
PERCENTAGE INCREASE FROM PREVIOUS YEAR
1, 1940, amounted to 30,684, com¬
Dec.
pared with 27,459 on Nov. 1, 1940, and 36,198 on Dec. 1, 1939. New cars
on order on Dec.
1 this year included. 15,649 box, 13,983 coal, 50 stock,
487 flat, and 500
the like week
over
were
on
weekly report
estimated that production of electricity by the
tives, of which 94 were steam and 216 were electric and Diesel.
New
1940
Ended Dec. 21, 1940, Reaches
2,910,914,000 Kwh.
steam and 263 were electric and
11 months last year were 310 new locomo¬
104
28,
Electric Output for Week
During
in the first 11 months of
Dec.
(THOUSANDS
WEEKS
OF
KILOWATT-HOURS)
not
are
included in the above figures.
Percent
Change
1940
Week Ended"
Wholesale
Commodity
Prices
Remained
There
was
change in the general level of commodity
no
prices last week, according to the wholesale price index
compiled by the National Fertilizer Association.
In the
week ended Dec. 21 this index stood at 77.0, the same as
in the preceding week.
A month ago the index was 77.1,
and
78.0, based on the 1926-28 average as 100.
The highest point recorded during the year was 78.5, in the
first week of January and the year's low point of 74.1 was
a
year ago
reached in
Dec.
August.
from
Unchanged
During Week Ended Dec. 21, According to National
Fertilizer Association
The Association's announcement, dated
23, continued:
1939
Sept. 7
Sept. 14
Sept. 21Sept. 28
Oct.
2,669.661
...
2,640.949
2.666.064
2.686.799
5........
Oct.
12......
Oct.
19
Oct.
26
Nov.
2
Nor,
2,711,282
2,734,402
2,719,601
2,761,628
2.696.431
2.796.634
2.838,270
9
Nov. 16
Nov. 23......
Nov. 30
-
7......
Dec.
14
Dec. 21
+8.1
+7.1
+6.8
+7.7
+6.8
+ 7.8
+8.2
2.513.699
2,910,914
1.606.219
2,254,947
2.202.451
2.176.557
2.224.213
2,065.378
2.152,643
2,196,105
2,202,200
2,085,186
1,998,135
+9.4
2,614.350
2,481,882
2,638,777
2,585.660
2,604,558
2,641,458
2,404.316
2,862,402
Deo.
+7.9
+7.3
2,494,630
2,493,993
2,538,779
2,536.765
1,423,977
1,476.442
1.490.863
1,499,459
2,154,276
2,280,792
24266,748
2,275,724
2.280.066
2.276,123
2,281,636
+7.5
2,289,960
2.444.371
2.448.888
2,469,689
2,465,230
2,462.622
2,638.634
2,628.667
—
Dec. 28......
Price fluctuations continued within
1929
1932
1937
1940
1939
+8.6
+ 10.1
+9.8
+9.9
+ 10.2
1,507.503
1.528.145
1,533.028
1.625,410
1,620.730
1,531,584
1,475.268
1.610,337
1,518.922
1,563.384
1,554,473
1,414,710
1,674,588
1,806,259
1,792,131
1,777364
1.819376
1,806.403
1,798,633
1.824,160
1,815.749
1,798,164
1,793.584
1,818,169
1,718.002
1.806.225
1,840,863
1.860.021
1,837.683
limits last week, with advances
narrow
four of the principal group indexes offsetting declines in four others.
in
The trend of industrial commodities
group rising quotations
for livestock
was
In the
upward.
farrq product
than counterbalanced declines
more
in grains and cotton; the net result was an increase in the group index.
Advances in the prices of certain cotton goods, woolen goods, burlap, Jute,
and wool caused
an
upturn in the textile price average, taking it to the
highest point reached since February.
an
The fuel index
advance in the price of petroleum.
rose
slightly due to
The food price average receded
during the week, with 10 Items included in the group declining and only
advancing.
The indexes representing the prices of fertilizer materials,
Bank Debits Week Ended Dec, 18
a
building materials, and miscellaneous commodities also registered declines.
increase of
Twenty-eight price series included in the index declined during the week
advanced; in the preceding week there were 23 declines and 18
advances; in the second preceding week there
were
19 declines
and
24
deposit accounts
8% above the total reported for the corresponding period
or
six
and 23
8.2% Above Last Year
(except interbank accounts),
as reported by banks in leading cities for the week ended
Dec. 18, aggregated $11,824,000,000.
Total debits during
the 13 weeks ended Dec. 18 amounted to $119,450,000,000,
Debits to
year
banks
in
New York
City there was
an
1% compared with the corresponding period a
and at the other reporting centers there was an
ago,
year
At
ago.
increase of
8%.
These figures
are as
reported on Dec. 23'
by the Board of Governors of the Federal Reserve System.
advances.
SUMMARY BY FEDERAL RESERVE DISTRICTS
WEEKLY WHOLESALE COMMODITY PRICE INDEX
(In Millions of Dollars)
Compiled by the National Fertilizer Association. (1926-1928=100)
13 Weeks Ended
Week Ended
Percent
Each
Latest
Bears to the
Total Index
Precsd'g
Month
Week
Group
Week
Dec.
Group
Federal Reserve District
Ago
21, Dec.
1940
Year
Dec. 18,
1940
Ago
14, Nov. 30, Dec. 23,
1940
1940
71.0
70.7
73.2
New York
46.4
46.9
46.8
55.0
Philadelphia
Dec.
Dec. 18,
20,
1939
20,
1939
1940
1939
70.4
Dec.
Boston
75.5
75.4
80.4
Dallas.......
274
93.4
93.4
93.4
93.8
San Francisco.....
856
795
9,523
$6,450
46,817
5,710
7,510
4,194
3,421
15,821
3,525
2,203
3,661
2,803
8,844
97.8
98.0
98.6
87.7
Chemicals and drugs
97.9
97.9
97.6
94.1
$10,923
0.8
Fertilizer materials
71.9
72.1
72.4
73.6
$11,824
4,897
0.3
Fertilizers
78.8
78.6
78.6
78.2
0.3
Farm
94.1
94.1
94.1
94.9
$119,450
45,935
63,443
10,072
$110,860
42,889
58,575
9,396
77.0
77.0
77.1
78.0
$666
$578
5,311
4,813
654
587
814
724
55.9
55.4
55.0
67.0
65.6
65.3
65.0
65.6
Richmond...
432
Cotton..................
53.6
53.8
53.5
59.6
Atlanta......
354
317
$7,084
50,137
6,236
8,233
4,618
3,723
Grains......
64.3
64.6
66.2
73.0
1,624
1,630
17,455
Livestock
66.9
66.3
65.5
62.3
Chicago.....
St. Louis...
335
320
Fuels.....................
80.6
80.3
80.6
81.4
179
185
Miscellaneous commodities..
86.2
86.3
86.5
89.0
324
327
75.8
273
6.t
Textiles...........
Metals...............
Building materials
3,728
2,201
3,567
2,945
1.3
Foods
25.3
Fats and oils............
Cottonseed oU
23.0
Farm products
17.3
10.8
8.2
7.1
100.0
machinery
Above
Total, 274 reporting centers
New York City *
140 other leading centers *
133 other centers
Centers lor which
for
the $907,881,000 recorded for the
comparable period
The current substantial increase in non-residential
building is taking place in the largest residential building
year since 1929. The Dodge Corp. report went on to say:
Dodge statistics reveal that,
during the month of November, non¬
a 90% rise over
November,
time, this figure represented 39% of the total dollar
residential awards of $148,367,000 indicated
At the
same
volume of contracts awarded which amounted to
$380,347,000 for Novem¬
ber, 1940. Non-residential building in November, 1939 accounted for
only
26% of the total dollar volume then recorded.
Commenting
Hold en,
this increased non-residential building volume, Thomas S.
Vice-President of F. W. Dodge Corp., in
charge of statistics and
on
research, stated:
"This
building reflects largely the require¬
creating from the ground
and the facilities for
an
public improvements
up a new armament
industry
enlarged military and naval establishment.
Civilian
have
been
relatively small in volume this
year.
Private commercial building has shown substantial
increase, principally
in the field of small, new
buildings and store-modernization
projects.
non-residential
building trends established
in recent
carry on through a considerable portion of 1941."
months are
944
...
bank debit figures
are
871
available back to 1919.
Total building permit valuations in October, 1940, were
practically double the October, 1939, total (the increase
was 98%), Secretary of Labor Frances Perkins
reported on
Nov: 30. "All sections of the country showed increases
ranging from 20% in the East South Central States to 200%
in the New England States," she said.
"Gains were reg¬
istered by all types of construction.
The most striking rise,
224% was shown by new non-residential building.
This was
largely caused by awards under the defense program. An
increase^ of 59% was shown in the dollar volume of new
residential construction, while additions, alterations, and re¬
pairs registered
had the
The
due to
a gain of 0.2 of l%."
following to say:
Miss Perkins also
Decided gains in permit valuations were also shown comparing October
with
increase in non-residential
ments of a Nation
4,449
5,604
5,982
Valuations in October Increased
98% Over Year Ago, Reports Secretary of Labor
Perkins—Non-Residential Building Mostly for De¬
fense Showed Largest Gain
11%
of 1939.
1939.
373
Total Building Permit
Building in First 11 Months
Year, Dodge Reports 4
Last
1940, the dollar value of contracts
non-residential buildings in the 37 eastern
States reached a total of $1,112,022,000, F. W.
Dodge
Corp. reported Dec. 20. This represents an increase of 11 %
over
...
...
In the first 11 months of
awarded
.......
Minneapolis.....
Kansas City.................
*
All groups combined
Non-Residential
....
Cleveland
September.
Total
permit
greater than during September.
of
17% in the volume of
new
valuations
during
The increase
was
volume of new non-residential
as
buildings valued at $2,004,900,000,
an
were
new
residential
issued in reporting
increase of
compared with the corresponding period of 1939.
periods, the value of
53%
the two months.
During the first 10 months of 1940, permits
two
were
building. The value of additions, alterations,
and repairs showed a decline of 6% comparing
cities for
October
brought about by a gain
residential building and a rise of 148% in the
more
than 14%
Comparing the same
buildings increased by
15%,
Volume
while
Total valuations for
residential buildings for which permits were
new
Calif., to
Calif., to cost $3,800,000
(1,200 d.u.); and in Vallejo, Calif., to cost approximately $2,250,000
for two projects to cost over
than 22 %.
non-residential construction showed a gain of more
new
non-residential buildings during the same
new
period totaled
$633,343,000.
$500,000 (196 d.u.); in Long Beach,
nearly $1,300,000 (400 d.u.); in San Diego,
cost
issued
during the first 10 months of 1940 amounted to $1,080,604,000, while permit
valuations for
3805
The Commercial & Financial Chronicle
151
(600 d.u.).
BUILDING CONSTRUCTION, TOGETHER
PERMIT VALUATION OF
WITH
PROVIDED FOR IN NEW DWELLINGS,
IN NINE REGIONS OF THE UNITED
STATES. AS SHOWN BY PERMITS ISSUED, OCTOBER, 1940
THE NUMBER OF FAMILIES
The
Labor
Department's
had
also
announcement
the
following to report:
The
change
percentage
in
1940,
having
population of 1,000
a
permit
valuations
by class
from
1939, to
October,
New Residential Buildings
is given below for 2,098 cities
of construction,
October,
IDENTICAL CITIES
IN 2,098
Percentage
No.
Cfianoe from Oct.
Class of
1939, to Oct. 1940
New non-residential
Additions, alterations and repairs
The
....
September and October,
table for the
same
Oct.,
for Oct.
Sept.,
1939
1940
1940
1939
+ 16.9
+ 58.6
39,413
+ 17.7
+67.9
New
137
England
+23.8 + 105.2
+ 32.3
+ 15.7
2,414
+ 27.9 + 134.6
8,329
+ 14.8
—2.6
9,703,686
31,744,377
35,932,341
6,008,627
Middle Atlantic
indi¬
2,098 cities;
447
West North Central
1940, in the
558
East North Central
189
South Atlantic
237
+ 5.8
+ 27.9
+45.7
+ 5.2 + 103.0
+24.0
8,184
1,667
.
West South Central
20,737,973
2,379,860
+ 15.9
+ 73.6
6,577
+ 18.6
+ 83.0
80
+ 32.4
+ 82.8
1,082
+ 31.5
127
6,368,171
+2.8
+ 11.7
2,093
—5.4
99
East South Central
Mountain
2,666,860
28,081,442
—5.4
+4.7
+89.7
843
—1.7
+70.4
+3.3
+ 10.5
8,224
+ 51.7
+89.8
224
Pacific
+ 50.8
Total Building Construction
Construction
(Including Alterations
and Repairs)
New Non-Residential
Excl. N. Y. City
All Cities
+ 72.8
—3.6
Change from Sept. to Oct., 1940
Class of
Oct.,
Sept.,
Oct., 1940
2,098 $143623,337
All divisions..
+ 112.5%
permit valuations of the various classes of building construction are
cated in the following
Change from—
Provided
1940
+64.0%
+257.9%
+6.7%
+ 97.6%
......
occurring between
changes
Percentage
Families
Valuation,
Excl. N. Y. City
+ 58.6%
+223.9%
+0.2%
New residential
Permit
of
Cities,
Geographic Division
Construction
All Cities
Total.',
No. of
Change from—
or over:
Buildings
Population
+ 16.9%
New non-resldentlal
+ 14.4%
+ 147.7%
New residential
+ 152.5%
-5.8%
Additions, alterations, and repairs
Permits
issued during
Of these, 8,952 were in
October,
1940, provided 39,413
in
projects financed from public funds.
publicly financed projects.
Compared with October, 1939, there was an
increase of 68% in the total number of dwelling units
financed projects for
September
7,226 were
provided.
Publicly
which contracts were awarded during October, 1939,
occurring between the first 10 months of 1940 and the corre¬
sponding period of 1939 are indicated below, by class of construction:
Change from First 10 Mos. of
to First 10 Mos.
Construction
20,508,642 +282.8 + 487.7
Mid. Atlantic- 31,613,584 + 145.1 + 194.1
+ 40.4
+4.8
E. No. Central 14.102,189
New England
.
E.
+ 15.1%
+22.4%
—2.4%
+46.6
+68.3
4,437,051
+ 94.3 + 176.3
5,089,549
1,933,102
3,286,355
1,205,601
5,330,246
+30.4 +200.8
7,522,925
+ 50.3
3,971,788 + 103.0
W. So. Central
Mountain
35,084,624 + 191.3 +372.7
Business
+ 14.3%
+ 16.7%
includes
by Federal and State governments in addition to private
construction.
For October, 1940, Federal and State con¬
1940, $48,318,000; and for
were
issued during October for the following important
projects: In Boston, Mass., for apartment houses to cost over
building
$1,500,000
shipbuilding facilities to cost $5,-
rising from 120.6 in October.
In November, 1939,
110.
All four of the index factors (de¬
the index stood at
loadings and indus¬
partment store sales, bank debits, car
Business Conditions in
Summary of
approximately $2,000,000, for apartment houses to cost $3,200,000,
and for
public buildings to cost nearly $1,700,000; in Chicago, 111., for 1-
family dwellings to cost neraly $1,700,000,
and for
ing to cost $800,000; in
cost
$1,200,000; in Detroit, Mich., for
in Cleveland, Ohio, for 1-
$900,000 and for an apartment build¬
Wichita, Kan., for an addition to an aircraft plant
Washington, D. C., for 1-family
and for apartment houses to cost approxi¬
approximately $5,000,000; in
dwellings to cost nearly $1,500,000
mately $3,000,000; in
Miami,
Jacksonville, Fla., for a bridge to cost $1,500,000; in
1-family dwellings to cost approximately $900,000; in
for
Fla.,
Tallahassee,
to cost over
$2,facilities at the naval operating base
Fla., for the construction of cantonments to cost over
000,000; in Norfolk, Val., for storage
$850,000; in Newport News, Va., for shipbuilding facilities to
$14,000,000; in Alexandria, La., for temporary barracks and cantoncamp to cost over
to cost
$4,000,000; in Houston, Texas, for 1-family dwellings
approximately $2,000,000; in Odgen, Utah, for a warehouse to cost
$1,000,000; in Salt Lake City, Utah, for a State prision to
500.000; in Los Angeles,
cost$l,-
$1,000,000 and for shipbuilding
facilities to cost over $3,200,000; in Oakland, Calif., for public buildings to
cost over $1,600,000; in San Diego, Calif., for public buildings to cost ap¬
proximately $2,000,000; in San Francisco, Calif., for 1-family dwellings to
cost over $1,500,000 and for public buildings to cost approximately $10,-
Wash., for an addition to an aircraft plant to cost ap¬
proximately $7,500,000; in Annapolis, Md., for additions to buildings at
the naval academy to cost nearly $1,800,000; in S. Charleston, W. Va., for
$12,000,000; in Gadsden, Ala.,
in Burbank, Calif., for factory
$1,500,000; and in Honolulu, T. H., for public build¬
increased Navy ordnance facilities to cost
for machinery
plant to cost over $1,200,000;
buildings to cost over
to cost over
Contracts
nanced
the
awarded during October for the following publicly fi¬
housing projects: In
Pawtucket, R. I., to cost over $1,100,000
Newark, N. J., to cost over $1,000,000 (300 d.u.); in New
City—in the Borough of the Bronx, to cost approximately $426,000
(310 d.u.); in
Borough of Brooklyn, to cost nearly $3,500,000 (1,207
111., to cost over $600,000 (151 d.u.); in Rock Island,
111., to cost over $1,000,000 (305 d.u.); in Akron, Ohio, to cost nearly $1,000,000 (274 d.u.); in Cincinnati, Ohio, to cost approximately $2,800,000
(750 d.u.); in Cleveland, Ohio, to cost nearly $1,800,000 (449 d.u.); in
Columbus, Ohio, for two projects to cost approximately $1,800,000 (592
(152 d.u.); in the
d.u.); in Granite City,
D. C., to cost nearly $1,300,000 (314 d.u.); in Nor¬
projects to cost approximately $4,000,000 (1,542 d.u.);
Portsmouth, Va., to cost nearly $750,000 (210 d.u.); in Jackson, Tenn.,
d.u); in Washington,
folk, Va., for two
in
the
various
Federal Reserve
the following extracts taken from
"Monthly Review" of the Federal
Reserve Districts of
New York, Philadelphia, Cleveland,
Richmond,
Atlanta, Chicago,
St. Louis, Minneapolis, Kansas City,
Dallas and San Francisco.
First (Boston)
volume
"The
of
general
District
business activity in New Eng¬
increased slightly over the level which
September, after allowances had been made
for customary seasonal changes, due principally to gains
in the metal trades and textile industries," according to
the Dec. 1 "Monthly Review" of the Federal Reserve Bank
of Boston.
In part, the "Review" also said:
Sales of New England reporting department stores and apparel shops
during October were 7% higher than in October last year and during
the first 10 mouths of the current year were 1.6% larger than during the
corresponding period last year.
In New England during the four-week
period ending Nov. 9 revenue freight car loadings were 0.3% larger than
in the corresponding period in
1939 and for the 45-week period ending
Nov.
9
were
0.6% smaller than during the corresponding period a
land during October
in
prevailed
year ago.
to
During October boot and shoe production
have been 11,401,000 pairs, a decrease
in New England is estimated
of 9.5% from the September
11.4% below the total reported for
and
total
October last year.
.
.
.
consumed during October
97,480 bales, exceeding the September consumption of 72,477 bales
by 34.5% and larger than in October last year by 12.6%.
Cotton con¬
sumption in this district during the first 10 months of 1940 amounted to
755,550 bales, as compared with a total of 745,074 bales consumed during
the corresponding period last year.
Consumption of raw wool during
October thin year in New England, on a daily average basis, was higher
England
New
In
the amount of raw cotton
was
than
in
any
month since October, 1935.
during October the total number of wage earners em¬
Massachusetts
In
number
the
than
representative manufacturing establishments was 2.9% larger
employed in September and aggregate weekly payrolls
in
ployed
$2,200,000.
were
business
Boston,
Calif., for 1-family dwellings to cost nearly $4,-
000.000, for apartment houses to cost over
500.000; in Seattle,
of
for schools to cost over $900,000
1-family dwellings to cost nearly $4,000,000;
family dwellings to cost approximately
trend
The
districts is indicated in
public buildings to cost approximately $1,200,000; in Indianapolis,
Ind., for factory buildings to cost nearly
Federal Reserve
Districts
approximately $1,500,000; in the Borough of Brooklyn, for
$5,500,000; in the Borough of Queens, for
1-family dwellings to cost over $2,000,000 and for apartment houses to
cost nearly $2,500,000; in the Borough of Richmond, for shipbuilding
facilities to cost over $2,700,000; in Philadelphia, Pa., for 1-family dwellings
in
ex¬
October.
houses to cost
York
November
to register marked gains over both
October and a year ago, according to the current "Business
Outlook" released by the Wells Fargo Bank & Union Trust
Co. of San Francisco.
The Wells Fargo index of Cali¬
fornia business in November reached 127.10 of the 1923-25
ship¬
ordnance facilities to cost
apartment houses to cost nearly
ings
during
California
in
activity
substantially,
panded
500,000; in New York City—in the Borough of the Bronx, for apartment
over
Further in
Bank (San Fran¬
Reports Wells-Fargo
over
nearly $2,900,000; in Kearny, N. J., for
merit
+25.3
+ 95.6 + 158.2
in Newport, R. I.,
public buildings to cost nearly $1,400,000; in Camden, N. J., for
cost
+ 31.1
production) in November registered definite increases
building facilities to cost $10,500,000 and for
to
+ 52.7
trial
building facilities to cost approximately $13,500,000;
to cost
+13.4
public buildings to cost over $2,000,000; in Quincy, Mass., for ship¬
and for
for
+ 19.5
cisco)
Business
average,
October, 1939, $12,123,000.
Permits
November,
—0.9%
The information collected by the Bureau of Labor Statistics
struction totaled $143,041,000: for September,
+25.2
Expanded
Activity
+ 19.0%
„
+ 54.2 14,783,528
16,045,486
63,445,842
6,138,268
15,153,389
7,287,762
67,633,135
+ 21.0%
New non-residential
and municipal
+4.3
55.844,462
8,162,782 +222.2 +216.6
1939
New residential
contracts awarded
+97.6 60,161.302
32,846,511 + 106.9 +201.3 5,530,916
+65.1 18,564,954
71,289,382 +48.3
Atlantic 39,201,995 +292.3 +401.4
—8.1
+ 56.9
So. Central 2,838,997
W. No. Central
California
..........—..
+ 52.9
All divisions-. 163007,526 + 147.7 +223.9 335,684,227
Excl. N. Y. City
Total
1939
$
of 1940
All Cities
Additions, alterations, and repairs
Oct.,
1940
1939
$
Pacific--.-
Class of
Sept.,
Oct., 1940
Oct.,
South
provided 818 dwelling units.
The changes
Sept.,
1940
1940
Oct.,
dwelling units.
permits in these cities provided 33,497 dwelling units, of which
(Census
of 1930)
Valuation,
Valuation,
+54.5%
+52.9%
Total
Permit
Change from—
Permit
Division
—4.5%
*
Percentage
Change from—
Percentage
Geographic
,
2.4%, according to the Massachusetts
increased
Department of Labor and
stated that to some extent the increases were due to
defense orders.
In October, as compared with that month last year,
manufacturing employment was 2.9% higher and the amount paid in
Industries.
wages
was
It
was
10.5%
larger.
Second (New York) District
The
Federal
Reserve Bank of New
York, in presenting
indexes in its "Monthly Review" of Dec. 1,
states that "the general level of business activity appears
to have mounted further
in November—a continuing re¬
its
monthly
flection
of
the
stimulating effect of the steadily
increas-
The Commercial & Financial Chronicle
3806
during November,
est
averaged around 98%% of capacity
slightly above the average for October and the high¬
or
operating rate since 1929,
The actual production of steel is some¬
larger now than in 1929, however, owing to the increased capacity
industry.
New business booked by steel mills in November was
what
of
the
indicated
month
to
been
have
advanced
it
considerably
was
in
of shipments,
excess
and
the
as
for the mills to set their delivery dates
necessary
progressively further ahead.
Automobile production, after rising sharply
in September and October, held at a high level throughout November;
the
on
nearly
average
lines
assembly
each
25.000
day.
working
and
cars
passenger
Although
trucks
mill
sales
off
came
of
cotton
During
the
less
somewhat
duction
three
between
gray
the
usual
of
freight traffic declined
and electric power pro¬
year,
trade advanced
and
95%
to
busy,
Other
long-term
eight
points
last December.
due
was
durable
The steel
of
goods
to
further
point
one
estimated
of
increase
net
Octobr
the
gains.
near
trend.
further
industries
the
over
The rise
in
the
incrases
mills and machine tool plants of
and
in
many
cases
operated
were
manufacturing activities
contraction
autumn
conformity
assemblies
with
in
the
proceeded at
cement
seasonal
production
of
pattern
failed
recent
take
to
place.
automobile
years,
greatly accelerated rate in
October.
freight loadings, the flow of goods in primary
distribution channels in
general was about unchanged from September
to October,
seasonal factors considered; merchandise and miscellaneous
freight loadings increased more than usual, but the movement of bulk
commodities declined owing to a reduction in coal shipments.
In respect
As
evidenced by railroad
retail
to
a
what
trade,
unfavorable
Department
the
with
exception
showings
of
automobiles
made
were
in
and
comparisons
Cleveland
In
periods.
this
ceived
volume
of
orders
new
instances more new business
despite the fact that
some
was
than last
year
from
Reports
they
have
heavy stocks
carry
manufacturers
many
adding
been
not
inventories,
pre¬
year
a
indicated
preferring
that
not
to
Direct defense orders have not bulked
1941.
into
mid-November
in
materially to
re¬
war
cipitated a rush of speculative buying at this time
aga"
The Bank further reports:
as
large in relation to productive capacity in this district as elsewhere since
most industries here are of the sub-contracting type.
Production in many
lines,
notably
steel
machine
and
tools,
reached
all-time
peaks
during
October, but failed to equal the volume of new business received.1
Back¬
orders generally were large enough to maintain current
operating schedules until the year-end or longer.
Several industries have
been working only one shift, possibly with some overtime.
of unfilled
logs
Notwithstanding
at
rate
a
the
in
fusion
fourth
World
cince
War
have
been
this
rolling
leaving steel
first
of
part
production of some products, such as structural, has been sold.
of Ohio industrial
index
The
mills
has been less con¬
mills have filled their
there
years,
fall than last.
Most
schedules, and at least a
industry
quarter
that shipments
the fact
unsurpassed
quarter
...
2%% during October to
employment rose
the
highest level in three years, according to Bureau of Labor Statistics
data.
At 102%, it was 1% points above last December, the most recent
Gains
peak.
altliough
factories,
and
foundries,
electrical machinery, and
largest at automotive parts,
were
tire
improvement
some
had
which
industries
noted
was
been
operating
blast
at
high
at
furnaces
rates
pre¬
viously.
Payrolls of Ohio manufacturing industries were increased more rapidly
working forces last month, and the same was true at western Penn¬
than
This was a continuation of the trend which has been
Ohio wage disbursements were 4% larger in
sylvania factories.
evident
October
late
since
September.
with
"the
that
states
October and the first weeks of November by
important manufacturing industries in the Fourth District
was appreciably larger than that of immediately preceding
some¬
than
groceries,
sales were below the relatively high levels of August
although there has usually been an increase in October,
and gains in mail order houae and
variety chain store sales were lees
pronounced than usual.
and
"Monthly Review" of Nov. 30 the Federal Reserve
of
booked during
in
showing
again
strongly affected by
the national
defense program—such
as
the ship¬
airplane, and textile industries—expanded still further, and the
building,
In
time
a
and
with
capacity.
requirements of
the
shows
increasingly
were
railroad
23
the peak level of
Sptember
pronounced
country
or
October
and
production,
more
the
this
production
October
for
between
industrial
at
of
low and equaled
index
for
Nov.
increase.
to
index
September
index
The
usual
than
continued
bank's
This
April
weeks ended
In its
Bank
the
goods decreased in November, the mills still had large backlogs of orders
at the end of the month and a high rate of operations was maintained.
1940
28,
Fourth (Cleveland) District
ing demands of the national defense program upon indus¬
try."
The "Review" goes on to say:
Steel mill operations appear to have
Dec.
in
spring.
September.
store
Fifth (Richmond) District
September,
(Adjusted lor seasonal variations and estimated long-term trend; series reported
in dollars
are
also adjusted for price changes)
Aug.,
Sept.,
Oct.,
1939
1940
1940
1940
91
94 p
93
95 p
Production of:
Producers' durable goods
87
94
96 p
lOlp
Producers' non-durable goods
Consumers' durable goods
99
99
100 p
100 p
67
73
79 p
85 p
Consumers' non-durable goods
96
94
96 p
97 p
87
90
87 p
87 p
Primary distribution
94
consumer
96
9 5p
96p
Industrial Production—
further
adds:
all
Automoblles.r
115
114
121
56
117
98
97
Crude petroleum
90
98
100
111
115
120
115
106
96
86
Electric power
Cotton consumption
100
Wool consumption
Sboes
for
whom
housing
79 p
85
84 p
The
textile
cotton
shipping
reduced
the Carolinas and
industry in
more
than
they
can
less
yarn
112
116
duction
134
97 p
103 p
97
97
101
108
95
89
90
95
Manufacturing Employment—
Employment
94
96
98 p
100P
92
95 V
98 P
91
Residential building contracts
44
60
58
53
Nonresidential building <& engineering contracts.
Primary Distribution—
Ry. freight car loadings, mdse. and mlscel r
48
75
60
77
the
than
a
to
swelled
tion,
Teached
years.
by
the
.
.
and have subsequently
supply.
Coal mines in
working at seasonal levels, and the rail¬
a relatively heavy tonnage.
Lumber is
are
sawmills
and
have
highest
in
unable
of
out
October
to
keep
pro¬
awards for construc¬
Contract
flowing
figure
been
recently
orders.
new
projects
numerous
second
friake
week's
hauling
are
and
to shipments
up
the
for
defense program,
month in 11
any
.
distribution
in
Rales
1939,
month
same
Fifth
through retail and wholesale channels, department store
sales in September by 14% and were 13% above
sales, and furniture sales rose 9% above those in the
October exceeded
October,
87
district
demand
active
In
Man-hours of employment
Construction—
stocks
reserve
of
133
Meat packing
Virginia, accounting for
is operating at a near-record level, and
backlog of orders, while the rayon yarn producers
heaw
a
Virginia and West Virginia
roads
in
Tobacco products
business, and are employing
The airplane industry
found.
nearly half the country's capacity,
has accumulated
103p
lOlp
be
can
Maryland also holds large contracts, and is expanding facilities further.
116
80
_
workers
the
in
to handle additional
increasing facilities
are
are
116r
.
Bituminous coal
of the Federal
"Review"
The
mond.
according to the Nov. 30
Reserve Bank of Rich¬
power,"
purchasing
"Monthly Review"
Shipyards in the Hampton Roads area have many millions in contracts,
Index of production and trade
Steel
permeating in¬
dustry in the Fifth Reserve district, and is spreading over
retail fields as increased employment furnishes ad¬
into
ditional
Oct.,
Distribution to
"The influence of the defense program is
last
District
October,
85
87
95
94
95
87
lowed
87
113
85
88 P
last
81
80
76
88
98 r
98r
99
95
97p
95
106
99
95
Mall order house sales
New passenger car sales
99
103
98
95
automobiles in the
48% higher than
passenger
new
record,
Sales
and
were
by 194 wholesale firms fol¬
over wholesale
sales in October
reported
90
98
October
an
registrations.
75p
Department store sales (United States)
Grocery chain store sales
Variety chain store sales
Registrations of
year.
created
1939,
Ry. freight
Exports
Imports
loadings, other
car
89
retail
sales
Sixth
Distribution to Consumer—
80r
Velocity of Deposits*—
Velocity of demand deposits, outside New York
City (1919-25 averagec=100)
Velocity of demand deposits. New York City
(1919-25 average=100)
Cost of Living and Wages*—
Cost of living (1935-39 average=100)
Wage rates (1926 average=100)
♦
Not adjusted for trend,
p
Third
*
64 r
81r
102P
r
53
55
54
25
1930,
104
104
104
104
other
114
114p
114p
total
of
"all
total
for
that
ditions
In
Revised.
mines
The
was
oil
continued
rises in
firm
than
in
to be
fields
expansion
three
years.
part:
seasonally expected in the month.
Activity
declined.
activity
is
reflected
in
sustained
incomes, an increased use of bank credit, and a
generally
structure.
The principal factor in the
improvement during
few months, however, appears to have been the
increasing demand
defense materials, which has {stimulated
private buying and resulted
for
extended
delivery
Construction
periods.
activity
.
.
declined
in
October
from
the
September
to
October
month
were
industries.
Retail
preceding
business
month
wholesale
increased
sre
above
general
highest
in
level
anthracite
active
smaller
than
further
Both
ago.
and
is
usually
pig
the
contracts
10%
Steel
mill
in
in
activity
the
and
that
as
first
one-half
led
October
times
were
8%, and coal output
up
in
for
the country,
the
in
country.
and
output
Retail
the
cotton
was
cotton
coal
of
sales
in
the
basis, in October, when there
that the seasonally adjusted index
average
so
the
index
Board's
declined
7%.
Com¬
the index was up 2%.
Wholesale trade
12% above October, 1939.
Construction
increased 68% over the September total,
40%, and "all other" contracts rose 83%,
cities increased 26%.
Textile activity in¬
was
up 27%
from the midsummer level.
up
at
20
and
the
Birmingham area was at 105% of capacity
with an average of 94.3% for the country,
of November the Alabama rate was 109%,
compared
three
for the
was
October
were
October
during October,
and
year
and
building permits
creased
country,
last
in
awards
3%,
about
the
October
awarded
residential
than
daily
a
on
of
For
those
than
district
5%,
October
in
91%, and the
and
Building permits were up 12%,
production
iron
two
awarded
contracts
of
1939,
was
The district gains in contracts awarded and in
rise
a
8%.
with
15%
rose
in
awarded
ago.
year
larger
are
declined
declined
pared
a
October,
over
contracts
month
larger.
less
gain
a
other"
weeks
country 96%.
since
mining
1937.
and
in
the
trade
and
Gains
certain
Seventh (Chicago) District
The Chicago Federal Reserve Bank, in its
"Business Con¬
ditions"
report of Nov. 26,
District
industry has remained at an unusually high level,
the expansion evident in earlier fall months."
states that "output of Seventh
continuing
The Bank also had the following to say:
continued
was
expanded
year
the
...
somevhat.
a
to
except
with
high
reached
in
the
preceding months, but the prospects are for an
increasing amount of plant expansion.
•General employment and
payrolls in Pennsylvania increased 3% from
service
levels
The following
of business con¬
.
somewhat
levels
at
declined
consumer
price
the past
in
3%
district
summary
construction
comparisons,
percentage
consumption
and
business
in
the
consumption
of
more
and
Bank's
the
from
at higher
:
series
about
'Philadelphia, in its "Busi¬
heavy manufactured goods exceeded any period since
production of consumers' goods and electric power increased
and
somewhat
Federal Reserve
26
past
The Bank further said, in
of the
reports that trade and industrial activity
corresponding time last year.
taken
23
Review" of Dee. 2, reports that industrial
production
Third Federal Reserve District was sustained in
October near the highest levels of the
at
the
also
is
(Atlanta) District
"Monthly Review"
Sixth District continued in October
at
29
the
output
in the
30
Atlanta
57
ness
The
Bank of
lhan
(Philadelphia) District
The Federal Reserve Bank of
in
Nov.
The
112
Preliminary,
12%
gaining
closely,
year.
sales
in
October, ialthough the gain
was
nad
and
to
stocks
stocks
be
seasonally
in
in
both
over
expected.
channels
of
the
Further
Sales
in
trade
of
distributive establishments
substantial ironth-to-month
gains
employment of Seventh District industries.
workers
industries
with
1939
was
have
have
up
4%,
while
wages
were
recorded during October
Over the period the number
gained
7%.
The
duarble
goods
particularly contributed to gains this fall.
Comparisons
been little changed over recent months; total industrial
Volume
employment
The Commercial & Financial Chronicle
151
10%
was
and
payrolls
16%
of
employment and payrolls is at
high reached in the fall of 1937.
With
the
defense
above
last
close
present
post-depression
the
to
now playing an increasingly important role,
industry ha3 continued to operate at a sustained high
level.
Since the Labor Day week, rate of steel ingot operations in the
Chicago district has not fallen below 97% of computed capacity, and for
the
third
at
casting
week
October
factories
was
continues
malleable
at
furnace
November
accelerated
was
fourth
in
foundries
by
off
was
106%.
to
up
steel
at
somewhat
from
model
and
sales
of
1941
siderably better than previously expected.
in history for the month.
With operations
by district
was
October, 1939.
following
A
Total
month
last
the
retail
in
retail
month
Retail
stocks
were
on
shoe
of
wer*-
October, shipments
There
last year.
over
production
prior
October
shipments
and
at
.
.
.
last
as
Rises
end of the
inventories at the
nature;
level
same
in
larger than
year.
Consumer
September
to
increased
further
brick
and
tile,
than
tailed
textile
a
Texas
acceler¬
months," it
reported in the St. Louis Federal
Reserve
Bank's monthly "Business
was
Conditions" of Nov. 29.
The Bank's review goes on to say:
While
to
a
in
Gains
seasonal
general increase
attributed
was
indirectly for defense
ro
for by
accounted
than usual
greater
requirements for regular civilian consumption.
October
in
production and orders
defense
manufacturing
was
materials,
notably
and steel,
.
.
chemi¬
textiles,
cals, lumber, cement, glass and the general category of building materials.
A
number of establishments in these lines are operating at or near
and despite heavy current shipments have backlogs of unfinished
capacity,
business
of
of
a
sufficient
to
mid-November
the
maintain
output
of
steel
present
ingots
this
in
As
well into next year.
rate
87.5%
advanced to
area
capacity, the highest rate since July, 1937, and comparing with 82.6%
month earlier and 81% a year ago.
bv
Stimulated
of
lead
and
levels.
zinc
.
.
heavy
demands
district
at
and
mines
upward
trend
in
maintained
was
at
the
recent
high
.
of
certain
Withal,
channels.
October
seasonable
sales
7.1%
were
merchandise
of
and
the
in
stores
larger, respectively,
a
cities in
month and a
The
lines.
The
October
highest
and
1928
points
business
of
in
91%
to
1937.
The
month
since
October
for
The
1929.
Ninth
the
of
farming
cities
1929-31
average,
bank
centers
the
debits'
several
debits'
in
All of the indexes
indexes.
and
bank
further
advanced
District
1P37,
since
94
also reports:
summary
the
measured by our seasonally adjusted
as
the
were
since
Bank's
Reserve
volume
the
were
index
highest
three
advanced
Both
1930.
figure since
the largest for any
was
department
store
vanced
as
indicated
by
.
.
The
of
result
a
sales
one
well
tinued
year
ago,,
manufacturing
the
above
manufacturing
seven-year
production
this
in
district
as
measured
seasonally during October, but con¬
1939, level.
The index of Minnesota
October,
employment declined seasonally but was the highest in
records.
Flour production and shipments declined and
than the October,
somewhat smaller
were
this district during October were at about
earlier.
Sales at city stores were slightly
in
year
following indicators declined
the
our
as
of
volume
The
by
employment index declined seasonally from
the highest October level in our seven-year
at
was
increased
shipments
and
were
1939, volume.
nearly half again as large
of lumber declined seasonally but
The cut
a
was
Linseed product
as
a
year
little larger than
a
were
declined
tion
last
tember
slightly during September but was
vember
in
tinued
Review"
of
Bank
Nov.
and
business
than
5% larger than in Sep¬
in
30,
had the
agricultural
City,
measures
during
tendency
particularly
The
Bank
of retail trade,
October
in
the
everyday items such as
department stores.
of
Pacific
but
Coast
November
national
the
orders
program
Activity at aircraft plants con¬
exceeded deliveries, and it is
building.
new
largely traceable to
and to further
district
defense
again
in November unfilled orders held by local airplane
approximated
$1,360,000,000.
The
rapidly
expanding
early
shipbuilding yards
were
and
combat
additional
for
$145,000,000.
mately
the
in
operations
of
residential
increase,
that
awarded contracts in October and
vessels to cost approxi¬
merchant
...
industry is experiencing the highest sustained level of activ¬
The lumber
Operations in the local steel industry approximated 95%
rated capacity in October and shipments of steel into the district were
ity since 1929.
of
materially
smelters
and
On
than
higher
close
was
a
Production
ago.
year
record
to
levels
for
recent
of
years
and
mines
copper
during the months,
operations at puip and paper mills remained at practically capacity.
the other hand, output of miscellaneous consumer goods, including
c,othing
food,
furnishings,
household
and
and activity
in the
California
petroleum industry gain showed little net change.
7% and payrolls 10%, after allowance for seasonal influ¬
advanced
States
Coast
mid-July to mid-October factory employment in the Pacific
From
the
half
Over
accounted
for
by the
increase
iD
in
employment
the
States
three
was
industry.
aircraft
Reported in
Illinois Industrial
and Payrolls from October to No¬
Increases
Further
October
from
1.8%
of
Increases
employment and 0.8%
in
in payrolls
November, 1940, were recorded
to
for wage
Illinois manufacturing and non-manu¬
in the 6,547
earners
facturing establishments reporting employment data to the
Division of Statistics and Research of the Illinois Depart¬
Under date of Dec. 20 the Department also
ment of Labor.
had the following to report
The gains for the
the
month
assume
greater significance when compared with
October to November changes for the previous
average
17-year period
(1923-39) which were an average decline of 0.5% for employment
and an
decline of 1.0% for payrolls.
Declines in employment from October
November were recorded in 11 of the 17 years, and declines in payrolls
average
to
in 13 of the
November
previous 17 years.
is the seventh consecutive month
in
which employment and
payrolls changes for all-reporting industries were more
favorable than the
The total increases for the seven-month
period, April through November, 1940, amounted to 10.4% for employment
previous 17-year average changes.
and
13.2% for payrolls.
the all-reporting industry indexes of em¬
comparisons show that
Other
ployment and payrolls for wage earners in November, 1940, were 5.4% and
7.9% higher, respectively, than the indexes for November, 1939; 17.8%
and 26.3% higher, respectively, than the indexes for November, 1938, and
2.4%
were
8.8%
and
respectively, than the indexes
higher,
for Novem¬
ber, 1937.
Increases of
November
2.0% in employment and 1.1% in
were
recorded
pyarolls from October to
reporting manufacturing establish¬
favorable when compared with the previous
the 2,364
for
These increases are very
ments.
to November changes for manufacturing industries,
declines of 1.3% for employment and 3.4% for payrolls.
of employment for manufacturing industries, or
were average
index
November
The
116.2,
3.9%
was
1937 peak index of 120.9 reached in
0.9% lower than the 1929 peak of 117.2*
the
lower than
September of that year, and only
in September. 1929.
manufacturing industries, or
1937 peak index of 130.1 for June,
the 1929 peak index of 140.7* for
November, 1940, index of payrolls for
only 0.5% lower than the
was
in
its
1937,
and
following to
say
June,
1929.
conditions
in
No¬
this district is the strongest feature in the busi¬
awarded and building permits are very much
Reflecting this activity, lumber sales are 58%
ago.
are
number of
Hog
June
and
prices
and
have
in
sale?
store
heavy.
November."
of
lagging
buying,
stimulus
private
to
The
Kansas
of
Contracts
vear
a
Wholesale 6ales
between
dated
was
8.0%
than
lower
Manufacturing industry
groups
showing relatively large increases in em¬
from October to November were:
Transportation equipment,
6.8%; the small textiles group, 5.0%; food and beverages group, 3.2%;
the small rubber products group
2.3% ; the large metals and machinery
ployment
Retail sales in October were
The
its
in
Francisco,
17-yar average Octobr
higher.
ment
San
The behavior of
gained.
industrial
in
which
:
situation.
larger
of
Conditions,"
half
first
somewhat
a
consumer
manufacturers
(Kansas City) District
Reserve
Building activity
ness
of
rise
gains
129.4,
regarding
advanced rate
payrolls in
and
Employment
reached
Tenth
"Monthly
indicated
year
year.
Federal
The
the
ago.
Slaughterings of all classes of livestock increased seasonally and
considerably larger than in October, 1939.
Electric power utiliza¬
ago.
sharply
the
cur¬
Cotton
moderate increase.
a
higher
was
substantial increase in September.
Bank
"Business
and
continued
the
Employment as
but country stores recorded a gain of 1% as a
increases of 8% in Montana and 3% in North Dakota.
...
than
smaller
1929.
Minnesota
store
level
same
since
.
Department
the
highest October loadings
the
but
September
icord.
the
of
result
a
lumber,
a
apparel, and the miscellaneous goods carried by
foods,
highest October
index
6ales indexes ad¬
and were the highest for October since 1936.
Lumber sales in
board feet at country yards in October were the largest for any month
in our 20-year record.
The car loadings indexes each advanced one point
February,
at
were
production
petroleum
months.
a
of
including
vember
post-depression highs for that month in many
new
largest
and
increased
The value of
record for
ago.
year
the
principal
than
Federal Reserve Bank,
business continued to advance during October and estab¬
lished
also
average
two
Reserve
income likewise
expansion
Minneapolis
the
Daily
preceding
Employment
to
a
was
to say:
on
Ninth (Minneapolis) District
According
steel,
first
the
through both retail and wholesale
department
8.2%
than
October
during
through wholesale channels
closely allied industries,
further following
survey,
October
in
earlier.
year
higher
in
in
from
considerably
off
resumed
Nov. 28,
states that "the expansion in Twelfth District industrial
activity, factory employment and payrolls, construction,
and bank credit, evident since the early summer, continued
ences.
Unseasonably mild weather during October militated against the move¬
ment
the
Federal
monthly
production
prices,
fell
was
Twelfth (San Francisco) District
The
in industries
most marked
were
iron
.
8%
awarded
earlier.
year
in
estimated
and sale of commodities directly
the major portion
requirements,
advance
considerable part of the
very
produetionu
level
a
operations
and structural
expanded
Farm
an
buying
heavy
slightly, but refinery operations showed
mill
activity in Texas continued at
prevailing
the expansion which marked the late spring and
summer
to
contracts
and
however,
ber and the first half of November continued at
but
stores
Distribution of merchandise
that
month,
department
at
October,
construction
Eighth (St. Louis) District
ated pace
purchases
half of November.
goes
"Eighth District industry and trade activity during Octo¬
In its "Monthly Busi¬
during October."
Review" dated Dec. 1 the Bank likewise said:
ness
fall.
this
rise
price
4%
were
sustaining factors in industrial activity in the
were
Eleventh District
declined sharply,
area
the
to
8% better than in October, 1939.
was
seasonal
a
the
about
on
the highest
was
in petroleum refinery activity.
for
sales
business
furniture
con¬
the
a daily average basis trade was at about the
sales were 4% greater than a year ago, while
store
but
year,
level.
same
16%
up
in
inventories
expansion was shown
department
been
have
gram,
rate
Output of soft coal mines in the
of
levels,
automobiles
somewhat lower than the high level reached
was
building-up
a
seasonal
and
shipments
stove
at
October output
were
September
over
one-
16% greater than in October,
30% of capacity in
manufacturers
rise
mills, but activity
paper
in
furniture
substantial
a
better than
at
high
by
and
demand for industrial products, supplemented
by additional orders incident to the national defense pro¬
during
production
business
earlier
were
1939.
business
new
foundries
Although
plants.
showed further seasonal expansion and
Production
Volume of
trend;
upward
an
one-third
casting
According to the Dallas Federal Reserve Bank, "a heavy
commercial
requirements
priirian' steel
3807
Eleventh (Dallas) District
The level
October.
the
first
slightly higher than
two
about 5% higher.
weeks
of
November
Inventories
but depart¬
were
up
20%.
a year ago,
are
not large.
hogs coming to market and being slaughtered continues
prices have lost more than half the gainB that were made
and September.
Cattle receipts and slaughter are down
are
strong.
Wheat
prices are 17c. above the low of August
losses of last spring.
recovered neariy half the
group,
A
2.2%, and the leather and allied products group an increase of
of 4.0% in employment was recorded for the wood and
decline
group of
allied products
products
and
The increases of
industries,
and a decline of 1.5% for the
*
the
Index
revised
years
1929,
equals 100.)
allied
chemicals
group.
1.3% in employment and 0.2% in payrolls
establishments were also more favorable
Average October to November changes for
ing non-manufacturing
years' averages.
1.7%.
for trend
1931,
as
1933
shown
and
for report¬
than previous
non-manufac-
in the Census of Manufacturers
1935.
(Monthly
average,
for
1935-1939
The Commercial & Financial Chronicle
3808
industries
turing
the
for
1929-1939
years
increases
were
0.4%
of
in
employment
and
wholesale
October to November were 3.2% for the
of establishments, 2.1% for coal mining
Declines in employment were
from
than
establishments, and 0.5% for public utilities.
for the services group of establishments, and
0.4%
and contracting group
construction
1940
income families in large cities were 0.1 of 1 % lower on
trade group
retail
28,
tary of Labor Perkins reported on Dec. 11. "Reports to the
Bureau of Labor Statistics show that living costs of moderate-
In
employment and less than 0.1 of 1% for payrolls.
Gains
Dec.
Nov. 15
"This brings the Bureau's cost of
Oct. 15," she said.
on
living index, which is based on average costs in 1935-39 as
100, to 100.1 for November as compared to 100.2 in Octo¬
Secretary Perkins further explained:
8.7% for the building
of firms.
ber."
Cost
of
Unchanged
Living
in
November,
A decline in retail food costs was accompanied by slight increases in prices
Reports
coke, fuel oil, men's suits, sheets,
of coal,
Conference Board
living of
earners' families in the United
States remained at the October level in November, according
to the survey conducted each month by the Division of
of sheets are due
Industrial
living room and dining room suites
wage
Economics
the
of
Conference
Board.
with the usual increase at this season
Living
Retail prices
silk prices
below those of November,
0.8%
from
October to
November,
were
wool prices in the past few months.
small.
jto Rents advanced 0.1%
fraction of 1% higher.
were
0.9% higher than during November, 1939, 39.6% above the January, 1934,
The number of rent increases
They
0.3% higher than during November, 1939, 20.4% above the 1933 low
point, but 26.0% below those of November, 1929.
month of last year.
same
They
1.6%
were
7.2% lower
were
than during the same month of 1929.
more
defense taxes
on
on amusements) has been
unchanged since
1.3% higher than during November, 1939, and 8.8%
above the June, 1933 depression low, but were 2.0% under the
November,
August.
Sundries
flected the
were
The purchasing value of the dollar was 117.0 cents in October and Novem¬
compared with 117.5 cents in November, 1939, 99.0 cents in Novem¬
as
ber, 1929 and 100.0 cents in 1923.
Importance
Item
followed reduction in wholesale prices during October
Pre¬
half of November indicate further reductions
of beef, fresh pork and lamb following continued declines in
in retail prices
wholesale markets.
Estimated percent changes for
Oct. 15 to Nov. 15, 1940 in the cost of
goods purchased by wage earners
cities of the
and lower-salaried workers in 20 large
United States, and for the large cities combined are presented
in Tab. 1. Table 2 presents estimated indexes of these
of Nov. 15, 1940, based on average costs in the years 1935-39
by groups of items
costs,
Indexes of the Cost of
Seasonal decreases in
record marketing of hogs and large sales of cattle.
liminary reports for the last
as
100.
as
Relative
15 and Oct. 15.
vegetables were offset by the increases in
egg prices usual at this time of year.
RetaU prices of flour re¬
upward trend of wholesale flour prices.
A decline of 1.8% in
retaU prices of meat
1929 level.
ber
0.3% between Oct. 15 and Nov. 15 followed a
between Sept.
prices of meats, fresh fruits and
when there were
The cost of sundries (revised from July through October to include
recent data
reduction of 1.0%
butter and
Coal prices increased 0.7% from October to November and
higher than during the
In these cities the increases which occurred were
for homes renting for less than $30 per month.
A decrease in food costs of
Clothing costs were unchanged for the second consecutive month.
were
reported from Oct. 15 to Nov. 15 was very
Los Angeles, and St. Louis average rents were a
In Philadelphia,
almost entirely
depression low and 4.9% below the November, 1929 level.
Prices
Several cities reported higher prices for men's suits, following
below those of November,
1929 and 26.4% higher than during March, 1933.
They
reflect in part the increases in prices of
for clothing showed little change during the month.
the advance in raw
1939, 29.2%
between October and November.
The increases in prices
and the decline in the demand for silk hose with the increased
sale of Nylon.
declined 0.3%
year.
women's silk hose declined in several cities because of the lowered raw
for
further stated:
which
of the
primarily to army orders, while those in retail prices of
hardwood.
0.5% higher than during November of last year,
19.2% above the depression low of April, 1933, and 15.3%
below the November, 1929 level.
The Board on Dec. 16
prices,
mid-October and mid-November is in line
The rise in fuel costs between
costs were
Food
and certain living-room and
dining room furniture.
The cost of
P. C. Inc.
Living (1923=100) b
(+)
(—)
Dec.
or
in
TABLE
from
1—PERCENTAGE CHANGE FROM OCT. 15, 1940, TO NOV.
15.
OF GOODS PURCHASED BY WAGE EARNERS
LOWER-SALARIED WORKERS IN 20 LARGE CITIES OF THE
1940, IN THE COST
Family
November,
October,
Oct., 1940, to
Budget
1940
1940
33
77.2
77.4
—0.3
Housing..
20
87.5
87.4
+0.1
Clothing
12
AND
Nov., 1940
Food.a
mJ
UNITED STATES,
Fuel,
73.1
73.1
Men's
80.5
80.3
+0.2
Women's
65.7
65.8
—0.2
86.3
85.9
+0.5
86.3
85.7
+0.7
86.4
86.4
0
98.1
r98.1
0
Fuel and light
5
Coal
•
BY GROUPS OF ITEMS
Gas
and
electricity
Sundries
30
0
Food
ing
House
Elec¬
Cloth¬
All
Items
Area and City
Rent
tricity
and Ice
New
England:
Miscel¬
furnish¬ laneous
ings
—0.3
—1.5
b
c
+ 1.6
+ 1.0
—0.1
c
+0.2
—0.1
c
+0.3
+0.3
+0.1
New York
+0.2
+0.4
+0.1
c
+0.9
+0.2
+0.1
Philadelphia.....
+0.1
+0.1
b
+0.2
+0.1
—0.3
b
+0.1
—0.3
—0.2
c
+0.1
+0.1
+0.6
—0.4
—1.2
b
c
+0.5
+0.1
Boston
-
Middle Atlantic:
Weighted average, all Items.
Purchasing value of dollar..
100
85.5
85.5
0
Buffalo
117.0
117.0
0
Based on food
a
price indexes of the United States Bureau of Labor Statistics
for Nov. 12, 1940, and Oct. 15, 1940.
b Based upon retail prices of 35 kwh. of
electricity, 1,000 cubic feet of natural gas or 2,000 cubic feet of manufactured
gas.
r
Pittsburgh
—
East North Central:
Chicago....
Revised.
-
Increases
and
ment
Pennsylvania Factory Employ¬
Reported for November—De¬
Reserve
Bark
Philadelphia from 2,445 manufacturing
Compared with the high levels of Novem¬
establishments.
ber,
1939,. employment
gains of
the
more
month
and
were
3%
than
Dec. 19
The
iron
seasonally
the Reserve
greatest
and
be
to
were
steel
Bank's
improvement
industry,
from
Under
expected.
further
announcement
October
November
to
date
of
said:
occurred
in
the
Substantial
metals,
producing
sustained
at
also
was
certain
non-durable
reported
in
such
building materials,
goods,
and
employment
and
other
durable
furniture.
payrolls
declined
substantially less than was
manufacturing dnes wage disbursements
—0.1
c
b
+0.1
+0.1
+0.3
b
c
b
—0.5
b
—0.7
—0.5
+0.2
b
—0.3
b
—0.1
b
b
+0.1
+0.4
b
—4).3
—0.8
—0.1
c
b
b
+0.1
—0.3
b
c
b
+ 1.0
—0.2
+0.1
+0.2
—0.1
b
b
+0.6
+0.1
b
—0.2
b
—0.1
—0.1
+0.1
b
+ 0.5
+ 1.3
b
+0.3
b
—0.1
+ 0.2
—0.4
b
+0.1
—0.1
+0.2
+0.1
+ 1.0
+0.1
Birmingham
Houston
+0.2
—0.2
c
+0.2
+0.4
b
b
b
+0.4
+0.2
+0.1
Mountain:
Denver
Pacific:
Tros Angeles
.
Pan Francisco
^
Seattle
—0.1
Average large cities
a
Includes
51
cities,
b No
a—0.3
change,
c
Estimated as
to
be
expected.
In other
major
seasonally.
Hourly earnings of factory
tionally to approximately 73c.,
however,
no
change,
since leases
ordinarily end In other months.
TABLE 2—INDEXES OF THE COST OF GOODS
PURCHASED BY WAGE
EARNERS AND LOWER-SALARIED WORKERS
IN 20 LARGE CITIE S
OF THE UNITED STATES, BY GROUPS OF ITEMS,
NOV. 15, 1940
(Average 1935-39=100)
Fuel.
Elec¬
Cloth¬
AU
Items
Area and City
well
Food
ing
Rent
tricity
and Ice
House-
Miscel¬
furnish¬ laneous
ings
New England:
98.5
93.5
101.0
100.6
105.6
99.0
100.7
....
....
Boston
100.9
97.4
101.0
106.5
99.8
100.1
102.0
Middle Atlantic:
Buffalo
either
sustained
or
declined
workers
a
new
in
Pennsylvania
high point.
increased
frac¬
Average hours worked
declined
somewhat, so that
reduced from the previous peak of
$28.28 to $28.17.
weekly
income
was
I
I
New York....
Philadelphia.......
100.4
97.4
100.7
102.7
100.7
97.3
103.1
98.8
93.6
101.2
103.5
98.6
102.5
101.5
Pittsburgh
were
than
week,
+ 1.1
textile
mills, particularly those producing cotton goods,
and worsteds,
and other miscellaneous textiles.
Operations at
clothing factories showed little change in the month, although there
is usually a sharp decline at this
time of year.
At shoes factories activity
per
b
lines
woolens
less
+0.1
b
West South Central:
men's
also
c
—0.1
Among
were
b
b
-
Savannah
where
improvement
non-ferrous
as
—0.7
East South Central:
employment and payrolls increased in all
major lines except at plants producing structural iron and
steel, where
earlier high levels were
sustained, and at those turning out stoves and
furnaces, where declines were considerably smaller than usuel.
plants
b
—0.1
+0.1
mmm
Baltimore..
and
declines at plants producing consumers'
goods were smaller
b
+0.6
South Atlantic:
payrolls,
respectively, showed
8%.
The principal gains in
again in the heavy industries; aggregate
than
b
+0.4
—0.3
Minneapolis
gt. Louis
of
c
c
+0.3
Kansas City
Delaware
Factory employment in Pennsylvania increased 1% fur¬
ther from October to November to
nearly 990,000 workers,
and wage disbursements advanced
slightly to about $26,000,000 a week, the highest level in the past 10 years except
for April, 1937, according to
reports received by the Federal
b
b
West North Central:
Payrolls
clines Noted in
b
—1.1
—0.2
Detroit
in
b
b
Cleveland......
Further
-
—0.3
Cincinnati
100.6
96.3
102.4
105.8
102.8
102.3
100.8
100.5
95.9
99.6
108.8
100.3
102.4
100.8
....
99.1
94.5
103.7
102.2
99.0
100.4
101.1
......
101.2
96.7
101.8
108.0
108.9
100.3
100.4
East North Central:
Chicago
Cincinnati..
Cleveland
100.4
94.8
101.6
107.9
99.2
99.6
101.6
98.3
91.6
102.7
102.8
100.7
98.5
100.6
101.1
97.5
101.8
108.0
96.8
102.7
102.1
99.7
96.3
102.3
101.7
103.0
96.4
101.6
99.8
95.3
101.4
104.6
100.6
102.6
101.4
100.8
98.5
101.9
104.7
97.5
105.4
101.2
100.5
93.8
102.5
114.8
93.5
99.7
101.2
101.8
101.2
102.7
106.7
93.1
105.1
100.3
99.1
93.0
100.1
106.4
98.4
101.8
101.1
Loe Angeles
San Francisco
101.9
98.8
103.5
106.8
95.5
100.7
101.6
97.8
102.9
103.9
91.5
101.1
105.2
Seattle..
101.6
99.2
103.5
106.6
94.7
98.2
103.0
Average large cities
100.1
a95.9
101.6
104.7
100.3
100.6
101.7
Detroit
West North Central:
The
Bank also had the
following to
say
concerning con¬
ditions in Delaware factories:
In
Delaware
employment declined 5% and payrolls about 3% from
October to November,
owing principally to sharp reductions at plants
producing foods and tobacco, transportation equipment, and building ma¬
terials.
Further gains were
reported
in the case of metal products,
textiles, chemicals, leather, and paper.
Employment was still nearly 7%
and payrolls 14% above a
year ago.
Kansas City.......
Minneapolis
St. Louis
South Atlantic:
Baltimore
.......
Savannah
East South Central:
Birmingham
...
West South Central:
Houston
Mountain:
Denver
Secretary of Labor Perkins Reports Cost of Living in
Large
Cities^ Remained Unchanged from MidOctober
to
Mid-November
The cost of living in large cities remained
practically
unchanged between mid-October and mid-November, Secre¬
Pacific:
a
Includes 51 cities.
102.9
Volume
and
road
regional
operations of representative hard¬
and softwood mills.
Shipments were 12% and new
Year-io-Datc
production
orders
new
weeks
1940
of
ments
10% above
were
date
to
6%
were
business
new
above
funeral cars,
fire appa¬
such
very
automobile output appeared in
3148.
of
report
of Nov. 30,
page
(INCLUDING CHASSIS)
United States
Pas¬
(AU
was
Comm'l
senger
Cars A
Total
Cars
Trucks
7,056
14,095
10,814
12,807
Total
Month
Comparisons
Canada (Production)
(Factory Sales)
Year and
Passenger
Trucks,
Vehicles)
-
6% above
shipments were 7% above the shipments and
the orders of the 1939 period.
For the 50
corresponding weeks of 1939;
is
NUMBER OF VEHICLES
the '50 weeks of 1940 to date was
lor
ambulances,
new
Association further reported:
Reported
vehicles
month's
issue
our
business 18% greater.
The
industry stood at 75% of the seasonal weekly average of
1929 production and 97% of average 1929 shipments.
The
and
greater,
figures
The
for
these
station wagons, and buses, but the number of
sweepers,
purpose
Last
10% above production.
Compared with the corre¬
sponding week of 1939, production was 4% greater, ship¬
orders
27%
The figures for passenger
for commercial cars, trucks,
respectively.
tractors,
taxicabs
for
include
email and hence a negligible factor in
any analysis for which the figures may be used.
Canadian production
figures are supplied by the Dominion Bureau of Statistics.
special
associations covering the
ments
those
tractors
street
ratus,
nad
or
include
cars
week ended Dec. 14, 1940,
was 9% less than in the previous week; shipments were 6%
less; new business. 7% less, according to reports to the
Lumber production during the
National Lumber Manufacturers Association from
trucks,
cars,
1940
Report of Lumber Movement Week Ended Dec. 14,
wood
3809
The Commercial & Financial Chronicle
151
Cars
Ac.
1946—
493,223
487,352
407,091
72,009
80,261
21,151
23,621
3,985,787
3,295,797
689,990
199,620
313,392
351,785
251,819
285,252
61,573
66,533
11,297
16,756
7,791
9,882
6,874
3,125,150
2,492,992
632,158
138,450
97,315
41,135
209,512
372,413
187,494
320,344
22,018
5,774
52,069
17,992
5,412
15,423
2,569
2,100,739
1,674,979
425,760
147,472
109,563
37,909
October..
November
9% above production and ship¬
Tot. 11 mos.end.Nov.
421,214
98,473 101,147
production.
1939—
Supply and Demand Comparisons
The ratio of unfilled orders to gross
19%
compared with
a
year ago;
November
Unfilled orders were 48% greater than
10% less.
ago.
year
a
stocks
gross
October.
stocks was 32% on Dec. 14, 1940,
were
Tot. 11 mos.end.Nov.
3,506
1938—
Softwoods and Hardwoods
During the week ended Dec.
feet
hardwoods
Revised figures for the
237,963.000 feet.
487;
Mills,
were:
and
softwoods
of
booked orders of
production,
October
1940, 466 mills produced 216,857,000
combined; shipped 243,614,000 feet;
14,
239,089,000
preceding week
1940, by 387 soft¬
10% above the production of the
same
mills.
Shipments as reported for the same week were 232,230,000
feet, or 12% above production.
Production was 206,555,000 feet.
Reports
from 92 hardwood mills give new business as 10,580,000 feet, or 3% above
production. Shipments as reported for the same week were 11,384,000 feet,
or 11% above production.
Production was 10,302,000 feet.
for the week ended Dec. 14,
Lumber orders reported
totaled
mills
227,383,000 feet,
Identical
Production during
Mill
Reports
'
„
of 379 identical
week ended Dec. 14, 1940,
was
softwood'
204,884,000 feet, and a year ago it was
and orders,
10,580,000 feet and 11,052,000 feet.
Acreage Reduction
supply of wheat available in
The
to
between 195,000,000 and
range
of the United States De¬
This estimate, it is stated by the
Department, is based on the officially estimated 1940-41
crop of 294,000,000 bushels, plus estimated Dec. 31 stocks
of about 4,000.000 bushels, less the average domestic re¬
quirements of 100.000,000 bushels.
The announcement fur¬
Agricultural
Foreign
We
give herewith latest figures received by us
from the
Paperboard Association, Chicago, 111., in relation
to activity in the paperboard industry.
The members of this Association represent 93% of the
total industry, and its program includes a statement each
week from each member of the order and production, and
figure which indicates the activity of the mill based
operated. These figures are advanced to equal
100%, so that they represent the total industry.
also
a
the time
on
MILL
PRODUCTION.
REPORTS—ORDERS.
STATISTICAL
ACTIVITY
Unfilled
states;
with the low crop of
1930-40. and with the all-time record of 367,000,000 bushels in 1938-39.
Total Argentine wheat exports during 1940
Received
Production
Tons
Tons
Current
the
Whether
level
628.155
579,739
167,240
Cumulative
72
420,639
453,518
137,631
70
export movement of each year's crop regardless of
tion.
At various times in the past the Argentine
tained
system of guaranteed
a
bushel
foreign
76
509,781
236,693
79
mm
587,339
196,037
72
''MM
487,127
162.653
468.870
470,228
163.769
670,473
488,990
November
70
247,644
452,613
...
October
69
193,411
624,184
544,221
August
September
129,466
456,942
608,005
June
July
449,221
520,907
May.......
648,611
184,002
509,945
161,985
■
■'mm
'
\
for
transaction being offset
under which the
by profits derived from foreign
exchange
;
the Government has offered to purchase the
f.o.b. Buenos Aires.
Purchases began on Dec. 1.
year
74
'
55c, a
Profits from
crop at
79
MM
' a'"
-
77
mm
MM'
'
'•
Week Ended—
will again be used by
the Government to compensate
losses sustained in its wheat transactions.
the Government this year will use
profits made from its
wheat purchased
by the Grain Board will be resold to millers at 73c. a bushel, thus
allowing a profit of 18c a bushel.
For wheat purchased by millers from
sources
other than the Board they must pay the Board the difference
between the Board's selling price and the price at which they purchased
sales
72
exchange
any
In
"
.
the world price situa¬
Government has main¬
minimum prices for wheat
Board guaranteed to purchase all wheat which growers
above that price in the open market, any losses sustained
sell
not
by such
mm
682,490
•..
April
to a
mm
429.334
March........
179,000,000
exports during 1941 will approach the
large extent on the volume of European
the availability of transportation facilities.
Unless such
exports can be effected, Argentina will be confronted with a serious
storage problem and a large carryover at the end of the 1940-41 season.
Limited storage facilities in Argentina normally encourage the rapid
This
February
depend
wheat
and
purchases
■
January
Argentine
will
1940
of
136,000,000 bushels compared with
1939.
in
bushels
operations.
Month of—
in
expected to amount to
are
could
Remaining
Tons
Period
of 294,000,000 bushels compares
bushels
Argentine Wheat
Percent of Activity
Orders
Orders
Relations
partment of Agriculture.
119,000,000
National
200,000,000 bushels, com¬
pared to the estimate of 139,000,000 bushels for last season,
according to a statement issued on Dec. 23 by the Office of
The 1949-41 crop
Industry
Argentina for export
end of 1941 is expected
during 1941 or for carryover at the
ther
Weekly Statistics of Paperboard
Confronts Argentina—
Contemplated for Next Crop
Surplus
Wheat
of
Prospect
or
194,902,000 feet; ship¬
ments were, respectively, 230,333,000 feet and 180,572,000 feet, and orders
received, 225,848,000 feet and 188,859,000 feet.
In the case of hardwoods,
92 identical mills reported production this year and a year ago 10,302,000
feet and 12,041,000 feet; shipments, 11,384,000 feet and 9,520,000 feet,
mills
Tot. 11 mos.end.Nov.
362
shipments, 259,746,000
feet;
feet; orders, 255,290.000 feet.
wood
November
addition
of wheat to Argentine
tfco
millers.
In that connection
'* •
5
131,737
128,203
167.953
78
73
Oct.
12
134,149
130,483
170,669
79
73
Oct.
19...
132,322
127,271
174,906
78
73
26
136,464
130,405
180,439
80
74
prospects
Oct.
135.801
132,249
184,002
80
73
movement
2
9..
120,470
130,203
172,460
78
73
consideration
Oct.
Nov.
Nov.
Nov. 16
120,155
152,355
77
73
Nov. 23
123,639
123,819
162,228
77
73
Nov.30
124,726
125.701
129.151
161,985
76
73
162,760
78
73
Dec.
Dec.
7
—
14.....
Dec. 21
....
130,222
upon
growers'
79
74
1941
sowings
80
73
such steps at a later
The
Compensation for deUnquent
filled from stock, and other items made necessary
adjust¬
to
Production in November
Preceding Month
Factory sales of
493,223 vehicles in October, 1940; 351,785 vehicles in No¬
vember, 1939,
and 372,413 vehicles in November, 1938.
These statistics, comprising data for the entire industry,
were
released Dec. 23 by Director William Lane Austin,
Bureau of the Census, Department of Commerce.
72 manufacturers
and 61 making com¬
cars, trucks, or road tractors (11 of the 22 passenger car manu¬
facturers
also
making commercial cars, trucks, or road tractors).
It
should be noted that those making both passenger cars and commercial
cars, trucks, or road tractors have been included in the number shown as
making passenger cars and in the number shown as making commercial
Statistics
for
United
1940
States,
date.
this year is also
guaranteeing to purchase all
flaxseed
fixed prices.
The guaranteed prices have been fixed at 70c.
at 29c. for feeding barley, and at 32c. for brewing
wheat, the Grain Board was given authority
growers that they would not expand their
and that they would reduce their sowings by not
As in the case of
a
promise from
secure
next season
10% if called upon to do so,
acreages
more
than
Brazilian
Sugar
in
vehicles, of which 407,091 were passenger cars and 80,261
commercial cars, trucks, or road tractors, as compared with
in' the
price of 55c. a bushel are
automobiles manufactured in the United
complete units or vehicles reported as
foreign countries from parts made in the
States, for November, 1940, consisted of 487,352
including
assembled
United
Slightly Below
under
year's,
bushel for flaxseed,
barley.
^
States,
Government
and barley at
a
export
announced that its purchases
contingent
willingness not to expand and perhaps even to re-duce their
by not more than 10% if the Government decides upon
at a guaranteed
164,566
received, lees production, do
situation during 1941 and the
the Government has
event
156.823
equal the unfilled orders at the close
Automobile
any
the current crop
of
132,734
123,908
Note—Unfilled orders of the prior week plus orders
not necessarily
uncertainty of the export
for a large carryover at the end of 1941, should the
be curtailed, the Argentine Government apparently has
the adoption of an acreage control scheme foy next
In
crop.
the
133,123
127,704
132,312
reports, orders made for or
ments of unfilled orders.
-
Because of
'
are
22
based
on
making
data received
passenger
cars
from
1,273,000 Tons—
harvesting of which
1,273,000 long tons as
compared with 1,175,000 tons produced last year, an in¬
crease of 98,000 tons, or approximately 8.3%, according to
advices received from Rio de Janeiro by Lamborn & Co.,
New York.
The current crop is expected to set a new high
record for production in Brazil.
Last year's outturn was
the highest up to that time.
The firm's announcement
Brazil's current 1940-41 sugar crop,
is
now
under
way,
is forecast at
added;
Sugar
mercial
Crop Estimated at
8% Above Year Ago
totaled
an
consumption
in Brazil
during the year ending Aug. 31,
1940,
1,067.000 long tons as against 1,019,000 tons in the previous year,!
of 48,000 tons, equivalent to 4.7%.
Exports during 1939-40
increase
amounted to 61,000 tons,
gated 53,000 tons.
while in the previous year
the shipments aggre¬
!
The Commercial & Financial Chronicle
3810
Spanish
Sugar Production for Year Ended
1940, Smallest in 18 Years
Aug.
is the
crop
1921-22, when 84,702 tons
smallest
18 years,
in
Lancashire Cotton
or
22, to the New York "Times" of Dec. 23, it
For
the
civil
to
800,000
of
tons
130,000
marily
to
J.940-41
current
season
Harvesting of this
Prior
annually.
in
is
largest since 1921, a United Press survey disclosed today.
esti¬
possessions and
the
Canary
failed to pay
neighborhood
while
tons,
the
approximated
sugar
in
was
60,000
9.56% for 1940, in contrast to 5.93% last
Islands,
earnings for the year ended
amounted
Marketing
for
Mainland
Sugar
Sugar Division of the Agricultural Adjustment
Ad¬
ing allotments l'or
The
sugarcane
revision
in
the
original
made
were
Act
Sugar
the
of
Louisiana
in
processors
reallocates
May 1, 1940, which
on
formula
a
1937,
income
tons,
established.
In
Dec. 21
on
The
value,
raw
remains
explaining
its
the
action
the
and
said:
of
been
higher
supply
market
to
smaller
meet
to
sugar
more
than
sugar
allotments
the
public
of
quired
by
their
some
some
hearing on the
the Sugar Act,
1940
who
allotments
who
processors
in
are
specified, and
unable
are
their
not
was
deficiencies in their
right to such a hearing.
found
1940
announced
necessary,
marketing
today,
all
as
allotments
The proposed allotment of the 1940 quota
April 6,
as
re¬
processors
waived
their
mentioned
was
2177.
page
Declined
First Half of 1940
25%
Heaeock, Sao Paulo:
previous
trade
export
years
f
featured by
was
half
of
drastic recession
a
1940
in
compared
sa
with
shipments of coffee.
According to official statistics just issued, Brazilian coffee exports during
January-June,
average
years,
a
1940.
valued
Were
at
956,353
compared
contos,
with
period
did
the
value
of
Brazil's
coffee
below
fall
exports
l,200,OOM0 contos.
the
current
year
were
products
valued
from
Brazil
3,048,701
at
in
the
first
six
months
against
contos,
an
average
value of
2,966,000 contos for the corresponding period of 1936-39.
Coffee
for 31%
of total Brazilian export trade in the first half of
compared with 42% in the January-June period of the four pre¬
1940
vears.
woods,
been
exportation
precious
and
important
in
of
frozen
semi-precious
offsetting
and
stones
the
decline
canned
and
in
rubber,
meat,
tropical
articles has
manufactured
coffee
exports.
.
to Be Placed Under Control
The
United
these
Bureau
reported
Department of Commerce on Dec. 15
following from the Office of the American
the
1940-41
signed
of
in
is
the
terms
of
Washington.
exportation
basis.
as
fully satisfied with the
195,000 bags allotted for shipment to the United States
quota of
under
of
the
Inter-American
Preparations
Nicaraguan
are
coffee
on
now
Ooffee
being
quantity
a
Agreement recently
made
for
well
as
a
control
as
quality
Legislation providing such control has already been drawn
expected to
This
be introduced
legislation
will
as
law
a
provide
in
the
immediate
up
and
future.
for
the hands of appointed agents of
of coffee exported under
a
of
afford
a
short
the compulsory temporary storage in
the ccffee control of 10% of the amount
order received by the shipper.
This system
which, while not necessarily needed during years
be necessary when production greatly exceeds the
foreign
crop,
market
The
will
quota.
signing
agreement
Nov.
control
a
30,
a
Defense
of
part
the
Importance
Below
the
Nov.
28
Inter-American
was
mentioned
coffee
in
marketing
these
columns
3148.
Coffee
Year—Sugar
Crop
Estimated
30%
Crop to be Larger
The
following from the office of the American Commercial
Attache at Managua, Nicaragua, was contained in a release
made
available
Domestic
Dec.
Commerce
23
of
by
the
the
Bureau
of
Foreign
and
Department of Commerce at
Washington:
Indications
are
that
Nicaragua's
current coffee crop now
will be about 30% under that of last
year.
of the
Republic
if the
price factor is
may not be
being harvested
However, the economic position
seriously affected
favorable.
as a
result of the short crop
The local sugar crop .which was somewhat smaller than
usual in 1939-40
Is expected to be about
10% larger this season. The current rice, corn and
other food crops are reported to be of normal
size.
The Nicaraguan cattle
industry is looking for slightly better returns this
,
months,
have
were
.
months
recent
than
the
at
of
improved
domestic
The Bureau has noted also
a
the
domestic
expenditures
gains,
defense
and
duction
about
the
other
preparatory
June,
1935-39
production reached
has
average,
December.
doubtful
tories
After
that
have
been
at
been
peak
continued
January,
levels
to
result
is
demand
the
for
to
only
more
construc¬
before the large-scale pro¬
Defense contracts and
way.
military
actual
the
and
may
expenditurse
be
around
by
for
133
is upward,
trend
make the
it
full seasonal gain.
seems
Steel
and inven¬
Automobile production has recently
dealers' inventories have been rising,
the
plants
production
minor
which
were
defense
a
the turn
temporary
a
Any
about
bring
to
is
after
activity.
industrial
advance
and
gains
perhaps
or
Failure of
industries.
important
seasonal
sufficient
be
to
off,
less
products, and within
much
as
full
of
measures
farm
in
some
their
leveling
a
commodity
of
advance,
the seasonal
season,
in
make
industrial
be
by
Farm
some
even
practical capacity for several months,
exist
likely
not
new
will
to
when
for the
in
adjusted
however,
1940
of
plant
in output in the early months of 1941 appears likely.
up
industries
seasonally
of
the
peak in November of 131% of the
new
gradually increased.
situations
may
a
productive activity will
slowing
a
Similar
these
the
$9,000,000,000.
Industrial
and
under
exceeded
is
situation
necessary
get
can
represents
perhaps
activity;
industrial
have
furnishing
This, however,
productive
activity
eouipment
since
is
industrial exports continue
$376,000,000 in November as com¬
reached
to
immediate
defense
of
push
program
although
such
any
of the
in
decline,
decline,
weakness
in
few months—perhaps before
expected.
started
By
that time some
around the middle of
expenditures
probably
will
have
another $200,000,000 per month.
recently have been negligible,
as
although for
condensed and evaporated milk
exports
export
items,
such
as
butter, exports are the largest in 10 or 15 years.
Exporters of these
dairy products are benefiting from the closing of former continental
European sources of supply.
Exports of the more important products
such as cotton and tobacco are much smaller than they were a year ago,
and
prospects
Farm
was
and
to
for
in
no
substantial increase in the near future.
November
apparently
1939.
those of
November
with
higher than
a
year
earlier.
especially to continued heavy marketings of hogs and cotton
somewhat higher level of prices received by farmers than in
a
October,
was
due
November,
above
are
income
This
Dairy product marketings and prices also continue well
last
farm
year.
When
largely
the
adjusted for seasonal variation,
income
from
marketings
because
of
reduction
a
unusually large movement in
with
in
slightly
cotton
lower
marketings
however,
than
in
compared
October.
Petroleum and Its Products—Cole Seeks Oil Probe Ex¬
tension—President Roosevelt Sees Federal Control
of Oil
Current
Last
.
in
evidences
industrial
direct
in
allocations,
Oil
Nicaragua's
ago.
higher
two
mid-December
marketings and prices
Egg marketings and
1
of
on
page
in
year
recent
any
will
past
prices
product
and
Commercial Attache at Managua
Nicaragua's coffee industry is reported
market
have
products followed by several months the
that
said
impetus to
increased
States
the
but
pared with about $200,000,000 in August.
Ibe
System
during
Dairy
.
somewhat
mid-year—a resumption of
Nicaraguan Coffee Exports
conditions
tendency for costs of farm production to rise.
Part of the
increase in prices and income in 1941 will be offset by
higher costs.
From the Bureau's announcement the follow¬
ing is also taken:
year
Increased
im¬
upturn in industrial activity, a lag of this extent is not at
accounted
ceding
to
...
output has been close
Aggregate exports of all
of
business
earlier,
.
all unusual, the Bureau said.
an
value of 1,260,000 contos for the first half of the four preceding
decline of approximately 25%.
In no single half-year in the
1936-39
in
sharply
year
than
higher
1939.
Although
tion
the first
during
continues
'
large.
Department of Commerce reported the following on
Dec. 21, based on advices received from Vice-Consul
Iioger
Brazil's
in
a
earlier.
averaged
have
time
principal
The
L.
increased
than
year
substantially
The
Brazilian Coffee Exports in
a
demand for farm
allotments
products
improvement
larger
than
prices
same
makes
fill
to
much
are
The
position
a
crop.
revised
having
in these columns
allotments.
sugar
processors
their original
because of the smaller
quotas
A
of
the
marketings,
Hog
is
made necesGary
because unfavorable weather con¬
during the growing and harvesting season in Louisiana reduced the
crop of sugar to auch an extent that many processors do not have a
1940
enlarges the allotments of
for
to
response
recently been quite evident in connection with the follow¬
ing important farm products:
ditions
sufficient
farm
Agricultural
on
mand
as
reallocation
revision
of
United States Department of Agriculture, re¬
Dec. 18 in its monthly analysis of the demand
price situation.
The Bureau says the effects on de¬
ported
originally
Sugar Division
same
Bureau
Economics,
public
a
Is Stimulated by
Says
gains in industrial activity and the
of industrial workers, the Bureau of Agricultural
in
prove
the basis
on
after
Program,
demand
Domestic
and
allotments
hearing held in New Orleans, La., earlier in the year.
The
total marketing quota allotment for the area of 420,167
short
net
($2,511,280)
Economics
ministration announced Dec. 21 revised 1940 sugar market¬
of
£327,820
amounting to
Domestic Demand for Farm Products
Defense
announced
Oct. 31
♦
Allotments
Cane Processors Announced by AAA
Florida.
action in 1939.
no
Corp. highlighted the profit list for 1940 with
compared with £582,807 ($2,331,228) in the previous year.
—
The
The 116 major
Only 34 mills in the region
year.
dividends, against 47 which took
The Lancashire Cotton
pri¬
exports,
13,000 tons.
Revised
stated:
spinning mills in the Lancashire region have paid an average dividend of
of
consumption
approximated
Spanish African
to
tons
under way.
consumption
year
187,000
of around
crop
now
Spain
Last
Imports
a
is
crop
hostilities
tons.
England, Dec.
was
Corporate profits of Lancashire's cotton spinners this year will be tha
nouncement added:
mated.
Spinners Have Best Year Since 1921
In United Press advices from Manchester,
since
The firm's an¬
harvested.
were
whereby
the Peruvian Government is sending its own ships to carry the cattle.
ing to advices received by Lamborn & Co., New York, from
This
1940
28,
made its first shipment of live cattle to Peru under a new agreement
31,
Sugar production in Spain during the crop year ended
Aug. 31, 1940, totaled 87,127 long tons, raw value, accord¬
Madrid.
Dec.
year
than last and has
Industry "Defense Necessity"—Daily Crude
Output Increased-Crude Oil Inventories De¬
cline—Hadlock Reelected NOMA Secretary
Extension of the investigation of the petroleum industry
by the Cole subcommittee of the House Interstate and
Foreign Commerce Committee will be recommended in a
preliminary report of the group's findings which will be sub¬
mitted to the House next week, it "was disclosed by Chairman.
Cole in Washington early this week.
Under the legislation
creating it, the Cole subcommittee would expire with the
convening of the new Congress on Jan. 3.
President Roosevelt, in a letter to the Committee recently
made public, urged that it inquire into the advisability of
enactment of legislation for Federal control of the oil in¬
dustry from the necessities of national defense. While the
Committee scheduled hearings in accordance with
the
-t'
Volume
The Commercial & Financial Chronicle
151
President's request, the inability of several members of the
National DefeDse Advisory Commission to appear because
of the press
REFINED
of defense activities led to their postponement
be held.
WARMTH—1940
DRAIN
INGS
made public on Dec. 20 in
Washington, President Roosevelt declared that Federal
legislation for the control of crude oil production in the United
States as a measure of national defense was an "urgent need."
The letter, dated Nov. 29 but not made public until the
members of the subcommittee had studied it, urged that
Congress take the earliest possible steps toward the enact¬
ment of necessary legislation for Federal regulation.
Mr.
Cole has already introduced a bill before the House which
would place control of the oil industry under the Federal
Government.
When the hearings are opened early in 1941, E. R. Stettinius, Leon Henderson and Robert E. Wilson, all members
of the National Defense Advisory Commission will appear
before the subcommittee.
In addition, representatives of
the War and Navy Departments, Secretary
tional witnesses from the petroleum industry
Ickes and addi¬
will be afforded
opportunity to present their viewpoints.
the Administration to enact legislation
placing the petroleum industry under Federal control have
met with decisive defeats.
Not only has the industry itself
presented an united front in opposition but powerful political
support from the Governors of the various oil-producing
an
All earlier efforts by
States
has
been
had.
Even
when the Cole measure was
modified, it still met unyielding opposition from all
Some
industry to the Federal Government.
"Last spring, I wrote a letter to you in which I discussed
the
possibility of petroleum
conservation legislation,"
President Roosevelt said in his Nov. 29 letter to Chairman
expressed several ideas that I hoped would be
"I
Cole.
committee in meeting the objection thatjhad
to the proposed legislation which you have
before you for consideration.
"The vital need for petroleum in the national defense, its
importance to commerce and industry, and the critical
condition of Europe and Asia, confirm my belief in the urgent
need of Federal legislation to safeguard our petroleum supply
through prevention of waste and by establishment and main¬
helpful to
your
been voiced
of sound economic conditions in the oil industry.
tenance
I
am
as
that your
sure
matter careful
committee has given this important
am hopeful that a satis¬
consideration and I
factory solution with appropriate
think it would be possible to agree that
improvement in the New York metropolitan area
gasoline developed during the Christmas week as
The
same
authorized Federal agency finds that the States
have failed to enact laws requiring conformity with Fed¬
erally-prescribed standards or have failed persistently to
enforce compliance with such standards when required by
State laws."
Ed. note—Previous suggestions along the
lines of the President's recommendations have been vigor¬
ously opposed by the industry because in the long run, it
still gives the Federal Government absolute control of the
over a
a
dampening effect
the fuel oil
result
upon
The seasonal forward movement in prices as a
market.
of the cold weather last month suffered
a
sudden check, and
easiness in several
grades of fuel oils and kerosene was ap¬
parent.
While there were no price changes in a downward
direction, the momentum of the normal year-end seasonal
advance in prices was definitely checked and a spell of cold
weather is needed to spur demand and bolster prices.
More than a quarter-million home oil burner sales in 1940
set a new all-time high record for the industry, R. G. Whipple,
President of the Oil Burner Institute announced this week.
"As the industry enters its 23rd year of progress," he con¬
tinued, "it has ample reason for congratulation and optimism.
There are today more than 2,000,000 oil burning homes.
With every
indication of a large increase in new home build¬
ing and of accelerated modernization of existing homes during
the nest year, 1941 burner sales should exceed even the record
of 1940."
Despite the slowing down in the retail market for fuel oils
during the week just
and kerosene withdrawals from storage
preceding Christmas marked up the largest total for the year
to date.
Approximately 3,000,000 barrels were withdrawn
from holdings of residual fuel oil and gas and oil distillate
during the week ended Dec. 21, according to the American
Petroleum Institute.
Stocks of residual fuel oil were off
1,264,000 barrels to 102,841,000 barrels, while inventories of
and oil distillate were off 1,675,000 barrels to a total of
42,260,000 barrels.
gas
Expansion in holdings of finished and unfinished motor fuel
heavier this week than for several weeks.
Stocks showed
was
gain of 636,000 barrels to a total of 81,870,000 barrels.
Refinery operations were higher, gaining 2.2 points to 82.9%
a
of
Daily average runs of crude oil to stills climbed
capacity.
90,000 barrels to hit 3,585,000 barrels.
U. S. Gasoline (Above 65 Octane), Tank
Texas.
-.001*
St. O/l N. J.f.06
Other Cities—
$.07 J4-.08
y-Vac. .06
Chicago
New
Shell East'n .07M-.08
Orleans.
Gulf
08 J4-.08 %
Gulf
-.00 Y,
T.Wat. Oil. .08H-.0&X
RlchOil(Cal) .08&-.08 X
Warn< r-Qu. .07H-.08
Socod
Car Lot#, F.O.B. Refinery
New York—
New York—
ports
Tulsa
f.04^-.05H
.06M-.07
.05 H
04K-.05 H
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
the
an
weather which ruled
warm
weather that bolstered demand for and
warm
prices of motor fuel had
$.04[New Orleans_$.05>£-.05H
.04 -MX
[North Texas
.03 >*-.051 Tulsa.
$.0551 Los Angeles
(Bayonne)...
standards should be enforced by the Federal Government
only if
HOLD¬
'
HIGHER
New York—
should
HIGH-
NEW
HEAVY—GASOLINE
current.
recommendations will be
part:
"I
STOCKS
OIL
SET
SALES
BURNER
OIL
FUEL
BY
ON
large area during the period.
Retail prices showed some
strengthening in response to the contra-seasonal gain in dis¬
appearance of motor fuel.
Price-shading had dwindled ap¬
preciably, and at week-end, a genera] tone of optimism was
reported in the near future."
In outlining his suggestions for modification of the original
draft of the proposed legislation, President Roosevelt said
in
ON
result of the abnormal
factors
in the industry and in the States themselves since it gave, in
the final analysis, supreme control over the Nation's oil
AIDED
DEMAND
market for
a
In the letter to the Cole group,
FUEL
PRODUCTS—MOTOR
MILD WEATHER—FUEL OIL PRICE STRUCTURE EASES
until next year. Chairman Cole said that his group's report
would be preliminary in character and recommend only that
its life be extended during the first session of the new Congress
in order that the hearings requested by the President might
3811
Fuel Oil, F.O.B. Refinery or
N. Y. (Harbor)—
Bunker C
|
Terminal
..$1.00
New Orleans C
California 24 plus D
$1.00-1.25 PhUa., Bunker C
$1.25
2.00|
Diesel
Gas Oil, F.O.B. Refinery or Terminal
N. Y.
(Bayonne)—
f.02^-.03
|Tulsa
[Chicago—
28.30 D
$.0531
$.041
7 plus
Gasoline, Service Station, Tax Included
z
$.17
$.1001 Buffalo
.171 Boston............. .1851 Chicago
New York
z
Brooklyn.........
$.171 Newark
,17
zNot lnoiudlng 2% city sales tax.
industry.
All major oiLproducing States contributed to a gain of
42,250 barrels in daily average production of oil during the
week ended Dec. 21, the American Petroleum Insittute
Oklahoma output was up 15,250 barrels to 399,gain of 10,700 barrels for Texas lifted the daily
figure there to 1,342,350 barrels.
Moderate gains were
shown by Louisiana, Illinois, Kansas and California.
The
total for the Nation was more than 60,000 barrels in excess
of the recommended Dec. level of 3,560,000 barrels set by
Daily Average Crude Oil Production for Week
Dec. 21, 1940, Up 42,250 Barrels
reported.
500 while
a
the Bureau of Mines.
of domestic and
foreign petroleum held in the United States at the close of
the week of Dec. 14 pared the total to 216,293,000 barrels,
the Bureau of Mines reported.
A slump of 560,000 barrels
in holdings of domestic crude oil was offset somewhat by an
increase of 201,000 barrels in stocks of foreign crude oil.
Heavy crude oil stocks in California, not included in the
"refinable" crude totals, were off 201,000 barrels to 11,763,A
decline
of 359,000 barrels in stocks
000 barrels.
The
The
E. Bergfors, of the Quincy Oil Co.,
Quincy, Mass., as President of the National Oil Marketers
Association at the recent convention at the Hotel Morrison
made public this week.
Mr. Bergfors suc¬
ceeds R. J. Coughlin.
Paul E. Hadliek, of Washington,
D. C., was reelected Secretary.
There were no crude oil price changes.
in Chicago was
Price# of
Institute
42,250 barrels from the output
figures were
week's
current
estimates
that
the
of the previous week.
The
above the 3,560,000 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during December.
duction for the four
at
Daily
average pro¬
weeks ended Dec. 21, 1940, is estimated
The daily
average output for the week
totaled 3,867,900 barrels.
Further
reported by the Institute follow:
3,536,950 barrels.
ended
details
as
1939.
Dec. 23,
for domestic use and receipts in bond at principal
for the week ended Dec. 21, totaled 2,037,000 barrels,
Imports of petroleum
United States ports,
barrels, compared with a daily average of 255,286
ended Dec. 14. and 266,679 barrels daily for the 4 weeks
daily average of 291,000
barrels for the week
ended Dec. 21.
These figures include all oil imported, whether bonded or
for domestic use,
but it is impossible to make the separation in weekly
statistics.
Receipts of
Dec. 21,
California oil at Atlantic Coast ports during the week ended
amounted to 104,000 barrels, a daily average of 14,857 barrels, of
which 74,000 barrels was
was
Other
Fuel Oil received at New York, and 30,000 barrels
at Philadelphia.
Petroleum Products received
Reports received
Typical Crude per Barrel at Well#
Petroleum
daily average gross crude oil production for the week ended
Dec. 21, 1940, was 3,621,200 barrels.
This was a rise of
a
election of F.
American
Ended
from refining companies owning 86.2% of the 4,535,000
United States,
barrel estimated
$1.03
52.15 Eldorado, Ark., 40
1.10
Corning, Pa
—
1.0$ Rusk, Texas, 40 and over
.73
Illinois
....
1.05 Darst Creek
.70-1.03
Western Kentucky
.90 Michigan crude
.90
Mld-Cont't, Okla., 40 and above.. 1.03 Sunburst, Mont
1.18
Rodessa, Ark., 40 and above..
.125 Huntington, Cal f„ 30 and over
Smackover, Ark., 24 and over
.73 Kettleman Hills, 39 and over...... 1.35
Bradford, Pa
.......
—
...
-
...
...
daily potential refining capacity of the
indicate that the
(All gravities where A. P. I. degrees are not shown)
industry as a whole ran to stills, on a Bureau of Mines'
basis, 3,585,000
barrels of crude oil daily during the week, and that all
refineries, bulk terminals, in transit and in
end of the week, 81,870,000 barrels of finished and un¬
finished gasoline.
The total amount of gasoline produced by all companies
is estimated to have been 11,490,000 barrels during the week.
companies had in storage at
pipe lines as of the
The Commercial & Financial Chronicle
3812
PRODUCTION
DAILY AVERAGE CRUDE OIL
(Figures In Barrels)
PRODUCTION
ESTIMATED
Actual Production
Week
Calcu¬
Weeks
Change
PENNSYLVANIA
OF
(In Net Tons)
Week
lated
Stale
Ended
from
Ended
Ended
Require¬
Allow¬
Dec. 21,
Previous
Dec. 23,
ments
ables
1940
Week
Dec. 21,
1940
AND
ANTHRACITE
COKE
BEEHIVE
Four
B.ofM
1939
422,600
390,000
b399,500
+ 15,250
402,350
188,400
2,000
192,400 bl99,700
b2,700
+650
194,600
183,750
—300
2,650
83,150
+6,600
72,750
31,200
+ 50
30,350
+ 1,450
208,350
83,250
+ 1,750
92,000
95,300
33,800
270,050
93,350
492,850
—800
105,950
North Texas
West Central Texas.
West Texas
108,250
East Texas
375,100
+ 50
79,700
355,900
Southwest Texas
196,600
—2,550
189,400
245.760
+ 5,150
232.550
265,000
East Central Texas..
248,500
Coastal Texas.......
1,277,000 cl, 316,657 1,343,350
+ 11,700 1,277,250 1,588,100
68,700
Coastal Louisiana
—50
68,150
1929
'
+2,500
220,100
199,650
Total,
Including
colliery fuel a. 1,224,000 1,003,000 1,114,000 47,580,000 49,204,000 70,441,000
Commercial
pro¬
953,000 1,058,000 45,204,000 46,744,000 65,369,000
duction c
1,103,000
-
Beehive Coke—
100,600
United States total
113,300
79,700
2.639,300
1,203,600
18,883
13,283
8,827
4,226
6,299,200
21,068
dredge coal, and coal shipped by truck from authorized
14,1940 and corresponding 50 weeks
Includes washery and
a
)
16,767
Daily average
operations,
b Sum of 50 full weeks ended Dec.
of 1939 and 1929.
c Excludes colliery fuel.
WEEKLY PRODUCTION OF COAL, BY STATES
ESTIMATED
69,500
221,300
North Louisiana.....
1939
1940
1939
Anthra-
Penna.
1
219,700
Panhandle Texas...,
10
Dec.
1940
1940
430,800
Kansas............
Dec. 7
14
Dec.
Oklahoma.........
Nebraska..........
Calendar Year to Dale b
Week Ended
{.Dec.)
Total Texas
Dec. 28, 1940
Note that most of the supply of petroleum products Is not directly
competitive with coal.
(Minerals Yearbook, 1939, page 702)
c Sum of 50 full
weeks ended Dec. 14, 1940, and corresponding 60 weeks of 1939 and 1929.
pound of coal.
based on railroad carloadlngs and river ship¬
(The current weekly estimates are
and are subject to revision on receipt of monthly tonnage reports from
district and State sources or of final annual returns from the operators.)
ments,
280,300
290,000
287,248
66,100
Total Louisiana
70,176
288,250
+2,450
269,150
(In Thousands of Net Tons)
68,700
68,850
70,150
+3*250
15,800
2,000
327,100
335,850
b20,100
+ 1,700
+300
328,700
15,500
....
bl6,600
363,600
Arkansas
13,900
Mississippi....
Illinois
Indiana............
nois and
Michigan.....
Wyoming.......
Montana.
..........
Colorado...........
—650
43,950
64,650
17,750
3,900
1939
Alaska——
73,800
18,150
3,400
101,400
—100
3,500
101,250
104,000
Dec. 9
1940
+ 2,150
'
3,002,300
618.900
Total east of Calif. 2,906,100
593,900 d 571,000
3,621,200
18,050
108,150
+41,850 2,928,450 3,248.000
+400
608,500
619,900
+42,250 3,536,950 3,867,900
These are Bureau of Mines' calculations of the requirements of domestic crude
a
premises outlined in its detailed forecast for the month of
December.
As requirements may be supplied either from stocks, or from new
production, contemplated withdrawals from crude oil inventories must be deducted
from the Bureau's estimated requirements to determine the amount of new crude
to be produced,
b Okla., Kansas, Neb., Miss., Ind. figures are for week ended
7 a. m. Dec. 18.
c According to calculations of The Texas Railroad Commission,
this Is the approximate net 31-day allowable as of Dec. 1.
Past experience indicates
It will increase as now wells are completed and If any upward revisions are made.
With a few exceptions, all fields in the State were ordered shut down for 9 days,
namely, Dec. 1, 7, 8,14,15, 21, 22, 25 and 31. d Recommendation of Conservation
Committee of California Oil Producers.
oil based upon certain
Note—The figures Indicated above do not
include
any
estimate of any oil which
might have been surreptitiously produced.
337
332
314
290
Arkansas and Oklahoma
106
95
61
64
160
83
Colorado
170
193
137
166
299
253
1
1
1
1
1,295
1,183
1,087
1,101
1,744
1,535
458
452
409
400
474
514
78
71
72
78
116
187
153
168
156
188
159
783
755
702
663
982
584
206
186
178
193
368
30
33
Illinois
Indiana
Kansas and Missouri
Kentucky—Eastern
—
Western
to Stills
at Re¬
ing Capacity
Stocks of Fin¬
ished <k Unfin¬
lncl.
P. C.
Re¬
tial
port¬
ing
Aver.
Rate
ated
Total
Total
Daily Oper¬ Natural
Fin¬
Fin.
Refineries, &c.
Gas
<k
OH
& Dis¬
Redd.
Fuel
ished
Unfin. tillates
17,108
2,769
13,167
Blended
643 100.0
.
665
87.9
1,453
Ind., 111., Ky
156
91.0
132
93.0
451
743
90.2
501
83.7
2,200
420
Appalcahlan
76.9
250
'•
204
40
62
37
5
20
13
19
21
67
73
82
New Mexico
26
25
23
31
61
56
North and South Dakota
75
81
42
53
f59
f27
466
455
479
452
593
599
2,445
2,455
2,380
1,910
2,796
2,818
129
111
116
87
113
103
13
12
15
17
18
21
89
109
83
106
143
100
311
301
278
255
260
193
Ohio
—
...
Pennsylvania bituminous—
Tennessee
Texas...
Utah..—.
—
Virginia
64
45
49
35
40
60
57
1,759
1,858
1,760
1,516
2,041
1,132
578
633
653
570
716
692
143
156
173
Washington
Northern.b...
—
152
Wyoming
104
170
*
*
2
*
9,217
9,800
9,840
f5
8,414
f5
11,942
9,900
1,003
892
374
984
1,852
1,806
10,843
17,786
3,234
14,977
547
301
13,798
4,608
all coal
Total,
10,692
9,591
9,398
13,794
11,706
Includes operations on the
N. & W.; C. & O.; Virginian; K. «fe M.; B. C. & G.;
Mason, and Clay counties,
b Rest of State, In¬
and on the B. & O. In Kanawha,
cluding the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
Idaho, Nevada and Oregon,
d Data for Pennsylvania
of Mines,
e Average weekly rate
f Alaska, Georgia, North Carolina, and South Dakota included
cludes Arizona, California,
2,912
Oil
anthracite from published records of the Bureau
for entire month,
East Coast—.
121
81
ished Gasoline
ten¬
f
Stocks at
fineries
P. C.
349
32
a
Po¬
District
427
9
Total bituminous coal
a
f
88
Michigan
Pennsylvania anthracite.d.
Gasoline
Prodiuf n
f
Montana—
Maryland
(Figures In Thousands of Barrels of 42 Gallons Each)
Crude Runs
e
Alabama.
Other Western States _c—
21. 1940
1923
3
West Virginia—Southern.#
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL OIL
Daily Refin¬
Avge.
1929
3
CRUDE RUNS TO STILLS; PRODUCTION OF GASOLINE AND STOCKS OF
WEEK ENDED DEC.
Dec. 7
2
Iowa...
3,560,000
10
1938
2
Georgia and North Carolina
California..........
Dec.
66,150
71,300
Nov. 30
1940
+5,450
41,800
100,000
New Mexico.
Dec. 7
j 107,600
96,000
47,100
74,600
19,700
3,900
...
Dec.
Stale
91,550
90,900
Indiana)..
Week Ended—
20,400
Eastern (not lncl. Illi¬
11,375
* Less than 1,000 tons.
with "other Western States."
Okla., Kans..
In Missouri
c865
77.4
6,984
1,267
1,811
12,418
2,717
7,643
1,428
2,038
1,541
8,084
2,078
509
534
317
440
934
1,008
15,700
146
407
10,107
71,895
6,666
1,551
280
69.0
126
75.4
538
1,071
89.2
859
89.9
2,570
Louisiana Gulf
104
97.6
130
81.3
337
11,010
2,388
No. La. & Ark
101
51.5
48
92.3
123
Rocky Mtn
121
50.0
51
76.0
216
836
87.3
621
71.4
1,357
14,077
3,243
82.9
Inland Texas.
Texas Gulf
..
California.-..
10,110
1,380
70,180
5,780
5,880
41,430 101,071
830
1,770
3,585
11,490
42,260 102,841
11,298
75,960
75,234
81,870
3,495
unreptd.
75,990
342
86.2
Reported
Est.
390
81,234
43,935 104,105
bll,657
75,468
80,905
35,063 107,149
♦Est.tot.U. S.
Dec 21,
'40
Dec. 14,
'40
.
1
a3,414
Dec. 21, *39
Is
a
December, 1939 dally average,
week's production
average,
c
American
for
Deal
Copper—Prices
Firm
"Metal
Mineral
and
Markets," in its issue of Dec. 26,
reported that interest in the market for non-ferrous metals
centered in the official announcement from Washington
confirming the purchase of a large tonnage of foreign cop¬
This deal, most observers believe, brings the Govern¬
into the copper market.
Even larger purchases for
the "stockpile" are thought probable in the event that for¬
eign relations take a turn for the worse.
Copper and zinc
ment
sold
b This
based on the U. S. Bureau of Mines December, 1939 dally
12% reporting capacity did not report gasoline production.
Estimated Bureau of Mines' basis,
a
Latin
of
Tons
per.
4.535
4.536
♦U.S.B. of M.
♦
100,000
Closes
Metals—Government
Non-Ferrous
in
last
tin
were
No important price changes were announced.
quiet.
The
good
volume
but
week,
publication further reports:
lead
and
'
Copper
Copper
Weekly Coal Production Statistics
The Bituminous Coal Division of the U. S.
Department of
the Interior in its current weekly report stated that weekly
production of soft coal continues, as in the past four weeks, at
a rate slightly below the
10,000,000-ton mark.
The total
output in the week ended Dec. 14 is estimated at 9,915,000
net tons.
This is in comparison with 8,979,000 tons in the
corresponding week last year.
The U. S. Bureau of Mines reported that the estimated
production of Pennsylvania anthracite in the week of Dec. 14
showed a further rise—1,224,000 tons as compared with
1,003,000 tons for the week ended Dec. 7.
This represented
an increase of 22%.
Compared with the output in the cor¬
responding week of 1939 there was also an increase in tonnage
of about 10%.
ESTIMATED
UNITED
STATES
PRODUCTION
SOFT
OF
COAL
WITH
COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM
(In Thousands of Net Tons)
Week Ended
Dec
14
1940
Dec. 7
c
Dec.
1940
Calendar Year to Date
1939
1940
1939
1929
Bituminous Coal
a—
Daily average
Crude Petroleum b
9,915
9,840
1,653
1,640
5,733
5,787
-
8,979 431,987 375,431 513,415
1,737
1,276
1,472
1,497
domestic
market
traders
traced
varied
as
metal.
the
to
to
Large
only,
mine
Washington
100,000
"stockpile"
the
last
week
amounted
on
Dec.
the
of
19.
Latin
From the Anaconda
building
a
reserve.
will
as
well, could not be ascertained
on the 12c. Valley basis.
"stockpile" purposes was confirmed in
Jesse H. Jones, Federal Loan Administrator,
Reserve Company has contracted to purchase
business
American
copper
as
follows:
Copper Mining Co., 57,000 tons; from the American
Corp., 6,000 tons; total, 72,000
tons, at 10c. a pound, f.a.s. New York, on condition that if at any time
the cost of freight and insurance exceeds one-half cent a pound, such
excess
will be borne oy the Metals Reserve
Company.
The remaining
28,000 tons of copper was purchased from Kennecott Oopper Corp. at
9%c. a pound, f.a.s. Chilean ports, on condition that on such portion of
this copper as
the sellers can furnish transportation for, the Metals
Reserve Company will allow sellers one-half cent a pound for transporta¬
tion and war and marine insurance, making the total cost on such portion
Metal Co., 10,000 tons; from Phelps Dodge
19c.
a
On such portion as the sellers are unable
pound, f.a.s. New York.
furnish
the Metals Reserve Company will make
transportation for,
for
arrangements
transportation
at
produces
Lead
Includes for purposes of historical comparison and statistical
convenience the
its
the best rates obtainable.
foreign copper both in Chile and Mexico; Phelps
Dodge in Mexico; Kennecott in Chile; and American Metal is sales agent
for Cerro de Pasco, operating in Peru.
own
^
6,192 294,373 273,589 220,288
production of lignite,
b Total barrels produced during the week converted to
equivalent coal assuming 6,000,000 B. t. u. per barrel of oil and 13,100 B. t.u. per
Opinion
in Washington will use this
be reserved for domestic defense
for
copper
Metals
in
action
orders
allocated
foreign
that
tons
to
Less
authorities
metal
British
for
or
of
the
how
operators
Purchase
announced
Government's
exactly
Whether
business
Sales
for
figured in the sales for the week just ended, which some
—
Coal equivalent of weekly output.
a
the
20,290 tons, bringing' the total for the month so far to 68,923 tons.
Anaconda
Total, Including mine fuel
in
premium oopper
to
16
sales
J.,868
sales
*
of
tons,
lead
for
against
volume
was
the
last
7,632 tons
attributed
to
week,
in
excluding
the
the
contract
business,
totaled
week previous.
The slump in the
period and exerted no influ-
holiday
The Commercial & Financial Chronicle
Volume 151
enee
the
on
price structure.
York,
Quotations continued at 5.50c., New
which
was
also the contract settling basis of the American Smelting &
Iiefining Co., and at 5.35c., St. Louis.
Buying of lead is expected to
pick up soon, as consumers have to purchase more than one-half of
January's requirements, based on latest estimates.
Zinc
■.
.
«
Offerings of zinc remain comparatively small, and the industry is doing
best to satisfy those consumers who claim to be in urgent need of
metal against
last
week
not
was
priorities
was
defense orders.
tend
grades
zinc
of
ments
5,353
122,077
The
the
on
for
of
last
The
as
a
week
The
week
two
or
quotation
7^4c., St
backlog
the market during the
two spots
or
trade.
the
basis
the
tons.
one
tight
so
disturb
to
maintained
quite
In
Louis.
amounted
Prime
the common
tons, with ship¬
Sales of
5,729
to
(undelivered
on
of
Western
Rumors
ago.
contracts)
now
stands
at
tons.
Commodity Exchange
official
warehouses
17 announced that stocks of zinc in
Dec.
on
amounted
the
previously published figure of 2,275 tons resulting from a correction made
necessary
because of "erroneous reports heretofore filed by a licensed
warehouse."
The investigation of the open position in zinc has not yet
been
to
only
additional naval vessels at
a total cost of more than $500,000,000. • The
destroyers will take 25,000 tons of plain steel and the other ships about
150,000 tons. Additional cargo ships are also to be awarded by the Maritime
Commission.
The large volume of
shipbuilding work, together with other requirements,
has
'
its
3813
390
the reduction
tons,
from
brought about a serious delivery problem in wide plates, which are
quoted from 20 weeks to the third quarter of next year, a situation indicating
that this item may be one of the first to come under the influence of formal
priorities.
Steel companies will close December books with aggregate bookings at
least equal to those of November and in
some
instances in excess, despite
slight easing in the pressurq as the holiday period drew nearer. Because
of the Christmas
holiday, ingot production this week will be down to about
a
80%, but probably will
snap
back next week to last week's rate of 97% or
thereabouts.
Having produced
a
record-breaking tonnage this
year,
will enter 1941 with every prospect that this year's total
exceeded.
their
the steel industry
will be considerably
Steel companies will start 1941 with the heaviest backlogs In
history.
In addition to defense work,
new
prospects include a con¬
siderable additional volume of railroad equipment.
A sufficient
concluded.
number of sales of pig iron at the recent $1 a ton
has been made to establish the market at the higher level.
Tin
advance
Producers of
merchant iron who have not yet formally advanced their quotations have
Demand
tion.
for
Late
distant
more
Ixmdon
tin
week
positions
but the price again showed little varia¬
inactive,
was
the
in
it
reports that some
possible
was
the
on
basis
have
countries
purchase
to
50.05c.,
of
asked
but
Straits tin for future arrival
was
as
held at' 50.10c.
larger quotas in
for
liminary discussions for renewing the control plan
in the
Straits tin
spot
a
year
pre¬
hence.
either withdrawal from the market
regular customers
of
shipment."
customers
Major producers
rationing pig iron to their regular
are
the basis of the amounts normally taken in the past.
on
pig-iron composite price rises to $23.44, the first change
September, 1939, when there was a general advance of $2 a ton.
since
April
The price stabilization division of the National Defense
Dec.
19
50.100
50.100
50.100
50.100
mission has called
Dec.
20
50.100
50.100
50.100
50.100
increases in iron and steel scrap prices.
Dec.
21
50.100
50.100
50.100
50.100
Dec.
23...
50.100
50.100
50.050
50.050
Dec.
24
50.100
50.100
50.050
50.050
Dec.
25
canvass
Dec.
20,
Dec.
spot,
nominally
war
as
follows:
Dec.
19,
23,
49.25c.;
Dec.
24,
the price situalon
scrap
in pig
Advisory Com¬
dealers for Jan. 6 to discuss recent
iron
Other meetings will be held to
and
coke.
Non-integrated steel
are particularly affected by rising costs of these raw materials, since
they have not advanced their prices for steel. Scrap markets are strong this
week.
99%,
tin,
meeting of
a
makers
HOLI DAY
Chinese
The
result of which the
March
February
taking only such business from
are
or
obliged to accept at "price In effect at time
are
"Iron Age" has advanced Its quotations in principal producing districts, as a
follows:*
January
they
as
49.25c.;
49.25c.;
No. 1 heavy melting steel is up 50 cents at Cleveland and Youngs-
town and 25 cents at
Chicago.
The "Iron Age" scrap composite, rising to
25, holiday.
49.25c.;
Dec.
21,
49.25c.;
Dec.
$21.42, ends the year at its highest level of 1940.
THE "IRON AGE" COMPOSITE PRICES
Tin-plate operations in the United States during the last week held at
45% of capacity.
around
DAILY PRICES
OF METALS
Finished Steel
Dec.
("E. & M. J." QUOTATIONS)
23, 1940, 2.261c.
One week ago
..
One month ago
Straits
Electrolytic Copper
Tin
New York
Dom,,Refy. Exp,, Refy.
New York
One year ago
Zinc
Lead
St. Louis
Based on steel bars, beams, tank plates
Lb.
2.261c.
wire, rails, black pipe, sheets, and hot
2.261c.
rolled strips.
These products represent
....2.261c.
85% of the United States output.
a
Low
High
St. Louis
1940
2.261c.
Jan.
2
2.211o.
Apr. 16
Jan.
3
2.2360.
2.211c.
2.249c.
Oct.
Dec. 19
11.775
10.350
50.100
5.50
5.35
7.25
1939
...2.286c.
Dec. 20
11.825
10.400
50.100
5.50
5.35
7.25
1938
2.512e.
Dec. 21
11.775
10.375
50.100
5.50
5.35
7.25
1937
2.512c.
May 17
Mar. 9
Dec. 23
11.775
10.375
50.100
5.50
5.35
7.25
1936
2.249c.
Dec. 28
2.016c.
Jan,
4
Mar; 10
1
2.056c.
Jan.
8
Apr. 24
1.9450.
Jan.
2
May
2
Dec. 24
11.775
10.350
50.100
5.50
5.35
7.25
1935
Dec. 25
Holiday
Holiday
Holiday
Holiday
Holiday
Holiday
1934
Average
-
11.785
_
10.370
50.100
Average prices for calendar week ended Dec. 21 are:
Domestic copper, f.o.b.
refinery, 11.817c.; export copper, f.o.b. refinery, 10.388c.; Straits tin, 50.083c.;
New York lead, 5.500c.; St. Louis lead, 5.350c.; St. Louis zinc, 7.250c.; and
silver, 34.750c.
The above quotations are "M. <fc M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
Tbey are reduced
to the basis of cash. New York or St. Louis, as noted.
All prices are in cents per
pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are tor prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that Is
delivered at consumers' plants.
As delivery charges vary with the destination
the figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered prices In New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business, owing to the European war, most sellers are restricting
offerings to f .a J. transactions, dollar basis.
Quotations, for the present, reflect this
change in method of doing business.
A total of 0.05 cents Is deducted from f.ajs.
1.915c.
1930
1.981c.
2.192c.
Sept. 6
Jan. 13
Jan.
7
1929
.2.236c.
May 28
to arrive at the f.o.b. refinery quotation.
European
the usual table of daily London
war
Prices on standard tin, the only
prices given, however, are as follows:
Dec. 19, spot, £257,
three months, £259%; Dec. 20, spot, £257, three months,
£259%; Dec. 23, spot, £257%. three months, £260, and
Dec. 24, spot, £257, three months, £259%.
One month ago
The Dec. 26 issue of the "Iron
Age" stated that efforts of,
the National Administration to speed up the defense program
and aid to Great Britain will soon have important reper¬
cussions in the steel industry and its metal-working branches.
The "Iron Age" further reports:
Organization by the President of
as
...
One year ago
the
Office
for
a
four-man "super-defense board," to
Production
Management,
possible production of the means of defense."
There
was
were
strong indications
in Washington of a tightening of Government control over
industry and
labor.
Extension of the system of priorities, spreading of defense work through
sub-contracts to
manufacturers
tension of the work week
are
not
now
engaged in such work, and
ex¬
probable results.
By order of the President the
extended to sub-contractors,
scope
of the priorities system has been
which includes the steel and machine tool
The amended order gives the Priorities Board of the National
Defense Advisory Commission control over "all orders" for defense whether
direct or indirect.
More rigid control over machine tools may immediately
Formal priorities on steel will come about
more
gradually,
29
for basic iron at Valley
and foundry iron at
Chicago,
Valley,
and
Buffalo,
Southern iron at Cincinnati.
Low
High
2
$22.61
22.61
Sept. 19
20.61
Sept. 12
1938
23.25
June 21
19.61
July
1937
23.26
Mar.
9
20.25
Feb. 16
1936
19.73
Nov. 24
Aug. 11
18.84
Nov.
Jan.
Jan.
2
6
17.90
May
16.90
Dec.
14.81
Jan.
18.73
17.83
16.90
13.56
13.56
1931
15.90
Jan.
14.79
Deo. 16
1930
18.21
Jan.
15.90
Deo. 16
18.71
May 14
18.21
Deo. 17
1935
-
1934
.
1929
orders, which even now are being rushed by request. Some steel companies
which have not hitherto supplied much steel to Britain have been asked to
larger quantities.
.
greatly expanded if the President's "Lend-Lease" plan of aid for
1939
22.60
1938..
15.00
21.92
1937
1936
1935..
—
1934..
1933
.
1932...
..........
..........
1931
-
The
American
6
Iron
and
17.76
13.42
13.00
12.25
8.60
11.33
15.00
17.58
Steel
$16.04
14.08
11.00
12.92
12.67
10.33
9.50
6.76
6.43
8.50
11.25
14.08
Deo. 10
Oct.
3
Nov. 22
Mar. 30
Dec. 21
Dec. 10
Mar. 13
Aug.
8
Jan.
12
Jan.
6
Feb. 18
Jan. 29
Institute on
Dec.
Apr.
9
May 16
June
7
Nor. 10
June
9
Apr. 29
Sept.25
3
July
5
Dec. 29
Jan.
Dec.
Dec.
23
9
t
an¬
telegraphic reports which it had received
indicated that operating rate of steel companies having
97% of the steel capacity of the industry will be 80.8% of
capacity for the week beginning Dec. 23, compared with
96.8% one week ago. 96.6% one month ago, and 73.7% one
year ago. This represents a decrease of 16.0 points, or 16.5%,
from the preceding week.
Weekly indicated rates of steel
operations since Dec. 4, 1939, follow:
Dec.
Dec. 25
Jan.
Jan.
4...
-.64.0%
91.2% Mar. 11... -64.7%
90.0% Mar. 18... -62.4%
73.7% Mar. 25... -60.7%
Dec. 18
Apr.
Apr.
1——.85.7%
8—.86.1%
60 ships which the Todd Shipyards Corp., New York, will build will take
Feb.
5
about 120,000 tons of steel, not
Feb. 12
Feb. 19
Feb. 26
65.9%
Jan.
Mar.
1—
8
Apr. 15...
Apr. 22...
Apr. 29...
May 6... -65.8%
May 13... —70.0%
May 20— ..73.0%
May 27...
June
1940—
1940—
1940—
4...—92.8%
Dec. 11-
.77.3%
71.7%
68.8%
—67.1%
At least 60 additional
3
that
nounced
29
established at Portland, Me., and Richmond, Cal.
—
-
Jan.
including that needed for shipyards to be
27
Low
High
$21.33
1940...
Jan.
The first notable expansion, though not specifically
covered in the President's plan, is in the shipbuilding for the British.
The
Jan.
Dec.
on
No.
1
heavy melting steel
quotations at Pittsburgh, Philadelphia,
and Chicago.
..$21.33
21.00
17.67
One month ago...
15
84.8%
22—.82.2%
Britain is adopted.
May 14
Jan.
Based
Dec. 23, 1940, $21.42 a Gross Ton
One week ago
1940—
Production of airplanes, ships, military tanks and other ordnance material
5
Steel Scrap
1939—
as
the occasion demands, but in ail probability will first be applied to British
will be
9
Oct.
$22.61
1930
take
on average
furnace
Philadelphia,
22.61
1929
be exercised.
Dec.
1939
immediately
industries.
Deo. 29
1940
followed by an appeal from William S. Knudsen, its head, for "The swiftest
•
Based
....$22.61
22.61
One year ago
Steel Industry Soon to Feel Effects of Defense Program
known
Mar. 15
Pig Iron
Dec. 23,1940, $23.44 a Gross Ton
One week ago
1933
prices is not available.
be
1.792c.
1.870c.
*1.883c.
1.9620.
2.192c.
3
18
1932
basis (lighterage, &c.)
Due to the
Oct.
1932
7.25
Oct.
1.953c.
1931
5.35
5.50
......2.062c,
2.1180.
1933.
May 16
.,
3...
June 10...
-84.6%
June 17
-87.7% Sept. 30—92.6
June 24.....86.5% Oct.
.74.2 to Oct.
1.
July
14
Oct.
21
8.
.86.4%
July
.86.8%
July 15.
.88.2 ~
July 22.
July 26
—90.4<
Aug.
5
90.5C
Aug. 12.
89.5-/0
Aug. 19.
89.7%
Aug. 26
91.3%
Sept. 2
82.5%
Sept. *9—91.9%
Sept. 16
.92.9%
Sept. 23
92.5%
Oct.
7
94.2
..94 A%
94.9%
95.7%
96.0%
96.1%
18
96.6%
25
96.6%
2—96.9%
9
96.0%
10
96.8%
23
80.8%
28
Nov. 4
Nov. 11
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
ships, possibly more, will eventually be contracted for.
Naval shipbuilding work has also be augmented
contracts for 40
destroyers In
excess
by the placing of
new
of those previously contemplated and ' 33
"Steel"
of
Cleveland,
steel markets, on Dec.
in
its
summary
23 stated:
of the iron
and
The Commercial & Financial Chronicle
3814
Holiday shutdowns among steelmakers and users will be least extensive
many years.
Virtually all plants will observe Christmas only, one of
iri
the
two
sions
three
or
accepted holidays of the steel industry.
consuming
plants
without
orders
defense
On rare occa¬
Tuesday for all
close
week, chiefly to repair machinery and take inventory.
Steel
ingot production
last
since mid-October and
lowest
declined
week
half point to
a
95%,
the
December shipment's are
remarkably large, often better than November,
and despite a tax on year-end inventories
in several States.
Broadly
speaking, incoming orders show no abateemnt and are at ti;e rate of 140%
of production.
Accordingly, backlogs increase continually and deliveries
fall behind.
is usually not well diversi¬
Where orders do not increase the steelmaker
fied
in
makes
products,
chiefly
caters largely to the
Particularly where alloy
steel
carbon
or
automobile
industry where demand is tapering.
in, involved orders are increasing.
steel
In
the last category
major product.
134%%
of
rate
10%
the
Impretsion
feverish
for
On a typical day last week orders were received at the
of production; sales at the middle of December were
is
Great
of
customers
branch
own
warehouses.
steel, largely plates, will be needed for con¬
structing 60 freighters, 10,000-ton displacement each, for the British,
the contract placed with Todd Shipyards Corp., New York.
Steel in large
tonnage will be needed for building additional shipyards in the United
States at the expense of Great Britain.
About
180,000
tons of
close to record number,
produced
Automobile makers have this year
anticipating heavy demand fbr cars and need later to concentrate on
defense orders, which makes decline in steel buying now natural.
Sheet
and
strip
other
makers
welcome
falling off
in
automobile quality
urgent needs.
Estimated
supply
to
production
for the week
units, off 275 from last week, comparing with
Dec.
of
117,705 this time last
In 1941 they can start the season with a rush and, if neces¬
and other commodities to expedite ore, as
Well as transport more ore by rail.
The exact price status of pig iron, recently advanced $1 by a prominent
merchant, is not quite clear, though the trade expects that by the new
year
ton
hauls of coal
curtail
has
for
been
war
With
sheets
tin
cn
more
no
typical
mills,
overflow
orders
being
are
<'
tin plate production
industry
Large
purposes.
placed in the United States.
than 50%, some makers are rolling
the
of
flexibility
and
adaptability
in
the
now.
Declines
in
ingot production last week included Pittsburgh, off 1 point
at 95, and Chicago off % point to 97%, and Youngstown down 1 point
to 91.
New England gained 10 points to 100%.
Remaining at previous
rates were eastern Pennsylvania at 95,
Wheeling at 98%, Cleveland at
Buffalo at 93,
86%,
Birmingham
at
100, Cincinnati
87,
at
St.
Louis at
87%, and Detroit at 90%.
"Steel's"
price composites
and scrap at
unchanged for finished steel at $50.60
were
$21.37, but 4c. higher at $38.32 for iron and steel.
Ingot production of the units in the Pittsburgh district of
Carnegie-Illinois Steel Corp. (U. S. Steel subsidiary) for
the week ended
Dec. 23 is estimated to have been better
101
than
%% of capacity, and the output of all the sub¬
sidiaries of U J S. Steel reached a new high of 100k&% accord¬
ing to the "Wall Street Journal" of Dec. 26 which further
reported:
For the industry as a whole, the rate is placed at 98% of capacity, com¬
pared with 97%% in the two preceding weeks.
U. S. Steel's 100%% com¬
with 100% in the previous week and 99% two weeks ago.
pares
Leading
independents are credited with 96%, unchanged from the week before, and
against 98% two weeks ago.
The following
table gives
a
comparison of the percentage of production
with the nearest corresponding week of previous years,
Industry
year.
apparently no serious mention has been made of expanding ore facilities.
It is pointed out that the present Lake ore fleet of about 300 vessels
is sufficient.
This year the full fleet was not employed for ore until
sary,
dollars
together with the
125,350
is
21
Though at least three large steelmakers announce plans to increase pig
iron
and coke facilities,
thus providing for greater ingot production,
September.
several
usually
is
scrap
approximate changes, in points, from the week immediately preceding:
j
automobile
whereas
for the week totaled 39,500 tons, Baltimore & Ohio
taking 25,000 tons, Wabash 10,000 tons, and Erie 4,500 tons, with
tubstanrial numbers of cars and locomotives bought.
About
80% of steel orders placed in Canada during the past six
purchases
the
Atlantic seaboard are more
more convenient
retailers have been shipping to
Midwest
tested by sales,
as
28, 1940
iron.
Rail
orders
possibly because the East is
Britain.
their
of
along the
that conditions
farther West,
than
furnishing
Eastern
large diversified company, with alloy steel a
a
of mid-November, while last week total backlog
highest tonnage in the company's history.
ahead
reached
is
scrap,
under
months
recession of two points from the peak.
a
tiian
Dec.
the higher price will be general.
Even at the new price of $24 per
pig iron is $1 per ton cheaper in some areas
for several baging points
98
1940...
89
1939.
U. S. Steel
+
—
%
100%
2
88
1938-
45
1937
22%
—12%
4%
2
2
—
68
1933..
30
1932...
1931
12%
20%
1930.
—13%
20%
—
6
24
—11%
3%
56
—14
78
—11
4
55
39
30
—
+
—
5
42
2
33
3
28
2
3%
2
—
36
—
3
+
22
4
—
12
—
—
83
70
—
—
3
4
13
1%
3%
2%
2%
—
3
19%
—
5
26%
—
—
81
73
2%
2%
+
—
60%
—
6
—
•31
85
+
—
44%
2
64
—
61
1928
—
44
—
49
1934
1929
Independents
96%
89%
47%
%
—13
1930
1935
1927
+
+
3%
67
+
2
Current Events and Discussions
The
New York City
Reserve Banks
Week with the Federal
Dec. 24 Dec.
During the week ended Dec. 24 member bank reserve
balances increased $33,000,000.
Additions to member bank
reserves arose from a decrease of $89,000,000 in Treasury
deposits with Federal Reserve banks, and increases of
$30,000,000 in Reserve bank credit and $32,000,000 in gold
stock, offset in part by increases of $101,000,000 in money
in circulation, $9,000,000 in Treasury cash, and $9,000,000
in non-member deposits and other Federal Reserve accounts.
Excess reserves of member banks on Dec. 24 were estimated
be approximately $6,440,000,000, an increase of $40,000,000 for the week.
The statement in full for the week ended Dec. 24 will be
to
-
found
3844 and 3845.
Changes in member bank reserve balances and related
items during the week and year ended Dec. 24, 1940, follow:
on
pages
Increase
Dec. 24,1940
$
(+)
or Decrease
Since
Dec. 18, 1940
(—)
Assets—
—4,000,000
TJ. S. Government securities, direct
and guaranteed
2,184,000,000
Industrial advances (not Including
18 Dec. 27
1939
1940
1940
1939
$
$
$
$
Other loans for purchasing or
carrying securities
172
179
54
55
114
114
112
20
20
14
26
26
35
397
Real estate loans..
172
394
379
72
71
51
312
316
Loans to banks
Other loans
Treasury bills..
Treasury notes
Obligations
66
281
United States bonds.
guaranteed
300
365
1,167
2,835
....
1,130
2,827
716
147
146
177
2,291
762
760
705
1,231
1,178
5,507
107
378
1,103
378
341
1,119
1,089
136
by
the
United States Government...
Other securities
1,567
1,380
1,566
6,645
Reserve with Fed. Res. banks..
Cash in vault
6,599
104
96
1,340
177
101
89
47
47
48
88
86
81
324
317
265
322
323
358
41
40
45
10,479
10,314
8,321
2,002
1,808
723
720
655
514
512
506
28
29
49
95
95
83
3,807
3,877
3,399
1,011
1,011
890
Balances with domestic banks..
Other assets—net
...
Liabilities—
Demand deposits—adjusted
Time deposits
U. S. Government deposits
Inter-bank deposits:
Foreign banks
605
610
1,997 '
670
9
8
8
....
....
....
"§18
312
§01
"i§
~~18
"17
1,514
1.512
1,480
264
265
247
Borrowings...................
$
4,000,000
Chicago-
18 Dec. 27 Dec. 24 Dec.
1940
$
•
$
Domestic banks
Dec. 27, 1939
$
1940
____
I.I
Other liabilities
....
—305,000,000
Bills discounted
Capital
+1,000,000
+31,000,000
8,000,000
141,000,000
$6,000,000 commitments, Dec. 24)
Other Reserve bank credit
—3,000,000
+81,000,000
accounts
Complete
Returns of Member Banks of the Federal
System for the Preceding Week
Reserve
3,082,000,000
+30,000,000
—232,0b0,000
+32,000,000 + 4,310,000,000
+1,000,000
+119,000,000
13,837,000,000
+33,000,000 +2,344,000,000
Total Reserve bank credit....
Gold stock
2,336,000.000
21,930,000,000
Treasury currency
....
Member bank reserve balances
Money in circulation
8,817,000,000 +101,000,000 +1,154,000,000
Treasury cash...
2,213,000,000
+ 9,000,000
—204,000,000
Treasury deposits with F. R. banks. ^481,000,000
—89,000,000
—165,000,000
Non-member deposits and other Fed¬
eral Reserve accounts..
2,000,000,000
+ 9,000,000 +1,067,000.000
Returns of Member Banks in New York
Below is the statement of the Board of Governors of the
Monday:
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
$
$
10,323
3,093
1939
$
10,262
3,099
System respecting the
entire
close of business Dec. 18:
The
condition
statement
leading cities shows
of
weekly
reporting
member
banks
in
101
the
following principal changes for the week ended
Dec. 18:
Increases of $29,000,000 in loans to brokers and dealers in
securities and $234,000,000 in holdings of United States Treasury notes,
decreases of $297,000,000 in reserve balances with Federal Reserve banks
and $124,000,000 in demand deposits—adjusted, and increases of $67,-
Chicago
in
United
Commercial,
Dec. 24 Dec. 18 Dec. 27 Dec. 24 Dec. 18 Dec. 27
Assets—
the
States
Government
deposits
and
$159,000,000
in
de¬
posits credited to domestic banks.
New York City
Loans—total
of
body of reporting member banks of
the Federal Reserve System for the week ended with the
000,000
(In Millions of Dollars)
Loans and investments—total..
week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
returns
Federal Reserve System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the mem¬
ber banks, which will not be available until the coming
1940
taneously with the figures of the Reserve banks themselves
and covering the same
of Governors of the Federal Reserve
City and
Chicago—Brokers' Loans
1940
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
8,840
3,059
1940
1940
$
$
$
1939
2,392
2.388
687
577
to
industrial
brokers
and
agricultural
and
dealers
in
loans
securities
increased
increased $9,000,000.
$20,000,000 in New
York
City and $29,000,000 at all reporting member banks.
Holdings of United States Treasury notes increased $163,000,000
2,113
686
Loans
New
in
York
City, $18,000,000 in the Richmond district, and $234,000,000
reporting member banks.
Holdings of "other securities" increased
Commercial, Industrial and
agricultural loans.
Open market paper.........
1,906
1,903
1,689
91
90
114
19
19
19
$33,000,000 in New York City and $35,000,000 at all reporting member
Loans to brokers and dealers..
387
400
551
39
40
42
banks.
.
at
482
482
all
385
Volume
Demand
trict,
The Commercial & Financial Chronicle
151
deposits—adjusted
$42,000,000
New
in
City,
in
$72,000,000
decreased
York
$18,000,000
Chicago
the
the Richmond
in
dis¬
dis¬
increased
$124,000,000 at all reporting member banks, and
$27,000,000
in
the
Philadelphia
district.
Time
deposits
and
trict,
Odd-Lot Trading
3815
New York Stock Exchange During
on
Week Ended Dec. 21
porting member banks, together with changes for the week
The Securities and Exchange Commission on Dec. 27 made
public a summary for the week ended Dec. 21, 1940, of com¬
plete figures showing the daily volume of stock transactions
for the odd-lot account of all odd-lot dealers and specialists
who handle odd lots on the New York Stock Exchange, con¬
tinuing a series of current figures being published by the
Commission.
The figures are based upon reports filed with
the Commission by the odd-lot dealers and specialists.
and
STOCK
increased
$21,000 000.
Deposits
York
credited
City,
banks
domestic
to
$14,000,000
increased
$128,000,000
New
in
the Chicago district, and $159,000,000 at all
Deposits credited to foreign banks decreased
in
banks.
member
reporting
$6,000,000.
A
of. the principal assets and liabilities of re¬
summary
the
Dec. IS, 1940, follows:
ended
year
Increase
(+)
'"r
or
Decrease
(—)
TRANSACTIONS FOR THE ODD-LOT ACCOUNT OF ODD-LOT
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
Since
Week Ended Nov.
30, 1940
'
+308,000,000
+ 42,000,000
§
+2,067,000,000
+ 409,000,000
5,001,000,000
+9,000,000
+595,000,000
303,000,000
—1,000,000
—19,000,000
558,000,000
+29,000,000
—294,000,000
$
§
'
1
Dec. 20, 1939
Dec.-11, 1940
Dec. 18, 1940
missels
Loans and investments—total.25,532,000,000
Loans—total
9,341,000,000
-
Commercial, industrial and agri¬
cultural loans
Open market
paper.
Loans to brokers and dealers in
securities
Other
loans
for
purchasing
or
467,000,000
+9,000,000
—43,000,000
1.228,000,000
40,000,000
1,744,000,000
—2,000,000
—2,000,000
+39,000,000
—26,000,000
+157,000,000
Treasury notes
759,000,000
2,093,000,000
—25,000,000
+234,000,000
6,956,000,000
+17,000,000
+957,000,000
carrying securities
Real estate loans
Loans to .banks
Other loans
Treasury bills
by United
Obligations guaranteed
*
States
_
3,426,000,000
22,279,000,000
5,405,000,000
476,000,000
—124,000,000 +3,356,000,000
+21,000,000
+150,000,000
+67,000,000
—108,000,000
3,649,000,000
Reserve with Fed. Reserve banks-.11,673,000,000
Cash in vault
577,000,000
Balances with domestic banks
Demand
deposits—adjusted.
Time deposits
U. S. Government deposits
19,456
544.471
Dollar value
20,352,993
Odd-lot purchases by dealers (customers' sales):
Number of orders:
Customers' short sales
229
Customers' other sales.a--
19,633
-
Customers' total sales......
19,862
Number of shares:
Customers' short sales
„
+5,000,000
+330,000,000
+35,000,000
+282,000,000
—297,000,000 +2,096,000,000
—1,000,000
+36,000,000
+155,000,000
+ 345,000,000
2,734,000,000
Government---------
Other securities
purchases):
Number of shares
+106,000,000
—17,000,000
United States bonds
Total
for Week
Odd-lot sales by dealers (customers
Number ol orders
5,204
--------
-
Customers' other sales.a
512,654
-
I
_______
Customers' total sales
517,858
Dollar value
16,410,735
Round-lot sales by dealers:
Number of shares:
Short
sales
-
240
-
Other sales-b
128,410
Total sales
128,650
Inter-bank deposits:
Domestic banks..
Foreign banks
Borrowings..
"Central
New
Bank"
Reserve
+994,000,000
—78,000,000
+159,000.000
—6,000,000
—1,000,000
8,972,000,000
668,000,000
1,000,000
——
for
...
—
Scheduled
China
Open at Nanking Jan. 6
to
following Associated Press advices from Shanghai,
Dec. 19, appeared in the New York "Times" of Dec. 20:
Round-lot purchases by dealers:
Number of shares
155,480
Sales marked "short exempt" are reported with "other sales."
b Sales to offset customers' odd-lot orders, and sales to liquidate a long position
which is less than a round lot are reported with "other sales."
a
The
The
Japanese-sponsored government at Nanking authorized today estab¬
a "Central Reserve Bank," which Japanese sources here said
New
would
at
its
issue
"ultimately
and
currency
own
Nanking
on
unify"
regular
Chinese
The institution will be inaugurated
and various Japanese issues.
currency
'phe announced purpose of the bank is to extend the authority
of the
it controls. Wang
Fu-hai, was named governor of the
Nanking government over currency throughout the areas
Japanese took control Nov. 9
recent
Chungking government have slightly declined in
Dollars of the
days
of the Central Bank of China, established
the Chinese Government now stationed at Chung¬
decade ago by
a
king.
Dec. 20
on
circular urging tliem to again take up for con¬
a
sideration the adoption
because of the prospective establishment
of the opposition
bank.
November, 1939 regarding the status of the capital in¬
terest in the firm of a partner who may die or retire as
provided
to
of Bogota 20-Year 63^% Bonds
Meet in New York
The Central Hanover Bank &
of many
ments
do
Holders of Municipality
partnership
in
on
Jan. 3
accomplish
as
for the Municipality of Bogota 20-year 6^% se¬
sinking fu id bonds due April 1, 1947, has notified
the bondholders that a meeting will be held at its main
office, 70 Broadway, New York, on Jan. 3, for the purpose
of considering and discussing the information furnished the
bondholders in the trustee's letter of Dec. 19.
The letter,
If
it
desired
is
continued
urged
following
After
the
(o
the
at
the
that
of
Republic
of Panama
Plan
of the Republic of
the period of Panama's
debt readjustment plan and deposit agreement had been
extended through Jan. 24, 1941.
Previous extension of the
time for assenting to the plan was referred to in our issue.of
J.
Charge
Ehrman,
H.
d'Affaires
Panama, announced on Dec. 23 that
Nov. 30, page
accordance with
a
decision of the Trustees,
on or
after Jan. 2,
1941, to holders of the partlv-paid July 1, 1940 coupons of
the dollar bonds, an additional $5 on each $35 coupon and
$2.50
on
coupons
On July
each
$17.50 coupon,
for stamping.
upon
presentation
of the
It is further stated:
1, 1940 bondholders were notified
that the coupon of that date
paid at $4.50 on account, and returned to the bondholders. No
funds have been remitted, but the American fiscal agent has re¬
would be
further
ceived information that certain coupons
have been
due July 1, 1940 held in Bulgaria
paid at 40% of the face value in leva.
fore decided to draw upon
The Trustees have there¬
the Reserve Fund for the additional payment.
With regard to this payment the Committee on Floor
Procedure of the New York Stock Exchange ruled as follows
on
Dec. 27:
That the bonds be
July 1, 1940 ($9.00
The
July 6,
contracts made beginning Jan. 2, 1941, must carry
and $5.00 paid), and subsequent coupons.
July 1 payment was referred to in these columns of
page
business
consideration
thorough
representative of
his
death
of
the partnership be
in
partner
any
after
adoption
or
said
retirement,
suggestion,
it
is
for the
of
the
legal
a
deceased
questions
partner
to the claims of all
involved,
counsel
the partnership agreement does
withdrawing partner or of the
to
present
his interest
in
the
firm
future creditors of the
or
any successor firm) arising out of matters occurring
partner's withdrawal or death, the Exchange cannot,
upon the partner's withdrawal or death, regard his interest as continuing
to be part of the Net Capital of the continuing or successor firm.
This
is so, even though :n the case of death the deceased partner's will may
contain a provision either that his personal representative is authorized
(or
continuing firm
subsequent
lm
the
to
directed
or
his claim
subordinate
to
so
capacity
representative
to
the
for
become
decedent's
limited
a
lias
by
determining whether
in
partner's
interest
or
in
partner
general
in
in
interest
it
the
computing
may
•
into account the
take
Net
Capital
of
the'firm,
effect to such testamentary provisions only after the executor
appropriate action to make them effective and the time speci¬
taken
fied
are
or
: ;
Exchange,
give
may
law
which
within
creditors
individual
the
of
deceased
partner
required to file claims against his estate has expired and satisfactory
has been submitted to the Exchange that all debts of or claims
evidence
the
against
made
for
estate
in
the
been
have
satisfaction
their
for
interest
The
firm.
executor satisfactory
the
While
satisfied
without
Exchange
to
may
adequate provision
to
require
the
an
deceased
opinion
has
been
partner's
of
counsel
it covering these matters.
provisions
testamentary
or
recourse
may
ultimately
permit
a
deceased
partner's interest in a firm to be allowed as part of its Net Capital, a
substantial period of time necessarily will elapse, immediately following
the date of
the partner's death during, which,
in the absence of ap¬
propriate
allow
provision? in
the deceased
the partnership agreement,
the Exchange cannot
partner's interest in computing the firm's Net Capital.
might render it necessary
for the continuing firm to find additional capital upon the partner's death,
in order to meet the Exchange's capital requirements.
It
is obvious
The
that in many eases such a situation
changes
suggested
in
peared in these columns Dec.
SEC
shall continue to be dealt in "flat" and to be a delivery in
settlement of Exchange
the
interest .of
the
of
reconsider the
partnership
agreements
ap¬
2, 1939, page 3476.
quoted ex-interest $5.00 per $1,000 bond on Jan. 2,
1941;
That the bonds
the
(hat
risk
firm
reasons.
deceased
July 1 Coupon of
Kingdom of Bulgaria 7% Settlement Loan of 1926
Bondholders of the Kingdom of Bulgaria 7% Settlement
Loan of 1926 were notified on Dec. 27 bv J. Henrv Schroder
Banking Corp., American fiscal agent, that it will pay, in
on
may
signed by E. C. Gray, Director of the De¬
Exchange have advised that, where
The
be Made
partner's will
a
the firm.
3155.
Additional Payment to
the
agree¬
have not adopted the sugges¬
specifically provide that the claim of a
not
personal
Bonds to Assent to Readjustement
believe that
the same result,
shall be subordinated
Holders
of
partment of Member Firms of the Exchange, says:
trustee
for
letter
member firms indicates that a substantial
because they may
so or
tion.
Trust Co., New York,
cured
Extended
The
agreements.
Exchange states that examination of the partnership
number of such firms, either because they do not desire to
^
Time
of the Exchange's suggestion made
in
bank.
almost
Retired Partners
The New York Stock Exchange sent to its member firms
Ching-wei's Finance Minister, Chou
new
Stock
Exchange Urges Member Firms to
Suggested
Changes in
Partnership
Agreements as Regards Capital Interest of Deceased
or
6.
Jan.
York
Reconsider
lishment of
37.
New York Stock Exchange to Rescind
Multiple Trading—Exchange Does Not
Accede—Commission May Order Public Hearing
Requests
Its Rule
The
on
Securities
formally
Exchange Commission on Dec.
the New York Stock Exchange
and
requested
20
Jto
The Commis¬
rescind this rule, which is
designed to prevent New York Stock Exchange members
from participating as odd-lot dealers and specialists on
regional or outside exchanges in securities which are also
traded on the New York Exchange, met with the disap¬
rescind
sion's
multiple trading rule.
so-called
its
to
request
previous
The action of the Ex¬
proval of the Exchange on Dec. 11.
referred to in our issue of Dec. 14.
3476.
In its announcement made public Dec., 20 the
says that, if the Exchange refuses to effect the re¬
change at that time was
page
SEC
quested change, it has power to call a hearing on this mat¬
ter at which time the Exchange will have an opportunity to
Exchange Commission announced
and
Securities
The
follows:
The Commission's statement
present its views.
today that, acting
19(11) of the Securities Exchange Act of 1934, it has
formally requested the New York Stock Exchange to effect such changes
in its rules as may be necessary to make it clear that the rules of the
Exchange shall not prevent any member from acting as an odd-lot dealer
or
specialist or otherwise dealing upon any other exchange outside New
York City of which he is a member.
The Commission has requested that it be advised of the decision of the
pursuant to Section
request on or before Dec. 28, 1940.
19(B) the Commission is authorized to
call a public hearing on this mater if the Exchange refuses to effect the
changes in its rules as requested.
At such public hearing the Exchange
will have an opportunity to present its views on the matter.
Exchange with respect to the foregoing
Under
the
Section
of
provisions
yesterday (Dec. 27), the Exchange's
Board of Governors again refused to accede to the Commis¬
sion's request.
The Commission will now probably order a
public hearing into the matter.
The Exchange's decision
was announced in the following letter, which William McC.
Martin, Jr., President of the institution, sent to the SEC.
At
its
meeting
New York Stock Exchange, at its
The Board of Governors of the
certificates of participation, $10,016,000, or 9.4%,
$8,149,009, or 7.6%.
The largest total for any Industry group was shown for electric, gas
and water utility companies, which registered $59,418,000 of securities,
cr 55.4% of the total.
Most of this was accounted for by a single large
15.5%
total r
of the
preferred stock,
and
2%%
the
issue,
in
Next
814,000,
weie
20.4%, including $13,989,000 of securities of investment
Manufacturing companies registered securities in the aggre¬
of $16,126,000, or 15.0%.
to be offered through underwriters equaled $85,427,000, or
or
companies.
gate amount
Securities
79.7%.
of the Boston Edison Co. totaling'$55,650,000.
financial and investment companies with $21,-
bonds
importance
Issues
be
to
through
offered
totaled $19,425,000, or
by issuers equaled $2,345,000,
agents
18.1%, and securities to be offered directly
of the
Virtually all
2.2%.
or
issues were to be offered to the general
public, this group accounting for $101,647,000, or 94.8% of the total.
Underwriters and agents were to receive a total of $3,747,000,
while
as
expenses
during the month and in which 55 separate issues
which became effective
of
$2,862,000
included
riiis
the
While
registered.
were
of
and certificates
certificates
total amount registered was $161,748,000,
substitute securities, such as voting trust
deposit, as well as $4,758,000 of securities
registered for the account of others.
Of the latter amount all but $91,000
was to
be offered fcr sale.
Moreover,' a total of $46,931,000 of securities
was
for purposes other than sale.
This included
to be exchanged for other issues, $3,059,000 of
and $2,460,000 of securi¬
for options.
There remained, after these various deductions,
by
registered
for other subsequent issuance,
securities reserved
ties
issuers
of securities
$41,413,000
reserved
proposed
securities
of
$107,197,000
by
sale
for
issuers, of which
outside the City of New York, and
the
Exchange be amended
so as to permit members to engage in such activities.
The New York Stock Exchange feels that it cannot accede to this request
and understands that in default of making such changes in our Constitu¬
tion, the Commission may order a public hearing pursuant to Section
19 (b) of the Act, at which we will be given an opportunity to present our
that the Constitution of the
Commission's request
REGISTRATIONS UNDER THE SECURITIES ACT OF 1933
OF SECURITIES, NOVEMBER, 1940
EFFECTIVE
BY TYPES
Total Securities
Effectively Registered
Type of Security
No. of
Issues
21
5
beneficial Interest, &c
Certificates of participation,
4
Grand total
Total, Less Securities
Reserved for Conversion
Percent
Nov.,
1940
1939
$70,606,626
1,766,188
24,262,733
44.5
41.1
1.1
15.5
15.3
3.0
26,577,944
16.7
29.3
$70,606,626
1,766,188
8,149,200
16,655,170
35,316,263
356,196
22.2
10.5
0.2
0.6
$158,885,950 100.0
100.0
Unsecured bonds.....
Preferred stock
Sales
November
of
Value
Market
Reports
Percent
Amount
Nov.,
Amount
Secured bonds
SEC
for Sale by Issuers
Type of Security
Nov.,
Nov.,
1940
1939
65.9
41.7
July 12, 1940.
specialists on other exchanges on
or
$161,748,285
Securities Proposed
Substitution
or
2,862,335
55
deposit)
356,196
4
Warrants or rights
Substitute securities (v. t. ctfs. and ctfs. of
by our members
on other
exchanges be held in abeyance pending final determination of
the question.
In the meantime, exemptions from the application of the
ruling will be granted to all members who were acting as odd lot dealers
35,316,263
1
_
_
Common stock
Section 8 of Article XVI to dealings
that the application of
$70,606,626
1,766,188
24,262,733
26,577,944
14
Unsecured bonds
Preferred stock
is pleased to accede to the request
Exchange
Stock
York
New
Amount
6
Secured bonds
views.
The
only
$10,250,000 represented the issues of new ventures.
requiring the enforcement
specialists on other exchanges
or
or
reported by registrants equaled $695,000, or
C.6%.
Total ccst of flotation, theefore, was 4.1%.
Registration statistics for November are based upon 42 statements
?.5%,
today, again carefully
rescind its resolution
XVI of its
1940
28,
'
meeting
considered the formal request of the SEC that it
of Section 8 of Article
Constitution in respect of members acting as odd lot dealers
Dec.
Chronicle
The Commercial & Financial
3816
on
;
Common stock
Exchanges Increased 40.3%
1.2% Over November, 1939
15.8
2.5
15.5
29.3
10,016,308
9.4
10.7
3,222
0.0
Certificates of participation,
announced on
Dec. 26 that the market value of total sales on all regis¬
tered securities exchanges for November, 1940, amounted
to $991,058,123, an increase of 40.3% over the market value
of total sales for October, and an increase of 1.2% over
November, 1939.
Stock sales, excluding rights and war¬
rants, had a market value of $876,128,694, an increase of
48.3% over October.
Bond sales were valued at $114,.605,938, a decrease of 0.2% from October.
The market
value of rights and warrants in November totaled $323,491.
1.6
7.6
Substitute securities (v.t.c.
Securities
National
and Exchange Commission
Securities
The
and
October
Over
36,826,571
principal
stock
of
volume
shares,
of
increase
an
of
amount
bonds
The
New
leading
two
market
value
99.8%
of
all
on
sales,
market
the
sold was
55.2% over October's total.
$186,431,625, an increase of
bond sales
of
market
of
value
sales
total
on
exempt
1040, amounted to $477,586, a decrease of
exchanges
November,
for
100.0
Export-Import Bank's Loan of $60,000,000 to Argentina
Signed—Negotiations for Treasury's $50,000,000
Stabilization Credit Not Completed
Export-Import Bank's credit of $60,-
Final details of the
000,000 to Argentina were disposed of on Dec. 23 when the
signed by Warren Lee Pierson, Presi¬
was
now
all registered securities
on
$107,196,714 100.0
Total
exchanges.
The
Grand total
0.7%
was
York exchanges accounted for 94.0% of the
93.3% of the market value of stock sales, and
value
ctfs. and ctfs. of deposit)
dent of the bank; Raul Prebisch, General Manager of the
Central Bank of Argentina and head of the Argentine mission
warrants,
and
rights
excluding
sales,
October.
ever
rights.
or
loan commitment
The SEC further reported:
The
beneficial Interest, &c
Warrants
14.5% from October.
in this country; and Felipe A. Espil, Argentine Ambas¬
sador to the United States.
The United Press reported on
Dec. 23 that the loan will bear 3.6% interest and the money
will be made available at the rate of $5,000,000 a month
Granting of the credit was reported in these
during 1941.
columns of Dec. 14, page 3484.
This loan is in addition to
the $50,000,000 which the
plans to advance to Argentina to stabilize its
currency.
Secretary Morgenthau said on Dec. 26 that these
negotiations have not yet been completed; the proposal was
referred to in our issue of Dec. 7, page 3320.
Treasury
Registration of 55 New Issues Aggregating $161,748,000
Under
Effective
Became
Act
Securities
During
November
The
Dec.
Act
Securities
21
1933
of
Exchange Commission announced on
and
effective
that
registrations under the Securities
1940, totaled $161,748,000,
Federal
Intermediate
as compared with $287,456,000 in
October, 1940, and $114,924,000 in November, 1939, according to an analysis pre¬
Public
tures
offering
of the
Dec.
sale
by issuers amounted to $107,197,000 in November, 1940,
compared with $256,125,000 in October, 1940, and $112,153,000 in November, 1939.
The Commission's announce¬
additional
Securities proposed for
Exchange Division.
ment further
Most of the net proceeds to be realized
tered during
and
November, 1940,
retirement
of
designated
was
of
repayment
preferred
All
new
the
for
money
for
purposes.
Funds to
November
gated
or
plant
including
or
0.6%,
$5,705,000
equipment,
be used
for
the
or
$69,825,000,
9.2%,
or
for
or
for
repayment
for
of the total,
77.8%
68.0%,
retirement
of
$9,309,000,
other
or
for
of
of
to be used for working capital,
and
$262,000
purchase
for
other
of securities
new
registrat'ons
money
amounted
to
consisted largely of bond issues, which aggre¬
67.5% of the total.
Of this amount $70,607,000
bonds.
Common
stock aggregated
$16,655,000, or
or
secured
Sell
Debenture
total
sale therefore
price
was
The
issue
later,
to
$250,000
consolidated deben¬
Credit banks
was
made
Dunn, New York, fiscal agent.
An
within the System, and the
amounted to $12,050,000.
The offering
was
sold
slightly above par.
new
amount
Intermediate
by Charles R.
$550,000
%%
$11,500,000
of
Federal
in
on
is
dated
Jan.
Oct. 1, 1941.
2, 1941, and matures nine
As maturities
on
Jan. 2 next
there will be a net reduction of
the amount of debentures of the banks out¬
$12,300,000,
standing at the close of business on that date, the aggre¬
gate of which will be $200,225,000.
debt.
9.1%
was
13.1% of the total.
$72,373,000,
represented
and
$79,933,000,
combined accounted
amount
$3,342,000
$13,463,000,
of
$9,427,000,
notes;
$681,000,
purposes
Of this
total
purpose,
and
and
from the sale of securities regis¬
to be used for repayment of indebtedness
were
A
that
bonds
stock,
total.
stock.
18
months
stated:
Banks
Issue
pared by the Research and Statistics Section of the Trad¬
ing and
Credit
November,
during
Low Cost of Savings Bank Life Insurance in New
State Reflected in 1941 Dividend Schedule
Dividends
for
1941
on
Savings
Bank
Life
York
Insurance
policies declared by the issuing savings banks in New York
State
ing to
show
an
Richards,
a
very
substantial increase over 1940, accord¬
announcement made Dec. 13 by Judge Edward A.
President of
the
Savings Banks Life Insurance
Volume
Fund.
The Commercial & Financial Chronicle
151
Advices
ment
by
to
this
effect,
contained
in
announce¬
an
of
New York, states that the 1941 dividend schedule provides
dividends at most ages of from two to three times the
the
amounts
$1,000
Savings
straight
1940 dividend
1940
in
life
For example,
policy,
is
quoted
substantial
Insurance
of
State
the
points out,
it
the
in
at
age
a
to
the
with
grow
forceful
for
cost
the
that
rapidity
The
announcement
low
examiniiig the
the
of
cost
goes
Savings
Life
in force, and the
Bank
Savings
on
now
individual
with
comes
As
policyholders.
premium rate
cash
returnable
values
Life
these
on
the
with
evident
becomes
Insurance
conjunction
in
policies.
Again
upon
dividend scale,
new
$1,000
taking a
$23.96, the
$2.39, and the cash value on the first anniversary $12.88,
making a net payment by the policyholder of $21.57, and a net cost,
after deducting the cash value, of $8.69.
This same policy in its second
year,
and under the 1941 schedule, would have received dividends of
$5.79, ar.d have an established cash value of $26.13, making the average
straight
life
dividend
of
the
liberal
terms.
than
While
$50
classified
be
modern
as
has
Insurance
Life
a
insurance
life
90%
over
week,
a
its
of
State,
sponsors
of
the
buyers
Judge
as
to
to
all
life
sented
by
has
who
cost,
shall be allowed
as a
deduction,
or
(Attention is invited to
taxes.
or
are not exempt
from the
other disposition of the Treasury bills
othwerise recognized, for the purposes
hereafter imposed by the United States or any of its pos¬
Treasury Department Circular No. 418,
as
amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
Government
Corporations and Credit Agencies Return
$210,389,100 of Their Capital Funds to Treasury—
President's Last Budget Estimated Total Amount
to Be Returned at
$700,000,000
Secretary of the Treasury Morgenthau made public on
Dec. 27 a statement showing the amount of capital funds
returned and to be returned to the Treasury by govern¬
mental corporations and credit agencies, as set out in the
President's budget message of last January.
The figures are
as
follows:
^
Federal Savings & Loan Associations
want
and will purchase it voluntarily.
are
now
offering this lowin force, repre¬
now
The maximum which
an
individual may
York law is $3,000.
of
90-Day
Treasury
Accepted at Par and Above Par
000,000
of
$100,Bills—$100,424,000
announced on
of $100,000,000, or thereabouts, of 90-day Treasury bills totaled
$422,280,000, of which $100,424,000 was accepted at prices
slightly above par and at par.
The Treasury bills are dated
the
will
Total
$7,389,100
40,000,000
$27,610,900
Banks for cooperatives
48,000,000
12,000,000
Production Credit corporations
mature
on
15,000 ;ooo
Federal Land banks
100,000,000
Finance Corporation
Reconstruction
$35,000,000
40,000,000
60,000,000
15,000,000
100,000,000
loo,boo, 000
350,000,000
Federal Farm Mortgage Corporation
$210,389,100
350,000,000
$489,610,900
$700,000,000
100,000,000
In his budget message
for the fiscal year ended June 30,
1941, given in these columns of Jan. 6, 1940, page 27, the
President explained that some of the credit corporations
established by the Federal Government to meet emergencies
will have excess capital funds due to "the lessening need for
loans in some cases and the growing surpluses in other
Mr. Roosevelt estimated at that time that "it will
feasible to reduce the capital funds of some of these
corporations by an aggregate figure of $700,000,000 without
in any way impeding their operations."
prove
President Roosevelt Presents Collier Trophy to Nation's
Commercial Airlines—Presentation Made at Cere¬
monies
Wright
March 26,
1941.
Reference
offering appeared in our issue of Dec. 21, page 3670.
The following regarding the accepted bids of the offering
is from Mr. Morgenthau's announcement of Dec. 23:
and
Returned
Morgenthau
Treasury
Dec. 23 that the tenders of the offering last week
26
to Be
Treasury
cases."
Secretary
Amounts
Amounts
Returned to
Agency
Bank
and
need
of $422,280,000 Received to Offering of
Tenders
Dec.
inheritance
No loss from the sale
applicants
Savings
insurance,
persons
$11,500,000 of insurance is
14,000 policies..
some
purchase under the New
two
and
to date have incomes
low
volume,
applicants
industrial
of
appeal
coverage,
Over
insurance.
life
the first
Richards stated,
during
Insurance
Eighteen mutual savings banks in the State
cost
of
premium
a
approximately two-thirds of the
and
wide
Life
York
New
in
expectations
of
might
with
35,
and
Treasury Decision 4550, ruling that Treasury bills
Federal Intermediate Credit banks._
Bank
Savings
of
existence
its
fulfilled
less
age
$8.00.
experience
years
at
other disposition thereof will also be exempt, from all
estate
is
yearly net cost
The
issued
policy
or
except
and
advertising
extensive
to state:
on
Bank
gain from the sale
sessions.
rate
selling.
The
and
in
other immediately available
or
1941.
of any tax now or
dividend
the
Savings Bank Life Insurance system grows older, as more banks partici¬
pate in it, and as increasing amounts of insurance are issued, it can be
expected that continued lower unit expenses to the policyholder will
result.
However, it must be borne in mind that Savings Bank Life
Insurance is bought, rather than sold, by voluntary purchasers who make
applications through their savings banks.
Hence it must not be expected
reductions
Jan. 2,
The Treasury bills will be exempt, as to principal and interest, and any
gift tax.)
1939
in
policies is due to the volume of business
consequent
on
35, the
on the same basis
dividend of $2.39.
Judge
issued
Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve Banks in cash
funds
taxation,
follows:
as
increase
thereof.
a
on
A policy issued
97c.
was
will, in 1941, receive
ltichards
This
1940.
iiaid in
Association
Banks
3817
Marking 37th Anniversary of Flight of
Brothers—Pan-American Aviation
Day
Also Observed
to the
Total applied for, $422,280,000
The accepted
bids
were
Total accepted, $100,424,000
tendered at prices slightly above par, and at par
Of the amount tendered at par, 37% was
accepted.
.
Offering of $100,000,000 of 90-Day Treasury Bills
Be Dated Jan. 2,
New
of National Defense Series—Will
1940
Tenders to
offering of 90-Day Treasury bills to the
or thereabouts, to be sold on a
discount basis to the highest bidders were invited on Dec. 27
by Secretary of the Treasury Morgenthau.
Tenders will be
of
amount
received
a new
$100,000,000,
the
at
Federal
Reserve Banks,
and the branches
thereof up to 2 p. m. (EST), Dec. 30, but will not be received
the
at
Treasury Department, Washington.
The Treasury
National Defense Series, will be dated
on April 2, 1941, and on the maturity
date the face amount of the bills will be payable without
interest.
There is a maturity of a previous issue of Treasury
bills on Jan. 2 in amount of $101,450,000.
This new issue of bills will be issued pursuant to the
provisions of Section 302 of the Revenue Act of 1940, ap¬
proved June 25, 1940.
The Treasury's announcement adds:
designated
bills,
At observances in Washington of the 37th anniversary of
the airplane flight of the Wright Brothers from Kill Devil
near Kitty Hawk, N. C., President Roosevelt on Dec. 17
presented the Collier Trophy to the country's commercial
airlines, with a special citation to three doctors who developed
a compact oxygen mask enabling pilots to fly efficiently at
high altitudes. The Collier Trophy is given each year by
Collier's Magazine for "the greatest achievement in aviation
in the United States, the value of which has been demon¬
strated in actual use during the preceding year."
The three
doctors who received the special citation are Dr. Walter
Boothby and Dr. William R. Lovelace 2d of the Mayo
Foundation, and Captain Harry C. Armstrong, of the Army
Medical Corps, Wright Field, Dayton, Ohio.
Besides the
observances of the anniversary of the Wright Brothers flight,
Pan-American Aviation Day was also celebrated on Dec. 17.
As to this, Washington advices, Dec. 17, to the New York
"Times" of Dec. 18, had the following to say:
Hill,
Jan. 2 and will mature
Under that authority of that section "National
tions may be
Defense Series" obliga¬
issued to provide the Treasury with funds to meet
any ex¬
penditures made, after June 30, 1940 for the national defense, or to reim¬
burse the general fund of Treasury
Mr.
therefor.
The day was
of Jorge
aviation
to
further said:
as
well, as Pan-American Aviation Day.
Chavez,
Santiago
de
Cardenas,
the contributions
Bielovucic,
Juan
Bartolome de Guzmao and many other interpid air pioneers of our sister
republics, "as well as those of Alberto Santos Dumont."
"It is my
understanding that these private sponsors chose the anniversary
of the Wright
Brothers' successful flight with heavier-than-air motor-driven
aircraft," Mr. Hull said of Pan-American Aviation
felt that it would be a fitting
men
the
Day, "because they
occasion on which to pay tribute to the pioneer
of all the American republics and to the progress of
Western
Dec. 17
Morgenthau, in his announcement of the offering,
celebrated,
Secretary Hull in a formal statement called attention to
aviation throughout
Hemisphere."
was
designated
as
Pan-American Aviation Day by
noted in our
President Roosevelt early in the month, as was
issue of Dec. 14, page
3480.
They (the bills) will be issued in bearer form only, and in amounts or
of
denominations
$1,000,
$10,000,
$100,000,
$500,000,
and
$1,000,000
(maturity value).
No
tender
for
an
amount
tender must be in multiples of
less than
$1,000.
the basis of 100, with not more
on
$1,000 will be considered.
Each
The price offered must be expressed
than three decimal places,
e. g.,
99.125.
Fractions must not be used.
Tenders will be accepted
without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in invest¬
ment securities.
of
Tenders from others must be accompanied by a deposit
10% of the face amount of Treasury bills applied for, unless the tenders
are
accompanied by an express guaranty of payment by
bank
or
trust
an
incorporated
company.
Immediately after the closing hour for receipt of tenders on Dec. 30,
1940, all tenders received at the Federal Reserve Banks or branches thereof
up to
the closing hour will be opened and public announcement of the ac¬
ceptable prices will follow as soon as possible thereafter, probably on the
following morning.
The Secretary of the Treasury expressly
reserves
the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount
Those
applied for, and his action in any such respect shall be final.
submitting tenders will be advised of the acceptance or rejection
for Better
World—Broadcasts Christmas
Message After Lighting White House Tree
President Roosevelt Says People Must Strive
and
More
Happy
In his Christmas message to the^ Nation, on Christmas
Eve, President Roosevelt in a radio talk broadcast from
Washington stated that while this Christmas cannot be
merry for most of us, due to world conditions, it could
be a happy one "if by happiness we mean that we have done
with doubt, that we have set our hearts against fear, that
we still believe in the Golden Rule of all mankind, that we
intend to live
more
purely in the spirit of Christ, and that
by our works, as well as our words, we will strive forward
in faith and in hope and in love."
Sometimes, said the President, we "wonder if this old
world of ours has abandoned the ideals of the Brotherhood
of Man."
"Some people," he said, "are cynics part of the
time, but most people keep their faith most of the time."
The Commercial & Financial Chronicle
3818
Asserting that "we must keep on striving for a better and
happy world," the President declared that "it is
unintelligent to be defeatist."
He added, "Crisis may beget
crisis, but the progress underneath does not wholly halt—
it does go forward."
The President spoke on the occasion of the lighting of the
Christmas tree in a park known as the Ellipse between
the White House and the Washington Monument, where a
more
living cedar adorned with ornaments and lights was lighted
pressing of a button by the President.
The text of the President's talk follows, according to the
with the
Associated Press:
in its
this is
while
a
name
in the ultimate all lines of race, of habitat, of
It transcends
the earth.
It survives
It lives in the midst of war, of slavery, of conquest.
nation.
humanity.
Sometimes
through the strifes and the hates of
have lived
who
we
America is a portent of disunion and disaster.
lives.
our
a
petroleum
and
commerce
confirm
petroleum supply through presentation of waste and by establishment
maintenance
I
and
|
A few people are cynics all of the
Crisis may beget crisis but the progress
halt—it does go forward.
the lives of human beings are safer
actual warfare in the present moment,
than
they
the olden days.
in
were
Great and spreading plagues take
smaller toll;
starvation of millions is less; the forces of nature are better
controlled.
There
is
civilization
the
in
recognize
we
security
greater
a
Charity in the narrower sense
worker, for the aged.
for the young, for the
the needy more usefully.
of the word helps
we
We do not claim attainment, and
definite betterment.
we see a
recognize that there is much—oh so much—to do.
Most of all
we
referred
all the
We want to do it the voluntary way—and most human beings in
world want
imposed
way
That
do
to
to
Invoke
in
follow
not
footsteps
the
all one—and what
of
That would
Christ.
not
Mankind is
happens in distant lands tomorrow will leave its mark
the happiness of our Christmases to come.
Let
make this Christmas a
us
midst.
For
merry
for the little children in our
one
still believe in the golden rule of all
we
mankind, that we intend to live
purely in the spirit of Christ, and that by our works, as well as our
more
words,
will strive forward in faith and in hope and in love.
we
yet to come.
Extra
President Roosevelt Suspends Import Quotas on
Army
for
announced
Commission
Tariff
a proclamation suspending the import quotas,
imposed under Section 22 of the Agricultural Adjustment
Act of 1933, as amended, on cotton having a staple length
of one and eleven-sixteenth inches or more, was signed by
19.
Dec.
on
This
action
taken
was
the
and
Department of Agriculture, found that to
essential to the defense program it
wrould be necessary to suspend the quotas and that entry
obtain
the
without
in
supplies
restriction
quota
question would not
import
cotton
from
and
the
and
one
only
United
system
or
hundred
States.
remain
in
subcontractors
The
eleven-sixteenth
on
Sept.
effective
20,
and
1939,
harsh or rough
The presidential proclamation in effect removes
except
bales
certain
inches
are
would
be
are
cotton
short
a
in
grown
available
dutiable
having
staple
7c.
at
staple
world,
the
for
per
length
and probably
importation
pound.
of
less
into
The
than
the
quotas
one
and
inches.
Copies of the Commission's report to the President may
be
obtained
at
offices of the
the
Commission in Washing¬
ton, D. C., or the Commission's office in the Custom House
in New York City.
The
limitations
imports of cotton proclaimed by the
was referred to in our issue of Sept. 16,
on
President last year
page
1696.
frequently
as
Roosevelt Says There
Is "Urgent Need" for
Federal Legislation to Control Petroleum Produc¬
tion
legislation "to safeguard
prevention
of
issue
our
of
waste
gives
and
our
by
an
urgent need
petroleum supply
establishment
are
the
for
orders
working
Board
working
all
de¬
on
on
de¬
for
deliveries
over
on
Federal
to
Priorities
organizations
and
order
subjecting
grant priority
enacted
but
that
Oct.
on
all
deliveries
With respect to this
18, to the New York
mend
defense
industry,
serious
most
supply
contracts.
machinery
Perhaps the
which
lias
"bottleneck"
or
most
been
cited
based
efforts
in
28.
authority given to the President in
on
to
He
said
hoped
it
he
issued
an
at
that
would
time,
be
not
order
executive
and
other
on
necessary
subsequent
invoke
to
law
a
priority,
giving the Priorities
Board,
National
Advisory Deiense Committee, authority to recom¬
priorities where necessary, and invoke them, subject to his approval.
prioiity-recommending
Administrator
Knudsen
are
the
which
concerns
on
machine-tool
-
he
22
the
the
was
June
last
occasions,
all
working
constituting
order
new
of
Priorities,
Chairman
is
and
authority
and
The
actually
was
which
phraseology
in
vested
Donald
in
Board,
Stettinius
R.
N.
of which
Jr.
and
Nelson,
S.
William
Leon
He*dreson
-
order
new
is
Priorities
a
Edward
members.
restatement of' the
a
lifted
limitation
a
on
original
with
one
application
of
a
pri¬
orities.
order
first
contracts
applies
2
applied
specifically
orders
and
have
[ot the Act of June
(a)
and
28]
"persons with
to
been
"all orders placed pursuant
to
or
to
whom
placed."
are
the
authority
and
naval
Today's
of
the
order
said
Sec¬
and all other naval and Army con¬
orders."
President's
The
Board
authority
columns Oct.
President
and
26,
executive
to
invoke
page
order
conferring
priorities
the
upon
given
was
in
these
2422.
Roosevelt Extends Export
to 15 More Items
Licensing System
President
Roosevelt on
Dec.
21 extended
the
export
licensing system to 15 additional articles and materials,
including plans and equipment for the production of avia¬
tion lubricating oil.
Acting upon the recommendation of
Colonel
L.
Russel
Maxwell, Administrator of Export Con¬
trol, the President's proclamation increased to 73 the
of
strategic
and
critical
num¬
materials
placed under the
materials added to the list
licensing system.
The latest
include, according to the United Press:
Bromine, ethylene, cobalt, plastic molding machines and
measuring machines,
testing machines,
ing industrial diamonds,
tion
and
lubricating
ores,
garnet,
In
as
oil,
abrasives
well
as
the
hydraulic
pumps,
presses,
tools
gauges,
incorporat¬
equipment and plans for the production of avia¬
ethylene
and
dibromide,
abrasive
methylamine,
products containing
strontium
emery,
announcing the proclamation, the White House
list
metals
corundum
or
abrasive paper and cloth, and balancing machines.
that the 15 items
were
of products
said
added for the purpose of perfecting
covered in former proclamations.
Previous extension of the licensing system, affecting iron
and steel exports, was referred to
page
in these columns Dec. 14,
3481.
Roosevelt's Plan for
Britain
Loaning Armaments
to
Backed
by 150 Leading Citizens in
Telegram Addressed to President
The White House announced
Roosevelt
President Roosevelt believes that there is
through
appropriate
production.
defense
speed
President
for Federal
in
executive
an
of
effect
small
include
is
group
Great
President
mentioned
issued
order
to
industries
to
important
ber
said:
having a staple length of one and elevenOnly a few thousand bales of cotton as long
Imports
force
became
The-
cotton
more.
eleven-sixteenth
few
a
linters.
cotton
inches
cotton
on
cotton
raw
quota
sixteenth
as
quotas
all
to
further
program.
immediately.
effective
quota suspension was
Commission's announcement
The
long staple cotton
of the extra
interfere with the cotton
The
applied
with
by Presidential Order to
Against
Defense
Subcon¬
Navy contracts
and
pursuant to a report of the Commission which, after joint
recommendation of the National Defense Advisory Com¬
mission
solution
on
Dec. 21 that
Roosevelt
am
future.
near
private account and for export.
tracts
President
I
'"Times" said:
tion
Long Staple Cotton
■
States
the
were
the
require
subcontracts
The
United
lias
Tiiis
to
authority
fense
Army
The
above,
Roosevelt
orders.
fense
change
happy Christmas to all, and happier Christmases
In that spirit I wish a
in
Regulations
which
15
This
fc*But for most of us it can be a happy Christmas if by happiness we mean
that we hare done with doubts, that we have set our hearts against fear,
that
Dec.
within
of maturer years it cannot be merry.
us
industry.
tractors
The
happier Christmases in the future of any nation.
make for
on
We do not want to have the
way.
the world by the conquest of the world by the sword.
on
would
the voluntary
it
oil
Priorities Board Given Power
materials
it—yes, a peaceful chance to do it.
ask a chance to do
satisfactory
a
latest action, Washington advices, Dec.
Compared with the days when Charles Dickens wrote "the Christmas
Carol,"
that
be reported
will
priority regulation subcontractors who
Aside from great areas stricken by
gained much.
century we have
the
"Merry Christmas"—for we think in
be defeatist.
It is unintelligent to
hopeful
am
President
underneath does not wholly
in
April 6, 1940, page 2189.
keep on striving for a better and a more happy
we must
economic conditions
Roosevelt's ideas for petroleum conservation legisla¬
Mr.
people are cynics part of the time; but most people keep their
That is why
sound
of
committee has given this important matter careful consid¬
that your
sure
world.
a
the urgent need of Federal legislation to safeguard
belief in
my
our
faith most of the time.
In
for petroleum in the national defense, its importance
industry, and the critical condition of Europe and Asia,
need
vital
The
in
consideration.
for
you
Some¬
in those moods it is hard for us to keep from putting our
are
tongues in our cheeks when we say
some
follows:
as
spring I wrote a letter to
tion,
thoughts of futility and not of hope.
time;
national
you in which I discussed the desirability
conservation legislation.
I expressed several ideas that I
boped would be helpful to your committee in meeting the objection that
lias
been voiced as to the proposed legislation
which you have before
of
fear that the selfishness of the individual is more and more con¬
we
the
it had been studied by subcommittee
Washington advices, Dec. 19, to the New
York "Journal of Commerce," which gave the President's
eration
in our own midst in
When
in
said
recommendations
of Man.
we
petroleum
after
until
public
members,
old world of ours has abandoned the ideals
of the Brotherhood
trolling in
for
need
letter, although sent under date of Nqv. 29, was not made
Sometimes we ask if contention and anger
quarter-century wonder if this
times
"vital
the
on
and
It is an unquenchable spring of promise
prohibitions and decrees and force.
to
belief
defense, its importance in commerce and industry, and the
critical condition of Europe and Asia."
The President's
Last
belong actively to no church at all.
of other religions, or
economic conditions in the oil indus¬
He made this statement in a letter
to Representa¬
tive William E. Cole, head of the special oil investigating
committee of the House Interstate and Foreign Commerce
Committee, made public Dec. 19.
Mr. Roosevelt bases his
letter
jj£The reason Is not far to seek.
It is because the spirit of unselfish service
personified by the life and the teachings of Christ makes appeal to the
inner conscience and hope of every man and every woman in every part of
1940
28,
try."
remind itself
reverently and happily by hundreds of millions of people who are members
in
maintenance of sound
Christian celebration, it is participated
At this Christraastide of 1910 it is well for all humanity to
that
Dec.
has
received
on
Dec. 26 that President
telegram, signed by over 150
prominent American citizens, pledging support to his re¬
cently announced plan for lending armaments to Great
Britain, and urging him to "make it the settled policy of
a
Volume
The Commercial & Financial Chronicle
151
this country to do everything that may be necessary to insure
the defeat of
the_ Axis Powers," The telegram asked the
clarify in greater detail "the nature of the
conflict" which threatens to wipe out "Christian civilization,"
and also "of the possibilities of English failure and of|the
President
to
consequences to us and to our children's children should
Great Britain fail." Among those signing the appeal were:
authors, bankers, editors, educators, industrialists, lawyers
and civic and religious leaders.
The message concluded by praising Mr.
Roosevelt's
leadership, saying it "is essential to the preparation of men's
minds for what may be ahead of us."
The President's plan for loaning armaments to Great
Britain was mentioned in these columns Dec. 21, page 3675.
Following is the text of the telegram:
A too
own
Many
Americans
are
engaged
on
understand
the
irreconcilable
three continents and
on many
nature
oceans.
of
the
forces
Many under¬
stand the dark consequences to us, to freedom and to democracy here, to
the foundations
of American
institutions, should the Axis powers gain the
But many, far too
supremacy of the seas.
do not understand, a few
many,
do not want to understand.
If,
before
ignorance and lethargy and disbelief brought many
European democracies to their grave and led the United Kingdom to the
1938,
thin edge of disaster,
blinding
ignorance and lethargy and disbelief here are
so
us to our own
peril.
This ignorance, this lethargy and this dis¬
belief must be swept away before it is too late.
There may be'only a little
You led
us
"regular retail merchants in the State of North Carolina."
as
The only corresponding fixed-sum license tax on which appellant's real
subject is a tax of SI per annum for the privilege of doing
Non-residents wishing to display their wares must either establish
business.
themselves
are
regular
as
North
Carolina
retail
merchants
at
prohibitive
expense, or else pay this $250 tax that bears no relation to actual or probable
sales, but must be paid in advance
to be.
Interstate
S.
commerce can
Supreme
Court
Wisconsin Tax
on
no matter
how small the sales turn out
hardly survive in
so
hostile an atmosphere.
Reaffirms
Decision
Dividends
of Out-of-State Cor¬
Upholding
porations Doing Business Within State
The validity of the Wisconsin tax of 23^% on dividends of
corporations doing business within the State was upheld by
the United States Supreme Court on Dec 23, in passing on
the case of the F. W. Woolworth Co
The high court ruling,
reverses the findings of a Wisconsin
Supreme Court decision.
The ruling of the United States Supreme Court in the
Woolworth case reaffirmed its decision of Dec. 16, in which
the Wisconsin tax was held valid in cases involving the J. C
Penney Co. and the Minnesota Mining & Manufacturing
Co., which reference was made in our Dec 21 issue, page
splendidly during the critical days of late spring and early
We ask you to give us the same splendid leadership now.
We ask you to clarify once more, but perhaps in greater detail, the nature
of the conflict which threatens to wipe out
in which men
may
of
qualify them
competitors
3673
time left.
fall.
merchandise, not those
Some of these local shops may, like appellant,
temporary display rooms in sections of North Carolina where they
have no permanent store, but even these escape the tax at the bar because
the location of their central retail store somewhere within the State will
vital national interests prompts us to write
you this letter.
by sample.
rent
prevalent indifference and apathy toward what is happening in the
world and the threat to our
that
normally be regular retail merchants.
Betail stores of the State are natural outlets for
who sell only
U.
Dear Mr* President:
3819
residents competing with appellant for the sale of similar merchandise will
the sort of Christian civilization
be free from the restraints of intolerance, from the fear
injustice and from the
menace of
arbitrary
power.
We ask you to inform us, clearly and boldly, of the
possibilities of English
failure and of the consequences to us and to our children's children should
Britain fail.
We ask you to tell us what we believe to be the truth, that the materials
of war and the
implements
military and naval and air strength
we can now
we now
have and the
produce are enough to make certain the defeat of
the Axis Powers, so long as Britain is
with Britain down, they are not
increased enough to hold the whole world at
ments of
bay.
policy of this country to do everything
everywhere resistance to the plausible but fatal argu¬
appeasement.
To this
policy
we
pledge
you our
entitled to bid.
ing to
say
Associated Press advices also had the follow¬
regarding further rulings:
Buled that the 1933
Securities Act authorizes purchasers of securities
who charge a company with fraud to institute legal proceedings seeking
the appointment of a receiver and reimbursement for damages claimed.
that may be necessary to insure the defeat of the Axis Powers, and thus to
encourage here and
Among the opinions handed down by the United States
Supreme Court on Dec. 9 was a ruling holding that the
Frazier-Lemke Farm Mortgage Moratorium Act permits a
public sale of distressed land, at which sale the creditor is
oh her feet and fighting, but that
enough and may not in the future be
We ask you to make it the settled
Rulings of U. S. Supreme Court on Frazier Lemke Farm
Mortgage Moratorium Act and 1933 Securities Act
unqualified support, and express our
| Refused
request by counsel of the American Federation
a ruling on the extent of the Labor Board's
"powers in prescribing bargaining units" in settling disputes
a
of Labor for
collective bargaining representation.
over
complete approval of your recently announced plan for lending armaments
to Britain.
To your leadership the people responded before.
people will,
we
believe, respond again.
To your leadership the
U. S.
Supreme Court Declines to Pass on Validity of Tax
on Petroleum Tax by State of Washington—
Also Refuses to Review Kentucky Oil Case
Levied
Your leadership is essential to the
preparation of men's minds for what may be ahead of us. Sincerely yours.
The United States
President Roosevelt
to
Deliver Defense Talk to Nation
Tomorrow
(Sunday) Night
President Roosevelt will deliver
a
"fireside chat" to the
Nation tomorrow
night (Dec. 29) which will be broadcast
over the major networks from 9:30 to
10 o'clock (EST).
It is expected that he will outline the progress of the defense
program and call for greater assistance to Great Britain,
The President canceled all appointments on Dec, 26 in order
to work on his radio talk and to prepare for Congress his
State of the Nation address and the new budget, which are
scheduled for delivery on Jan. 3.
On Dec. 26 the Smaller Business Association of New York,
New Jersey and Connecticut, Inc., urged the President to
emphasize in his radio talk the "urgency of permitting
smaller producers" to actively participate in the defense
program.
Supreme Court declined on Dec. 23 to
constitutionality of an excise tax levied by the
State of Washington upon distributors of petroleum products
on the ground that the Washington Supreme Court in striking
down the tax had done so on a non-Federal ground adequate
to support the decision.
We quote from Washington advices
pass upon
Dec. 23 to the New York "Journal of Commerce" which went
on
to state:
Attack on the levy was made
by Inland Empire Refiners, Inc., and the
Court held it to be unconstitutional because the tax discriminated against
distributors of fuel oil in favor of distributors of solid fuel such as coal and
wood; that It granted a special privilege to foreign commerce by vessel but
denied
a
like privilege to foreign commerce
by railroad, and that it dis¬
criminated in favor of local refineries and against distributors of petroleum
products refined in other States.
The tax amounted td H cent per
gallon of petroleum products withdrawn,
sold, distributed or in any manner used by the distributor.
The law con¬
tained six exemptions and these exemptions-provided the grounds on which
the court found the law to be unconstitutional and
discriminatory.
Kentucky Tax
S.
U.
Unconstitutional North
Carolina License Tax Against Out-of-State Retail
Companies—Decision Given in Text Case Brought
by Best & Co., Inc.—Rules Law Hostile to Inter-
/
Supreme
Court
State Commerce
Supreme Court refused to review
In the other oil case the
Holds
Circuit
Sixth
Court
of Appeals sustaining
a
a
decision of the
franchise tax imposed by
Kentucky against Producers Pipe Line Co.
The
Kentucky law provides that "every railway company or corporation,
gas company,
water company, pipe line company, also every other cor¬
poration, company or association having or exercising any special or ex¬
The United States Supreme Court held unconstitutional on
23 the North Carolina law of 1937 imposing a license
clusive privilege or franchise now
allowed by law to natural persons, or
Dec
performing any public service, shall, in addition to the other taxes imposed
tax of $250 on out-of-State retail concerns
on
displaying goods
view to securing orders
The
decision, written by Justice Stanley F Reed,
samples in the State with
or
unanimous
contended that inter-State
hostile
a
commerce can
hardlv survive in
atmosphere. In stating that the opinion was
delivered in a test case brought by Best & Co., Inc. of New
York City, the Associated Press accounts from Washington
so
an
annually pay a tax on its franchise to the State, and a local
thereon to the county, incorporated city, town and taxing district
it by law,
tax
wherein its franchise may be exercised."
The pipe line company
then transports it by barge to
have any
The North Carolina Supreme Court upheld the tzx and denied recovery
of the $250 paid by the
New York
concern.
if adopted generally by other States, would "amount to an
following from Washington (Dec
the United States Supreme
Proceedings Proposed by Department of
ASCAP and Broadcasting Systems
Ruling At Tacoma on ASCAP
Anti-Trust
commerce
clause
forbids
23)
as
discrimination,
Anti-trust
whether
forthright
or
In each case it is our duty to determine whether the statute
work discrimination against
condemns the tax at the b
interstate
commerce.
This standard,
we
think,
North Carolina, regardless of whether they are residents or non-residents.
assume,
proceedings against the American Society of
Composers, Authors and Publishers (ASCAP), the Broad¬
cast Music Inc , the National Broadcasting Co. and the
Columbia Broadcasting System will be brought by the
United States Department of Justice after the first of the
.
Nominally the statute taxes all who are not regular retail merchants in
must
Justice Against
to the decision of
Court:
under attack, whatever its name may be, will in its practical operation
We
reversed the decision and held that the company
fell within the statutory description.
From the New York "Journal of Commerce" we take the
ingenious.
refinery.
Best & Co. contended that the
absolute prohibition on the solicitation of interstate sales."
The
a
"special privilege or franchise allowed by law to natural persons."
injunction but the
Circuit Court of Appeals
.
Louisville, Ky., where it is sold to
The tax was challenged by the company on the grounds that it did not
The District Court granted the company a permanent
Dec. 23 said:
assessment,
purchases crude petroleum at the wells of pro¬
and pipes the oil to the Ohio Biver and
ducers in five Kentucky counties
however,
on
this record that those North
Carolina
year,
that
it was indicated on Dec. 26, when it was announced
Attorney General Robert H. Jackson had ordered
Arnold, Assistant Attorney General, whojieads
Thurman
into the United States District
1 and charge
the warring factions with eight violations of the Sherman
Anti-trust law.
Advices to this effect were contained in
a Washington account, Dec. 26 to the New York "Herald
Tribune," which also said: Milwaukee immediately after Jan.
had been used in the conflict
Mr. Arnold asserted that illegal methods
B. M. I., N. B. C. and C. B. S., on
Department of Justice had tried to obtain
by ASCAP, on the one side, and by
He noted that the
the other.
law signed by President Roosevelt Oct. 9, holders
of Government contracts are permitted to assign "moneys
Under
due
which
"Those efforts,
thereunder, to banks as security for
to become due"
or
issue of Oct. 12,
wrhich follows:
2121; here we give its complete text,
page
[Public—No. 811—76th Congress] [Chapter 779—3d
Session] [H. R. 10464]
ACT
AN
To assist in the national-defense program by
3737 of the Revised Statutes to permit the
have failed," Mr. Arnold said.
the "Assignment
The approval of this A6t, known as
of Claims Act of 1940," was noted in our
of
few days ago appeared to be on the verge
a
a
loans.
ajvoluntary agreement for a working peace.
success,
1940
28,
1940—Complete Text
Assignment of Claims Act of
the anti-trust division, to go
Court in
Dec.
Chronicle
The Commercial & Financial
3820
amending sections 3477 and
assignment of claims under public
contracts.
Arnold, according to Washington advices Dec. 26 to
Mr
said that the pro¬
the New York "Journal of Commerce,"
ceedings will be based upon the following charges:
who
against composers
discrimination
Illegal
or
mitted by the
of
not members
are
fees not per¬
composersJin
their right to bargain for the sale of their
Requiring users of music to pay for tunes on programs
(through
ASCAP and by broadcasting chains
conflicting groups
the supply of music by depriving
Broadcasting Music, Inc.) in an attempt by each of these
to
obtain for
themselves control
over
which boycotts threaten to restrain and obstruct
others of control,
the radio of about 90% of
over
"1
of the Assignment
rendition
Activities which further this purpose have not been
questioned by the Department, and are not attacked in these proceedings.
the
However, the Department for many years past has frequently called to
which went far beyond the necessity of pro¬
members in their copyright privileges,
tecting its
designed solely for the purpose of
practices which were
eliminating competition in the furnishing
(an association controlled by
National Broadcasting Co. and Columbia
Recently, through Broadcast Music, Inc.
chains),
broadcasting
major
entered into after the date of approval
such assignment shall cover
expressly
permitted
by such
all amounts payable under such contract and
and shall not
be
parties participating
further assignment, except that any such assignment may
be subject to
trustee for two or more
made to one party as agent or
financing;
assignee thereof shall
That in the event of any such assignment, the
assignment with—
strument of
"(a)
together with a true copy of the in¬
the General Accounting Office,
department or agency,
bond or bonds, if any, in connection
"(b) the contracting officer to the head of his
"(c) the surety or sureties upon the
with such contract,
"(d)
and
the disbursing officer, if any, designated
in such contract to make
I payment.
Notwithstanding any law to the contrary governing the
for all purposes."
shall constitute a valid assignment
Any contract entered into by the War Department or
scale, restrictive practices similar to those which the Department charges
protect
necessary to
were
It is claimed that these activities
broadcasting chains from illegal activities
as
"The Department
was
vided in such contract,
set-off for any
and if it is so pro¬
reduction or
United States arising
such payments shall not be subject to
indebtedness of the assignor to the
independently of such contract.
ASCAP.
tion
the Navy Depart¬
arising under
provide that payments to an assignee of any claim
such contract shall not be subject to reduction or set-off,
.
validity of assign¬
Act of 1940
*
to the Assignment of Claims
Broadcasting System have engaged in, and threaten to continue on a larger
illegally instituted by ASCAP.
contract any
already paid, shall not be made to more than one party,
not
ment may
were
assigned if it
forbids such assignment;
otherwise
unless
ments, any assignment pursuant
monopoly control over the supply.
of music, and securing a
claim shall be assigned
of the department or agency concerned;
file written notice of the assignment
^Original purpose of ASCAP was one which the Department recognizes
tojbe legitimate, i.e., collective action to protect its members from piracy
attention of ASCAP practices
That
in such
desirable modern copyright music.
From the "Journal of Commerce" we also quote:
copyrights.
lending agency:
of Claims Act of 1940, no claim shall be
arises under a contract which
"4
of their
Federal
any
entered into prior to the date of
That in the case of any contract
"2 That in the case of any contract
"3
boycotts by
Mutual
8.
in which no
played.
music is
including
institution,
financing
approval of the Assignment of Claims Act of 1940, no
music.
7.
•
department thereof, under a contract
or
without the consent of the head
H.5.J[IUegal price fixing.
own
other
due or to become due from the United
Provided,
_
copyright laws.
Jfc6. Restraining
ments
or
preceding paragraph shall not apply in any case
States or from
providing for pay¬
aggregating $1,000 or more, are assigned to a bank, trust company,
agency
any
Broadcast Music, Inc.
Withholding music from pubiicatior in order to exact
4.
"The provisions of the
in which the moneys
~2. Illegal discrimination against users of copyright music.
3.
following new paragraph:
in order to eliminate competition and to
the supply.
ASCAP
Congress assembled. That sections 3477 and 3737 of the
the end of each such section the
Revised Statutes be amended by adding at
music available
monopolize
copyright
pooling of most of the durable
Illegal
1.
for radio broadcasting
United States
the Senate and House of Representatives of the
Be it enacted, by
of America in
is not concerned with the question as to which organiza¬
"Each of these groups today is
it was stated.
the aggressor,"
charged with using illegal methods to wrest the control of copyright music
Sec.
2
This
Act
may
be cited as the "Assignment of
Claims Act of
1940."
Approved, Oct. 9, 1940.
from the other."
At Tacoma, Wash., on Dec. 24, the American Society of
Composers, Authors and Publishers was denied an injunction
(by a three-judge court) against a State law, on the ground,
it is stated, that the Society is acting as a combination in
Associated Press advices from Tacoma,
restraint of trade.
Dec.
24,
had the following to
in part, with regard
say,
thereto:
began
soon
after the Wash¬
This law specifi¬
cally held it unlawful for separate holders of copyrights to pool their in¬
terests in order to fix prices, collect fees or to issue blanket licenses for use
The law would require payment of license fees for use
of the copyrights.
of copyrights
owner
of
a
basis, i.
"per piece"
a
on
tavern
to
would require, for example,
copyright
each
pay
e.,
owner
separately for the
use
of his song on a basis of the number of times the song was used publicly
for
profit.
ASCAP, currently involved in a dispute with radio chains,
immediately attacked the Washington law, asking an injunction
on
Given
Committee
It was brought into United
President Roosevelt
Dec.
on
taverns
The original
Dec. 5.
announced
resolution (approved June 16, 1938)
of the so-called
February (reported in these columns of
923) that the final report would be issued either
last
Feb. 10, page
in November
or
in December.
involved,
and
case
Blair,
the
case
heard
on
its merits.
of Tacoma,
moved
to
Back in District Court,
ruled
the
that
apparently
three-judge
Federal
$3,000
District
Court, which issued today's decision.
Signing the order filed here today were Circuit Judge Bert Haney, of
San
Francisco;
District Judge John
C.
Bowen,
of Seattle,
and
District
Judge Lloyd L. Black, of Seattle and Tacoma.
ASCAP contended that the Washington
to list
cost
every one
law would require the society
of its compositions with state authorities at prohibitive
(the society, non-profit organization, claims
composers
and
123
Neutral
publishers).
holds copyright assignments for between
music, both through its
own
sources
a
membership of 1,000
have estimated that
85 and 90%
it
of current popular
members and through working agreements
with copyright organizations in other countries.
The
decision
apparently
ended this
directly to the Supreme Court
tually the
same
a
appeals
as
the Circuit Court of Appeals).
but there
The
was
no
action would be taken.
copyright laws to the Washington statute exists in Nebraska,
Florida, Tennessee and Montana.
Others have been proposed in a number
Anti-Trust
of
Laws
Urged—
Report to TNEC Recommends Legislation for Crea¬
tion of
Industrial Court to Act on Litigation—
Would Give Subpoena
and
Power to Justice Department
Impose Heavier Fines
provide new
efficient enforcement of the Sherman
recommended in a monograph
submitted to the Temporary National Economic Committee
entitled "Anti-trust in Action." The report, which was made
Regulations requesting Federal legislation to
machinery for
more
Act and the anti-trust laws are
public on Dec. 10 by Senator Joseph C. O'Mahoney, of
Wyoming, Chairman of the Committee, was prepared by
Walton Hamilton, Professor of Law Yale University Law
School and Advisor to the Antitrust Division of the De¬
partment of Justice, and Miss Irene Till.
to Congress the enactment
recommends
1
hear
for possible
possible recourse in state courts,
indication tonight of what, if any,
Similar
except
(a three-judge district court occupies vir¬
judicial position
plaintiffs also have
case,
Enforcement
Stricter
and
ASCAP appealed, eventually reaching the Supreme Court of the United
Archie
Create
an
and act
industrial court of five or seven
on
The monograph
of legislation to:
members, with power to
be brought by the Federal
all litigation to
involving the Sherman Act and other anti-trust
Government
laws;
the Department of Justice;
violations, similar to the
2.
Authorize the power of subpena to
3.
Provide heavier civil penalties for anti-trust
the last session of Congress
Division so that it
National scale aU violations of the anti¬
O'Mahoney-Hobbs Civil Remedies BUI offered at
4.
can
Authorize larger
more
appropriations for the Anti-trust
effectively police on a
trust laws.
of states.
As
On Dec. 23 the United States Supreme
Court agreed to
determine the constitutionality of Florida laws affecting the
American Society of Composers, Authors and Publishers
(ASCAP), indicating that it would consider the Florida case
along with one involving a Nebraska antimonopoly statute
which it agreed the previous week to review.
The date for
argument has not been fixed.
ex¬
order that "proper consideration may be given by the Com¬
mittee to the material which has been gathered."
He had
involved in the decision had not been proved and declined to hear the case.
Special Master
resolution
Monopoly Committee by Jan. 3,1941.
Senator O'Mahoney,
Chairman of the Committee, requested the extension in
ruled that ASCAP had failed to show that the statutory minimum of $3,000
States, which ordered the
a
called for the submission of the final report
places of public entertainment as intervenors, Judge Edwards E. Cushman
was
16 signed
the
States District Court here, with the State
defendants and numerous radio stations,
as
Time for
tending until April 3, 1941 the time for submitting the final
report of the Temporary National Economics Committee.
Both the Senate and the House had approved the measure
grounds of unconstitutionality.'
of Washington
of
Extension
Submitting Final Report
on
The decision was the climax of a case which
ington State Legislature enacted a copyright law in 1937.
the
Monopoly
to
remarks made by
Senator O'Mahoney in
making
public the report, Washington advices, Dec. 10, to the New
York "Journal of Commerce" of Dec. 11, had the following
to
say:
recommendations
contained
who drafted the report and
was
emphasized that the
of those
it to be understood that TNEC
making public the report
Chairman O'Mahoney in
therein
represented only the views
in no sense was
recommending such action to Congress.
Volume
The Commercial &
151
The
and
of the
Government in dealing with monopolies soon after the new session begins
in January.
The Senate and House recently passed a resolution extending
the life of the Committee until April 3 to give it time to prepare its report.
Nature of the recommendations which the Committee will propose have
not been disclosed as yet, but in some quarters it is predicted that nothing
Members of TNEC are scheduled to begin
of
a
preparation of a report
the
need
for
legislation
stronger
Committee.
7-.
•',
,
*
In urging the
Federal
of the
■'*'
handle all anti-trust litiga¬
should be as competent in the usages
To it should go cases concerned
codes by which it is implemented.
It would determine guilt and assess fines, order dissolution and divest¬
ment, enjoin unlawful conduct.
Instruments of industrial government
would come to it for critical scrutiny and a judicial sanction.
The judges,
sitting singly, would dispose of the run-of-mine business: issues of con¬
sequence would go to the full bench.
An appeal, strictly limited to ques¬
tions of law, would lie only to the U. S. Supreme Court.
A host of cases,
now scattered throughout the courts would be gathered into a single calen¬
they are learned in the law.
with the Sherman Act and the industrial
dar to be handled by
In time its mounting
a
trates the
menber
jurists competent in matters of the National economy.
body of decisions would come to constitute for business
flexible code ofpublic
the Department of Justice,
savings,
member
Monograph says:
For the task of information, Justice
subpoena. Access to information would loosen the severities of legal process.
It substitutes industrial analysis for the costly, clumsy, erratic process of
inquiry by grand jury.
upon
an
equality and
plea in equity
enables the choice between them to be made upon
It puts the criminal action and the
It allows the more constructive way to be
taken where the real issue is the correction of trade practice.
It obviates
the urge to proscute where the activities in question correspond so crudely
the instant case.
fitness for
to the form
of
a
crime.
urging heavier
In
O'Mahoney-Hobbs Bill, the
7/--7V
.V ' "7.;
be the main reliance, it must deter as well as correct.
A public case in tort should be grafted upon the equity process.
To be
effective, the section on penalties must be rewritten.
A $5,000 penalty
will hardly kill off a conspiracy that promises to net $5,000,000.
It also
does little good to limit the fine to the offending corporation when acts
of restraint are decreed by officials.
If a company were made to forfeit
twice its net income, and its ranking officials twice their salaries, for the
period of violation, the hazard would become a factor of consequence in
report says:
But if equity is to
Justice, the monograph says:
vision of the Department of
—
National economy is the instrument
dustrial front.
After making these
recommendations the report discusses many of the
problems involved in the
authors advocate the
to be an
prosecution of violators of the trust laws.
The
opinion"
be combined and improved
declaring that they can
effieient administrative process.
into
Inquiry
Nation-wide
Costs
Food
Planned
by
Department of Justice to Eliminate any Illegal
Practices Tending to Control Prices to Consumers
made
was
by
known
the
Department
of Justice at
investigation into food
costs would be undertaken with a view, it is said, to elimi¬
nating any illegal monopolistic practices which might exist
tending to control prices to consumers.
In Associated Press
accounts from Washington on Nov. 25 it was noted that the
nation-wide food inquiry, launched within a few months of
the start of investigations of home-building costs, will con¬
centrate attention on the prices of bread, milk, meat, fish,
cheese, fruits and vegetables, both fresh and canned, the
Department of Justice said.
The inquiry will deal with
processors of food, commission merchants, organized produce
exchanges and auctions, truckers and wholesale and retail
distributors, said the Washington "Post" of Nov. 25, from
Washington
on
Nov.
24
which we also quote:
investigation,"
food
"The
of any former
■
that
April.
general through-out the coun¬
pointed out, the greatest dollar gains over the
try, it was
loines were
Seriod Federal Home Winston-Salem, Chicago, and Des
in the Loan Bank districts. The following
table
crease
gives the dollar amount and percentage
of advances in use in the 12 Home Loan
tricts from
in the in¬
Bank dis¬
April 30 to Oct. 31:
that
Holding
"the
Department
7
Per Cent
$4,786,996.00
and New Jersey)
—
3. Pittsburgh (Penna., West Virginia, Delaware)___
4. Winston-Salem (Southeast and Dlst. of Columbia)
5. Cincinnati (Ohio, Kentucky, Tennessee)..
6. Indianapolis (Indiana and Michigan)..
7. Chicago (Wisconsin and Illinois)
8. Des Moines (North Central States)
9. Little Rock (South Central States)
10. Topeka (West Central States).....
—
11. Portland (Northwest States)
12. Los Angeles (Calif., Nevada, Arizona and Hawaii)
2. New York (New York
101.7
Advances from
13.1
2,347,154.23
3,094,827.05
14,455,338.00
3,668,315.99
1,986,879.74
6,053,883.88
5,913,543.70
456,579.03
22.6
124.2
27.3
24.7
28.3
50.6
7.3
868,040.49
10.3
1,540,560.96
2,553,340.60
33.4
their district home loan
21.2
banks are em¬
ployed by member institutions to increase their resources
for loans in their communities and to strengthen their cash
position for other purposes.
It is reported that about 58%
of the 3,885 member institutions are currently using the
by their district banks.
Since their
beginning the 12 banks have advanced a total of
and received $502,222,812 in repayments.
H
$683,748,860
reserve
credit provided
Home Financing 9%
Above Year AgoU
Urban home financing in October was 9% above September
and 20% greater than in October, 1939, with industrial
States in the East and Middle West, where defense produc¬
tion has been expanded, accounting for most of the increase,
it was reported Dec. 7 by economists of the Federal Home
Loan Bank Board.
The Board's announcement added:
There were 138,482 home mortgages amounting to $388,973,000 recorded
by all types of lenders in the nation during October.
Savings and loan
FHLBB
Reports October Urban
Month Ago and 20%
Above
financed approximately one-third of the home mort¬
lenders the October financing of American homes was
77. 7
-• 77;-
associations, as usual,
By types of
follows:
77
gages.
as
announcement said, "is re¬
investigation because, next
expenditure."
food industries function badly for both consumers
farmers," the statement added:
"At one end of the food industries lies malnutrition among consumers
and
their inability to afford an
Amount
District
an
7^'
the
the
years.
While the increase has been
Number
garded as a logical successor to the housing
to rent, food is the largest item of consumer
due to
been greater than during
At the end of October,
outstanding advances of the district Federal Home Loan banks stood at
$181,526,000, the largest amount since 1938.
This compares with $133,months
corresponding
continued use and perfection of the "advisory
and the consent decree,
It
beginning with
months,
consecutive month in which advances have
1. Boston (New England)
of general welfare; its industries
perform a public office and are affected with a public interest.
To facilitate
this Anti-trust should be provided with funds adequate to the magnitude
of its task.
Its office is to police the National economy, and an appro¬
priation shaped by the ideas of the nineties no longer fits the modern world.
It would still have to deter by example rather than prosecute all offenders,
but the smaples should be numerous and varied enough to cover the in¬
so as
local community
member institutions have mounted for six
last May.
October was the fifth
advances to
Outstanding
consecutive
appropriations for the Anti-trustADi-
explaining the need for larger
TThe
syphoned direct to him to augment the
of policy.
the making
In
associations,
savings.
810,000 at the end of last
r
penalties, such as the
and loan
dependent on the volume of local
Today, through the Bank System with its
funds from the general money
his community.
savings
markets can be
for Anti-trust to improve its access to information.
should be fitted out with the power of
It is likewise high time
in supplying reserve credit to its
building and loan associations to meet the increased
for the construction of homes.
Prior to 1932, the local
prospective home owner was entirely
the
ready sale
banks, illus¬
together with the recent
consolidated debentures of the Home Loan
potential power of the System
demand for loans
control.
advocating the subpoena power for
In
$47,716,000
This sustained increase in activity,
of $67,000,000 in
savings in
i
of
for home-financing purposes by the
banks from May to Oct. 31 were
Its bench of five or seven members
as
Six-Months' Period Since Organi¬
made to member institutions
12 Federal Home Loan
the largest for any six
months' period since the organization of the Federal Home
Loan Bank System in 1932, James Twohy, Governor, an¬
nounced on Dec. 7.
Mr. Twohy stated:
Advances
creation of an industrial court to
any
from
zation
tion, the monograph in summary says:
of business
Institutions
Largest for
TNEC
Advanced $47,716,000 to
April 30 to Oct. 31—
Banks
Loan
Home
Member
■
7
through its
new
many
America.
oppose sug¬
department members
the report an announcement by the
In summarizing
said:
developed
has
divided in their views over
and some will vigorously
gestions likely to be advanced by executive
industry, having labored diligently
manufacturing
products which have broadened the
markets for producers of agricultural products.
This program has been
accompanied by improvements in processing technique which have materially
reduced the spread between farm and consumer food prices.
In the light of this record we welcome a Federal probe which will bring
before the public our constructive record of service to the consumers of
Congressional
fundamental nature will be suggested to Congress.
very
Committee members are known to be sharply
food
research,
legislation to strengthen the hand
recommendations to Congress for
3821
Financial Chronicle
adequate diet.
associations
Savings and loan
Insurance
——
companies—
Banks and trust
companies
Mutual savings banks
-
At the other end lies a
48,145
6,977
31,202
4,548
30,635
16,975
Amount
$125,009,000
33,818.000
98,462,000
16,826,000
59.124,000
55,734,000
population of producing farmers who must sell an abundance of food at
distress prices so low as to threaten them with bankruptcy.
Between are
Other mortgagees
of which are so close knit and powerful that they
have made satisfactory profits throughout the depression."
All major items in the family food budget will be scrutinized "at every
$3,377,000,000 were recorded.
The Board's Division of Research and
Statistics confines its monthly report to non-farm mortgages with a value
industrial groups,
many
6tage from the farmer to the ultimate consumer," the Department
"More
than 4,000,000 families cannot obtain an adequate
at
a
poor
it
charged.
the
prices, and 8,000,000
people."
\yillis, President of the Associated Grocery Manu¬
America, Inc., issued on Nov. 24, according to
Commerce," the following state¬
connection with the Department of Justice investi¬
Paul S.
facturers of
the New
ment in
York "Journal of
gation of the food
On
behalf of the food
industry:
/
manufacturing industry, we welcome an impartial
of our member manufacturers. According
pending inquiry will seek to bring to light monopo¬
I am confident, will be found non-existent among
representative members of our industry.
investigation of the operations
to
press
listic
reports, the
practices which,
to
llTSb
l/UIl
JIAUUtiltt
Ul
nnu «*
mvi
Vftiuo yjM.
$20,000 each.
minimum
diet unless they spend
American
up
Lne
said.
additional families run serious risk
their food money cautiously and wisely,"
"In the aggregate these groups constitute more than 41% of
present
diet
of
ill
October Building Costs Advanced 2%
According to FHLBB
Over September,
September as
forward trend,
it was stated Dec. 7 by economists of the Federal Home Loan
Bank Board.
Labor costs increased more than building
materials, according to the monthly index of the Board's
Division of Research and Statistics.
Labor costs went up
2.1%, while materials increased 1.4%.
The net advance
in building costs, figuring both labor and materials in their
respective spheres, was approximately 2%.
October build¬
ing costs were 2.5% above October a year ago.
Further
details were announced by the Board as follows:
Building costs in October rose 2% over
residential construction continued its strong
The Commercial & Financial Chronicle
3822
For the nation
about
10%
October
whole, the volume of residential construction was up
as a
In October
compared with September, with the increase in
as
October,
over
1939,
of this increase is attributed to
those
A great deal
approximately 68%.
being
jump in demand for housing facilities in
a
having expanding defense industries on new industries of this
areas
The Board's residential construction index in October
was
1926
$32,796,150
This index
to
Further emphasizing the increase in home building, the Board's econom¬
ists estimated that 35,959 new family dwelling units costing
were
built
planned in all cities of 10,000 population or
or
best single month in number of units since 1929.
with 30,204
$127,702,900
at
were
of
cost
a
the
In
period last
same
disbursements and repay¬
2,1932, to Nov. 30,1940:
Disbursements
•
,
Banks and trust companies (incl.
231,414
year
reported, valued at $842,212,200.
...
24,666,880.20
moneys
Report of Operationg of RFC Feb. 2, 1932, to Nov 30,
1940—Loans
of
$14,841,795,071
Authorized—
$2,357,460,763 Canceled—$7,976,751,588 Disbursed
for Loans and Investments—$6,125,546,282 Repaid
Transactions
with
Railroads
——
Federal Intermediate Credit banks
--
Agricultural Credit corporations
Fiabing industry.
-
—
of
the
Corporation
in
the
recovery
during
program
authorizations and commitments amounted to $41,961,296,
making total authorizations through Nov. 30,
tentative commitments
and
1940,
outstanding at the end of the month
$14,841,795,071, according to the report of Emil Schram,
Chairman of the RFC, issued Dec 12.
includes
total
a
This latter amount
$1,50R798,638
authorized
for
other
organization through Nov. 30, 1940.
Authorizations aggre¬
gating $1,502,823 were canceled or withdrawn during Novem¬
ber, Mr. Schram said, making total cancelations and with¬
drawals
of
$2,357,460,763.
A total of $1,279,622,650
remains available to borrowers and to banks in the
of preferred stock, capital notes and debentures.
purchase
During November, $75,904,898 was disbursed for loans
and investments and $26,582,327 was repaid, making total
disbursements through Nov. 30, 1940 of $7,976,751,588 and
repayments of $6,125,546,282
Chairman's report
(approximately 77%).
The
continued:
disbursed and $1,657,192
was
was
repaid.
Through
Nov. 30, 1940, loans have been authorized to 7,540 banks and trust
(including those in receivership)
$514,542,042
amount
available to
borrowers
has
been
com¬
aggregating $2,600,710,343.
withdrawn,
Of
remains
$2,058,822,552 has been disbursed.
and
$27,345,749
and for refinancing out¬
salaries
22,865,175.00
22,309,000.00
461,609,957.85
-
tion projects
418,906,012.22
Loans for repair and reconstruction of property
tornado, flood
by earthquake, fire,
damaged
12,003,055.32
4,997,279.93
47,298,877.12
47,251,981.13
232,550,778.19
26,004,213.03
100,975,477.07
140,135.21
25,000,000.00
48,055,612.28
6,480,409.40
44,574,268.51
2,583,696.95
Loans to aid in financing the sale of agricultural
surpluses in foreign markets
Loans to business enterprises
Loans for National defense..
—-
1.
Loans to Export-Import Bank
Loans
and purchases of assets of closed banks.
on
Loans to mining businesses
Loans to finance the carrying and orderly market¬
ing of agricultural commodities and livestock:
767,716,962.21
19,644,491.78
767,716.962.21
18,991,723.00
Total loans,excl.of loans secured by pref jstock.6,010,539,834.99
4,911,343,470.34
Commodity Credit Corporation—
Other
Purchase
of
preferred stock,
capital
notes and
debentures of banks and trust companies (in¬
cluding $45,449,300.76 disbursed and $13,147,171.86 repaid on loans secured by pref. stock) __1,243,185,206.56
Stock-Metals Reserve Co
»
Stock-Rubber Reserve Co
Stock-Defense Plant Corp
Stock-Defense Supplies Corp
Loans
secured
companies
by
.
preferred stock
(Including
$100,000
681,423,059.99
H,
25,000,000.00
11,000,000.00
5,000,000.00
2,000,000.00
5,000,000.00
1,000,000.00
Purchase of stock of the Fed. Nat. Mtge. Assn__
of insurance
disbursed for
—
...—
.
Of this
latter amount $1,940,904,794, approximately 94% has been repaid.
$6,777,213 is owing by
teachers'
Purchase of stock of the RFC Mortgage Co
During November loans to banks and trust companies (including those in
liquidation) were increased in the amount of $599,063, $1,221,305 was
canceled, $28,455,448
of
standing Indebtedness
Loans to aid in financing self-liquidating construc¬
and other catastrophes
of
governmental agencies and $1,800,000,000 for relief from
this
14,718.06
4,247,278,675.88 3,472,373,592.04
Loans to Secretary of Agriculture to purchase
cotton.
3,300,000.00
3,300,000.00
Loans for refinancing drainage, levee and irriga¬
tion districts
90,731,626.93
7.223,342.07
Loans to public school authorities for payment
Total loans under Section 5.--
Finance
panies
588,866.21
14,718.06
payment of pro¬
Reconstruction
November amounted to $17,700,843, rescissions of previous
of
665,008.81
600,095.79
Credit unions
Processors or distributors for
cessing tax
Authorizations and commitments
9,250,000.00
5,599,953.83
5,643,618.22
719,675.00
—
__
Itemized
12,971,598.69
9,250,000.00
—
-——
Livestock Credit corporations
13,064,631.18
12,971,598.69
State funds for insurance of deposits of public
21,263,234.84
13,064,631.18
Joint Stock Land banks
—RFC
Repayments
*,
$
$
receivers).—2,010,766,939.79 1,896,330,525.95
Railroads (Including receivers)
783,201,022.06 *310,482,440.18
436,066,839.33
Mortgage loan companies
612,549,404.76
Federal Land banks
387,236,000.00
387,236,000.00
173,243,640.72
Regional Agricultural Credit corporations
173,243.640.72
118,076,477.00
Building and loan associations (incl. receivers)_
122,657,241.60
Insurance companies
87,519,657.24
90,693,209.81
Loans under Section 5:
year.
$946,557,500.
time.
in October, the
over
These figures compared
In the first ten months of 1940, there were 266,366 units built in these
cities
the Administration is in a position to deliver from time
as
The report listed as follows
ments for all purposes from Feb.
units valued at $109,357,000 in September and 21,448 units
costing $80,442,400 in October last
units
later date, such part of securities having an aggregate par value
of
base of 100.
as a
has agreed to purchase, to be held and collected
In addition, the Corporation
com¬
as
Of this amount,
value of $505,390,721 were sold at a premium of
par
Securities having a par value of $139,178,902 are stUl held.
$14,082,628.
sold at
59-5
pared with 54.3 in September and 35.5 in October a year ago.
uses
of securities having par value of $676,236,499.
a
28, 1940
of PubUc Works) 4,183 blocks (3,114
Federal Emergency Administration
issues)
securities having
or
type.
Dec.
open
Only
banks and that includes $6,136,601 from
one
34,475,000.00
8,484,982.78
1,326,660,206.56
the purchase of preferred
689,908,042.77
639,551,546.16
524,294,768.81
stock)
Total
Public
Works Administration,
Federal
Agency, security transactions...
Works
_.
mortgage and trust company.
During November, authorizations
of
three
banks
in
the
amount
of
$653,000.
Through
Nov.
30,
1940,
authorizations have been made for the purchase of preferred stock, capital
and debentures of 6,797 banks and trust companies
notes
aggregating
$1,390,961,663 and 1,122 loans
to be secured
were
by preferred stock,
a
Total.:
made to purchase preferred stock
were
authorized in the amount of $53,098,526
total authorization for preferred stock,
Allocations
Farm
capital notes and debentures of 6,870 banks and trust companies of $1,444,060,189.
$173,847,982 of this has been withdrawn and $27,027,000
During November, loans for distribution
to
$599,063, $1,170,680
banks
$1,388,454,706.
aggregating
been withdrawn and
$336,996,281
$27,345,749 remains available
of this
amount
$1,024,112,676 has been disbursed and $960,034,295, approximately 94%,
irrigation districts
were
been
authorized
aggregating
to
to
finance
drainage,
increased by $207,000, $136,246
canceled and $451,860 was disbursed.
refinance
$140,861,808,
664
of
was
levee and
withdrawn
drainage, levee and irrigation districts
which
Under the provisions of Section 5 (d), which was added to the RFC
Act
19,
1934 and amended April 13,
in the amount of
were
1938, 42 loans to industry,
authorized during November, and
$546,562
were canceled or
withdrawn.
companies to assist business and
mortgage
industry in cooperation with the
In
addition, the Corporation agreed to purchase par¬
ticipations amounting to $511,382 in loans to 16 businesses during November
aggregating $830,499
were withdrawn.
provide
capital for
pro¬
40,500,000.00
duction credit corporations
Stock—Commodity Credit Corporation
97,000,000.00
Stock—Disaster Loan Corporation
Regional Agricultural Credit corporations for:
24,000,000.00
Purchase of capital stock (incl. $39,500,000
held in revolving fund)
Expenses—Prior to May 27, 1933
Since May 26, 1933
Administrative
-
Total allocations to governmental
44,500,000.00
116,186.58
_
..........
126,871.85
146,500,000.00
2,425.46
.1,118,766,570.79
2,425.46
.......
agencies
...
3,108,278.64
14,387,852.92
.....
Administrative expense—1932 relief
Rural Electrification Administration
For relief—To States directly by Corporation
To States on certification of Federal Relief
Administrator..
.....
—-—....
500.000,000.00
Total for relief
on
1,799,984,064.72
-
17,161,657.76
notes Issued for funds for allocations
33,177,419.82
and relief advances
Through
al7,159,232.30
Emergency Relief Appropriation Act,
1935
Interest
299,984,999.00
499,999,065.72
500,000,000.00
...
Under Emergency Appropriation Act—1935—
Under
7,571 loans for the benefit of industry aggregating $448,366,098.
Of this
amount $98,733,037 has been withdrawn and
$130,799,582 remains avaU¬
and similar authorizations
....
20,000,000.00
3,000,000.00
I arm tenant loans
revolving fund to
National Recovery Administration
program, the Corporation has authorized
able to borrowers.
...
Governor of the Farm Credit Administration for
Through Nov. 30,
to
145,000,000.00
2,600,000.00
55,000,000.00
aggre¬
authorizations
1940, including loans to the fishing industry, to banks and
loan
—
10,000,000.00
73,186,380.80
115,000,000.00
-
or
$45,745,459 has been withdrawn,
$4,384,722 remains available to the borrowers and $90,731,627 has been
gating $1,542,391
.........
Sec. of Agrlcul. for crop loans to farmers (net).
Sec. of Agrlcul.—Rural rehabilitation loans
Through Nov. 30, 1940, loans have
disbursed.
June
...
To create mutual mortgage Insurance fund..
For other purposes
to the borrowers.
has been repaid.
During November, the authorizations
200,000,000.00
124,741,000.00
Commissioner
for loans to:
Farmers
canceled, $28,-
was
was disbursed and $1,737,720 was repaid.
Through Nov. 30,
1940, loans having been authorized for distribution to depositors of 2,777
has
(now Land Bank)
Joint Stock Land banks
depositors of closed banks
455,448
closed
Loan
Federal Farm Mtge. Corp. for loans to farmers.
Federal Housing Administrator:
met.
increased in the amount of
to Governmental agencies under pro¬
visions of existing statutes:
Secretary of the Treasury to purchase:
Capital stock of Home Owners'Loan Corp..
Capital stock of Federal Home Loan banks.
remains available to the banks when conditions of authorizations have been
were
7,976,751,587.71 6,125,546.281.92
2,951,928,055.33
Total allocations and relief-----
17,161,657.76
Nov. 30, 1940, the Corporation has authorized
or has agreed to the
purchase
aggregating $120,384,836 of 1,873 businesses, $51,665,607
of which has been withdrawn and
$48,465,757 remains avaUable.
During November, 9 loans in the amount of $3,530,000 were authorized
of participations
to
pubUc agencies for self-liquidating projects.
to
$934,000 and repayments amounted
1940, 382 loans have been authorized
$629,855,576.
$41,658,643 of this
on
to
Disbursements amounted
$12,418,400.
Through Nov. 30,
self-liquidating projects aggregating
amount has been withdrawn and
586,975 remains avaUable to the borrowers.
$126,-
$461,609,958 has been dis¬
bursed and $418,906,012 has been repaid.
of
securities
having
$29,937.
par
The
Corporation
value of $205,781.
also
collected
Through
maturing
Nov.
30,
PWA
1940,
the
Corporation has purchased from the PWA, Federal Works Agency (formerly
♦
-
Does not Include $4,800,000
Co., which
were
10,928,679,643.04 6,142,707,939.68
represented by notes of the Canadian Pacific Ry.
accepted in payment of the balance due on loan made to the Min¬
neapolis St. Paul & Sault Ste. Marie Ry. Co.
a
In addition to the repayments
Relief and Construction Act of
of funds disbursed for relief under the Emergency
1932. the Corporation's notes have been canceled
In the amount of $2,726,091,073.03 on account
to other governmental
of amounts disbursed for allocations
agencies and for relief by direction of Congress and the
provisions of an Act (Public No. 432) approved
Interest paid thereon, pursuant to
Feb. 24, 1938.
During November the Corporation sold securities previously purchased
from the Public Works Administration
having a par value of $712,600 at a
premium
Grand total
The loans authorized and authorizations canceled
or
with¬
drawn for each railroad, together with the amount disbursed
to and repaid by each, are shown in the following table
(as of Nov. 30,1940), contained in the report:
Volume
The Commercial & Financial Chronicle
151
Authorizations
Canceled
Authorized
or
Disbursed
Repaid
$
Aberdeen & Rockfish RR. Co...
Ala. Tenn. A Northern RR, Corp.
Withdrawn
S
S
127,000
127,000
275,000
275,000
2,500,000
Alton RR. Co
634,757
2,500,000
634,757
1,000,087
(receivers)—
Ashley Drew & Northern Ry. Co.
400,000
400,000
400,000
95,343,400
12,228,220
41,300
41,300
Ann Arbor RR. Co.
Baltimore A Ohio RR. Co. (note) 95,358,000
Birmingham & So'eastern RR.Co.
41,300
Boston A Maine RR
14,600
47,877,937
634,757
47,877,937
7,684,937
53,960
13,200
535,800
141,697
<118,300,000
3,124,319
4,150,000
35~70i
14,150,000
3,124,319
464,299
140,000
14,150,000
500,000
Nashville, lessees)
5,916,500
155,632
46,588,133
4,338,000
1,289,000
838
150,000
150,000
11,500,000
537
Chicago & North Western RR. Co
Chicago Great Western RR.Co.-
(trustee)
Chic. Mllw.St.P.APac. RR.Co.
Chic. Mllw. St.P. A Pac. RR. Co.
(trustee)
140,000
10,849,500
46,589,133
1,289,000
150,000
12,000,000
Denver A Rio Grande W.RR.Co.
Denver A Rio Grande W.RR.Co.
(trustees)
2,098,925
63,600
8,300,000
30,055,222
6 3" 500
219",000
—
£la-E; Coast Ry. Co. (receivers)
1,957.075
W.Ry.Co.(receivers)
227,434
8,795,500
15,000
78,000
10,539
Ft. Worth A Den. City
Ry. Co..
Gainsvllle Midland RR. Co
Galnsvllle Midl'd Ry.
(receivers)
Galv. Houston A Hend. RR. CoGalveston Terminal Ry. Co
53*500
5,100,000
600,000
1,800.000
1,800,000
3,182,150
71,300
16,682,000
682,000
10,000,000
3,200,000
1,867"075
90,000
8,780,422
620,000
520,000
9,500,000
655,000
1,112,000
8,517,500
45,298,000
1,000,666
9,278,000
800,000
350,000
2,309,217
2,550,000
2,550,000
50,000
1,112,000
2,550,000
200,000
"3",000
744,252
400,000
197,000
2,729,252
800,000
985,000
6,843,082
100,000
5,124,000
23,134,800
0,843,082
a6,843,082
100,000
2,309,700
1,070,599
25,000
b41,499,000
30,499.000
30,499"666
18,200,000
18,200,000
7,099,778
919,360
743,000
743,000
5,000,000
Pennsylvania RR. Co
29,500,000
Pere Marquette Ry. Co
3,000,000
Pioneer A Fayette RR
17,000
Pittsburgh A W. Va. RR. Co.—
9,045.207
Puget Sound A Cascade Ry. Co.
300,000
5,000,000
3,000,000
42,000
5,000,000
28,900,000
3,000,000
17,000
12,600
9,045,207
300,000
7,995,175
18,672,250
200.000
4,975,207
300,000
2,806,175
99,200
785,000
Savannah A Atlanta Ry. Co
Sand Springs Ry. Co
7,700,000
222
600,000
7,995,175
18,790,000
200,000
400,000
1,300,000
117J50
65,000
"64,000
1,200,000
Texas Okla. A Eastern RR. Co—
5,332,700
108,740
45,000
Corp".
(receivers)
20,000
162,000
6,320,000
44,000,000
624,000
50,905,000
24,200,000
30,307,094
2,035",000
30,000
30,000
39,000
39,000
200,000
"8"200
452,000
25,973,383
4,366,000
13,502,922
750,000
750,000
22,525
22,525
10,241,800
1,403,000
3,600,000
400,000
22,525
910.424,717 111,530,756 783,201,022 315,282,440
Includes
a
9350,000 guarantee; In addition the Corporation also guaranteed the
payment of interest.
Also Includes
an
agreement by which the Corporation may
be required, or may elect, to repurchase, at any time prior to maturity, $350,000
securities which It has agreed to sell.
a
was
The loan to Minneapolis St. Paul A Sault Ste. Marie Ry. Co.
secured by Its
bonds, the interest
on
due on the loan to the Canadian Pacific,
receiving $662,245.50 In cash and Canadian
of which matured and has been paid.
desire
$5,000,000 guarantee; in addition the Corporation also guaranteed
the payment of interest.
Corporation's liability under the guarantee.
In addition to the above loans authorized the
Corporation
approved, in principle, loans in the amount of $337,718,909 upon the performance of specified conditions.
Of
this amount. $286,860,734 has been canceled, leaving $50,858,175 outstanding]at the end of the month.
has
all
&
Co.
Asks
ICC to Consider Extension of
Bidding Rule Now Applying
Certificates, to All Railroad Issues
to
Com¬
Trust
Following the issuance of the report of the Public Utili¬
Division of the Securities and Exchange Commission
ties
William
also
if
the
other
only
urged
ICC
railroad
equipment
obtained
sound
no
reason
question should have been opened
0.
Douglas
in
1937,
bidding
competitive
when
as
a
he
was
method
is
willing to consider the extension to
its competitive bidding rule which
issues
trust
for
certificates,
issues
recent
of
especially
equipment
in
trust
Committees.
Issues
The
Report
Securities
19
Dec.
"Competitive
on
Bidding
as
a
and
Exchange
Commission
made
public
by the staff of the Public
Utilities Division with respect to the maintenance of arm'slength bargaining and competitive conditions in the sale
and distribution of securities of registered public utility
on
report prepared
a
The Com¬
holding companies and their utility subsidiaries.
mission makes known that it has sent a letter to registered
public utility holding companies, public utility commis¬
sioners, a comprehensive list of investment bankers, and
other interested
gestions
parties asking for their comments and sug¬
the report and recommendation of the staff of
on
Utilities
Public
Division
that
a
rule
be
adopted
re¬
competitive bidding be resorted to
the sale and distribution of securities of registered pub¬
quiring generally
in
lic
that
utility holding companies and their subsidiaries.
The
also indicated that the letter requested that
Commission
written
time
20
the
at
Association
Investment
the
26
Dec.
on
Jan.
to
National
of
submitted
comment be
Commission
prior to Jan. 6 next.
an
extension of
announced
request of
of
representatives of the
Securities
Bankers
The
this
Dealers,
Association
of
Inc.,
America.
and
In
addition, the letter states that the Commission is prepared
to discuss the matter "around the conference table" at the
request of any individuals or groups of interested persons.
the Commission reaches any decision on the mat¬
Before
ter it desires to receive comments and
the
In
interested.
those
its
suggestions from all
announcement the
SEC
also has
following to say:
The
of
matter
the
statutory power of the
Commission to require com¬
petitive bidding is discussed in an appendix to the report, which expresses
the conclusion that the requirement of competitive bidding in the sale of
is
securities
within
the
statutory
powers
of
the Commission.
This legal
of the Commission under Section
12
(d), applicable tc the cale of portfolio securities, and under Sections
6
(b) and 7, applicable to new issues.
It refers to the fact that the
power of
the Commission to require competitive bidding pursuant to
Section 12 (d) has not been challenged, in view of the express reference
in
that section
to
"the maintenance of competitive
conditions," and
analysis separately discusses the powers
the opinion that the powers
expresses
of the Commission under Sections
7 are in fact broader than its powers under Section 12 (d),
even
though those sections do not refer expressly to the "maintenance of
competitive conditions."
Among the proposals developed in that con¬
nection are the following:
6
(b)
and
bidding is a recognized method of implement¬
of security issues and there is ample precedent for
within the discretion of the regulatory authority to impose
"Requiring competitive
the
ing
regulation
regarding it as
a
requirement.
such
"The
of
legislative history of the Act makes it clear that Congress was
method of implementing regulation and regarded it as one
of this
the matters
left to the discretion of the Commission.
involving a security issue the Commission is concerned
price and spread and, except in dealing with a
which is limited for that reason to a fair return on
its property investment, the test of competition is recognized as the most
direct and effective test of the reasonableness of charges or prices.
"The objective of Commission regulation of price and spread should be
to
insist
that the issuer receive the most favorable terms obtainable
rather than the maintenance of a 'living wage' for investment bankers or
with
every
case
the reasonableness of
natural
monopoly,
avoidance
"The
of
'over-pricing.'
Commission's
own
experience,
particularly with the underwriter s
spread in connection with high-grade bond issues and
connection with private placements, demonstrates the
with finders' fees in
necessity for requir¬
bidding in order to prevent the payment of unnecessarily
high fees and commissions.
"Absence of competition in the sale of securities by registered holding
companies and their subsidiaries is detrimental to the 'public interest,'
as the term is used
in Sections 7 (d) (6) and 0 (b), both because of the
conflict with the general policy of the Act with respect to the main¬
tenance
of competitive conditions in transactions by registered holding
companies and their subsidiaries, and because of the special policy of
ing competitive
petitive
SEC,
ask
to
and
prices
"Jn
d Includes an agreement by which the Corporation may be required, or may
elect, to repurchase at any time prior to maturity, $4,150,000 securities sold by it
(now canceled).
Otis
stated that
the
aware
pic Includes $320,000 guarantee by the corporation of securities sold by It.
Since
the sale, $04,000 of the $320,000 has been repaid by the railroad, thus reducing the
i*
you
ing and Maintenance of Competitive Conditions—
Urges Adoption of Rule in Connection with
Issuance or Sale of Utility Securities
Pacific Ry. Co.'s notes for $5,500,000, maturing over a period of 10 years, $700,000
a
ago
bankers the monopoly for the marketing
Solution to the Problem of Arm's-Length Bargain¬
(The Soo Line)
which was guaranteed by the Canadian
Pacific Ry. Co. and when the "Soo Line" went Into bankruptcy, we sold the balance
b Includes
years
view of the
certificates
large number of bankers interested in them.
We are sending
copies of this telegram to all members of the Senate and House Interstate
and
173,700
7OO"666
4,306,000
Totals
Ten
of
the domination of utility financing by a few bankers.
Utility Division of the SEC has now recommended competitive
record
100,000
(trustees). 13,502,922
Wichita Falls A Southern RR.Co.
Wrightsville A TenniUe RR
♦
215,000
6,000
452,000
25,981,583
Western Pacific RR. Co
200,000
1,235,000
162,600
5.332.700
30,000
Tuckerton RR. Co
The Utah Idaho Cent. RR.
Wabash Ry. Co.
18,072,250
108J40
2,035,000
Texas-South-Eastern RR. Co
28,900.000
100,000
500,000
100,000
Texas A Pacific Ry. Co
1,070,599
400,000
162,600
Seaboard Air L. Ry. Co.
(rec'rs)c c0,640,000
Southern Pacific Co
45,200,000
Southern Ry. Co..—51,405,000
Sumpter Valley Ry. Co
Tennessee Central Ry. Co
favor.
up
covers
the
99",200
785,000
25,000
18,200,000
—_
St. Louis-San Fran. Ry. Co
St. Louis-Southwestern Ry. Co-Salt Lake A Utah RR. Co.
(rec'rs)
Salt Lake A Utah RR.
Corp
We
13,915
22,667
800,000
*3,200,000
-
its
20,000,000
520,000
100,000
N. Y. Chic. A St. L. RR. Co
N. Y.N. H. A Hartford RR.Co.
in
investor.
354,721
26,000,000
13,915
99,422,400
5,124,000
23,134,800
99,200
785,000
1.070.699
New York Central RR. Co
advantages
Justice
the
of
terminal
1,161",000
Meridian A Blgbee River
Ry. Co.
Co.(receivers)
Murfreesboro-Nashvllle Ry. Co—
SEO has
the
bidding for utility issues, recognizing that this method of selling securi¬
ties has been a success from the point of view of issuer, banker and
546,000
9,500,000
56,095,607
City Southern Ry. Co.—
1,112,000
Lehigh Valley RR. Co
10,278,000
Mobile A Ohio RR. Co
Mobile A Ohio RR.
Court
Chairman
10~639
Kansas
Missouri Pacific KR. Co
Missouri Southern RR. Co
Division of
to competitive bidding.
up
SEC
3,183*000
Illinois Central RR. Co--
(trustee)
Minn. St. P.AS.S.Marie Ry. Co.
Mississippi Export RR. Co
Missouri-Kansas-Texas RR. Co.
Utility
of terminal bonds, and that the issue in
15,000
13,915
Maryland A Penna. RR. Co
five
be advanced for giving any
could
Commerce
546,000
County RR. Co
Litchfield A Madison Ry. Co
Louisiana A Arkansas Ry. Co-Maine Central RR. Co
lists
Public
the
10,000
3,183,000
-
and
that
competitive bidding rule for utility issues under ita
unhealthy situation.
12,000
Gulf Mobile A Northern RR. Co
Gulf Mobile A Ohio RR. Co. and
Gulf Mobile A North.
RR.Co.
noted
sealed
a
751^075
227,434
3,000
78.666
Georgia A Fla.RR.Co. (receivers)
354,721
Great Northern Ry. Co
125,422,400
Western Pac. RR. Co.
have
referred to the concentration of railroad financing in a few hands as
ago,
an
156,000
8,081,000
of the
Twenty-five years ago Justice Brandeis deplored the concentration in
financing to which the current SEC report refers.
You yourself, 15 years
The
60,000
1,800,000
Norf South. RR. Co.
(receivers)
Northern Pacific RR. Co
will
recommended
breaking
2,680,000
8,300,000
1,561,389
E. Eastman, Chairman
Joseph
covering equipment trust certificates, to all other rail¬
issues.
In addressing Chairman Eastman by wire
from Cleveland, Ohio, Otis & Co. said:
Supreme
8.762,000
to
road
now
Denver & Salt Lake West .RR.Co.
3.182,150
Erie RR.Co
16,582.000
Erie RR. Co.
(trustees)
10,000,000
Eureka Nevada Ry. Co
3,000
Ffederlcksburg A North. Ry. Co
464,299
59,000
8,702,000
1,150,000
13,718,700
2,680,000
8.300,000
1,150,000
13.718,700
Chlc.R.I.&Pac.Ry .Co. (trustees)
2,680,000
Cincinnati Union Terminal Co-. 10,398.925
Colorado A Southern Ry. Co
30,123,900
Columbus A Greenville Ry. Co..
60,000
Copper Range RR. Co
53,500
Del. Lackawanna A Western
Ry.
5,100,000
Green
500,000
8,920,000
Chic. No. Shore & Mllw. RR.Co.
Chicago R. I. A Pae. Ry. Co
Ft.Smith A
1,000
220,692
20
gested the extension of the IOC's competitive bidding rule,
jurisdiction
Charles City Western Ry. Co
Chicago A Eastern 111. RR. Co_.
Chic. Gt. West. RR. Co.
Dec.
now
You
Carolina Clinchfleld A Ohio Ry
(Atlantic Coast Line and Louis¬
ville A
of
interstate Commerce Commission, at Washington, has sug¬
53,960
549,000
Buffalo Union-Carolina RR
Carlton A Coast RR. Co
Central of Georgia Ry. Co
Central RR. Co. of N.J
recommending competitive bidding in connection with pub¬
utility issues, Otis & Co., Inc., in a communication under
lic
date
127,000
90,000
3823
The Commercial & Financial Chronicle
3824
the Act
break
to
close relationships
up
between
investment bankers and
holding companies,"
The report,
tt is noted by the SEC, reviews the history
of the Commission's
experience with the problem of arm's¬
-length bargaining and the restraint of free and independent competition as regards the price and spread in public
offerings of securities and so-called finders' fees in
tion
connec¬
with private
placements, including the experience in
administering Rule U-12F-2 adopted Dec. 28, 1938, and
effective March 1, 1939, with respect to the payment of
underwriters'
fees
finders'
and
fees
affiliated
to
under¬
writers.
Dec.
28,
1940
bargaining, the application of a mechanical procedure, which will obviate
the necessity for such determination, is certainly to be recommended.
It appears, then, that the enforcement of free, market competition in
the underwriting of utility securities may provide the solution to many
of the
problems involved in maintaining arm's-length bargaining in utility
Such competition is not only the standard condition of
but has also generally been deemed the only acceptable
alternative to some type of stringent governmental supervision.
Further¬
more, competitive bidding for utility securities has been proved practicable
by actual experience.
It has been noted that most of the underwriters and utility company
financing.
American industry
representatives who replied to the Commission's questionnaire were opposed
to any competitive bidding requirement.
In the next section those argu¬
ments against a competitive bidding rule will be considered in some detail.
°
administrative
received in
experience concludes:
reasonableness
of
price
spread,
and
of
meeting the problem of
maintaining arm's-length bargaining in the sale and distribution of utility
securities,
ticular
rule,
in
number of
cases in
which it seemed likely that a
might have been subject to the restrictions of
neither turned to clearly independent underwriters
a
the
issuer
to
competitive bidding.
the
picture,
the
nor
On the contrary, the underwritere whose
affiliation would have been the subject of
assurance
sometimes
U-12F-2
a
the maintenance of competitive conditions
to
as
utility securities
when
evr-n
The next section
affiliation is apparent.
no
of the
in the sale
.
.
of
tend to prevent arm's-length bargaining and com¬
petition in the sale of securities.
The conclusion is ex¬
pressed that:
in
fact
heavy concentration of economic power and a
very marked absence of competition in the investment banking field.
By
the
very
inter-banker
of
means
a
from the
agreements,
position of
dominating
individual
become
has
proprietary rights, reciprocity, custom,
great investment house, and a maze of
one
inter-connections
mechanism
and
relationships,
concentrated
a
1.
the
financial
investment
banking
largely
power
that
Argument
exempt
safeguards of free competition.
3.
tend to reduce the
securities.
argument that competitive bidding will tend to result in over¬
The
pricing of security issues.
4. The argument that competitive bidding would tend to increase costs
of
financing.
5. The
clusion that "these proposals represent a
limited
very
ap¬
6.
argument that competitive bidding would not satisfy the Com¬
The
responsibility for determining the reasonableness of prices and
7 (d) of the Act.
mission's
fees under Section
banking business in the hands of a few strong houses.
The argument that although competitive bidding might work for
high-grade, standardized securities, it would be unworkable with respect
to low-grade, junior and unfamiliar securities.
ment
8.
staff's
The
report, says the Commission, also discusses
possible objection to the requirements of competi¬
bidding, namely, that it would interfere with the
another
tive
present practice of private placement of securities unless
a special exemption
were provided for such transactions.
After considering various factors involved, the conclusion
is
expressed
around"
as
an
marizes the
report:
staff's
for competitive
bidding
as
follows:
Competitive bidding may be expected to remove the
actuality) of banker domination of utility financial policies.
be
less
incentive
for
underwriters
to
exercise
such
threat
influence
if
they are
to obtain the remuneration and prestige arising from
managing or
participating in the distribution of an issue.
In a situation in which the
traditional banker is only one of several competing for an issue which
will be sold to the highest bidder, the issuer would no longer be obligated
underwriter
one
"proprietary
nor
rights"
would
the
the
underwriter
be
able
to
maintain
any
issuer's
financing.
It may be observed,
too, that, had this type of competition been practiced in the decade of
the twenties, there might have been little incentive for investment bank¬
over
ing houses to build up huge holding company and investment systems
largely for the profits to be gained from their security flotations, issues
which in all too many cases were unsound and resulted in
their
to
>
enormous
losses
purchasers.
Competitive
for
the
bidding should
securities
thus
result
sold.
Not
in genuine arm's-length bargaining
only would banker domination be
eliminated but also any community of interest in the
financing not to the
benefit of the investors would be prevented.
We believe that the elimina¬
tion
banker
of
policies of
and
utility
the
in
domination
will
of
have
desirable
managements
company
raising
so
effects
that
both
on
as
the
to
financial
refinancing
capital, the sale of stocks should play a
greater part than they have in the past, with a resulting improvement to
capital structures. '
new
Competitive bidding
found
may be expected to reduce the concentration now
underwriting management of new utility security issues.
situation in which the issue is sold to the high bidder, it is
the
in
That
is, in a
unlikely that the
tinue
access
ments
to
dictate
or
the
six major investment banking houses could con¬
on
which the rest of the industry may have
we have seen, this concentration and the instru¬
terms
to such issues.
As
by which it
is maintained have been instrumental in preventnig
play of independent competition and arm's-length bargaining.
expectation is not unfounded, since it is reflected in the experience
with competitive bidding in the sale of municipals and also equipment
the normal
This
truBt securities.
bankers
and
On the basis of the experience in these fields, investment
dealers
all
over
the
country may be expected to take an
active part in organizing or participating in
syndicates for the purpose
of bidding on new utility issues, rather than
accepting (as they now do)
whatever crumbs may fall from the table of the few dominant investment
banking houses.
Competitive bidding should produce reasonable prices and fees.
It
that the only really valid yardstick by which the reasonableness
spread and price may be measured is that which would be provided
appears
of
by effective competition.
in
Sucjh a valid yardstick is especially important
judging the reasonableness
solution
private placements."
discusses 'shopping
and
expresses
a
con-
jpf fees and
prices for junior security issues,
contrasted
as
with
competitive
its
bid¬
ding."
The
Rule
recommendations
in
the
:
developed in this report,
reasons
which
U-32F-2
summarized
thus
are
•
the
For
(and
There would
not
to
alternative
difficulties
obvious
case
should at
competitive bidding rule
sible purchasers and no exception for
Section
IV
of
the
staffs
report
report entitled "Competitive
Bidding as a Solution to the Problem of Arm's-Dength Bar¬
gaining and Maintenance of Competitive Conditions," sum¬
the
of
"a
that
elusion that it "offers few advantages to compensate for
proach to the problems."
III
present examples of competitive bidding do not
argument that
recommend extension of the principle.
least in the first instance make no distinction between pos¬
The report summarizes various suggestions received for
amending the existing Rule U-12F-2 and expresses the con¬
Section
!
close issuer-underwriter relationship would not be
a
7. The argument that competitive bidding would concentrate the invest¬
staff's
which
is
opposition to competitive bidding and discusses in
following typical arguments urged against com¬
possible under competitive bidding.
2. The argument that competitive bidding would
underwriters' investigation and sponsorship of new
.
report discusses the cus¬
toms and relationships in the investment banking industry
There
the
then points out that most of the replies
to the Commission's letter expressed
response
petitive bidding:
inquiry under the rule remained
managing the underwriting operation, and
proceeding simply by limiting their participations.
The proceedings that have been instituted under the rule have proved to
be difficult, burdensome, and unduly time-consuming to all concerned.
But even if these defects could be corrected, it is doubtful that the
rule could accomplish its broader objectives.
For, as a result of certain
customs of public utilities and investment bankers, there appears to be no
avoided
definite
turn
par¬
underwriter
rsorted
in
or
The staff's report
of the Commission's
Rule U-12F-2 has not proved to be an effective method of ensur¬
...
ing
in the staffs report
discussion
The
been
has
we
demonstrably
recommend the repeal of
in achieving the
deficient
statutory objective of assuring maintenance of arm's-length bargaining and
competitive conditions
tered
distribution of securities of regis¬
in the sale and
holding companies and their subsidiaries.
place we recommend that the Commission adopt
In its
a
rule requiring
bidding in connection with the issuance or sale of utility
subject to the Commission's jurisdiction under the provisions
competitive
securities
the
Public
recommendation is
end in itself,
procedure is necessary,
under the conditions that prevail, to assure the maintenance of com¬
petitive condition?.
The proposed rule niay be summarized as follows:
(1) It would apply to the issuance or sale of securities of registered
public utility holding companies and their subsidiaries in an amount
exceeding $1,000,000, with certain
.
.
exceptions.*
(2) It would provide that the Commission will not grant or permit
any application or declaration subject to the proposed rule to become
of
Utility-Holding
made not because
but 'because
it
we
has
Company
Act.
This
believe that competitive bidding is an
become
apparent that such
a
,
effective
the applicant or declarant shall have invited sealed bids
advertisement a reasonable period prior to entering into a
unless
by published
for
contract
(3) It
the
sale
of
would
also
provide
shall be opened publicly
published advertisement.
(4) Finally it would
the
securities
involved.
that such
sealed
bids
as
be received
may
at the time and place that was specified in the
practicable after the
file a statement with
the Commission setting forth: (a) the action taken in compliance with
the rule, (b) a copy of each bid received, and (c) a statement of the
action which the company proposes to take.
:
'
It will be observed that the proposed rule does not impose elaborate
provisions relating to the technique or mechanics of competitive bidding.
We believe that, initially at least, it is desirable to keep this phase
fluid, partly to allow room for individual initiative in developing pro¬
cedures best suited
to particular situations and partly to
await the
dictates of experience.
"
^ /
opening of bids,
the
provide
applicant
that
or
as
soon
as
declarant shall
.
Copies of the report may be had upon request to the
Publications Unit, Securities and Exchange Commission,
Washington, D. C.
i'
.
Department of Agriculture Extends Food Stamp Plan
to Medford, Mass., Amsterdam, N.Y., and Millville,
N.
J.
measure
Secretary of Agriculture Claude R. Wickard announced
Dec. 20 that the Food Stamp Plan for distributing surplus
agricultural commodities will be extended to the cities of
Medford, Mass.; Amsterdam, N. Y., and to Millville, N. J.
Selection of the Massachusetts, New York and New Jersey
monopolistic
areas
since
it
In
is
those
issues that the greatest difference of
opinion as to
be expected to exist.
In addition, this yardstick would
judging the reasonableness of fees for eecruity issues not
subjected to competitive bidding.
Certainly it would appear that such a
reasonableness may
be available
for
of reasonableness is more valuable than one depending of quasior
privately "administered" fees and prices.
Competitive bidding may be expected to reduce substantially the admin¬
istrative task involved in regulating affiliate transactions and
judging the
reasonableness
of
vidual
necessary under
the present rule, there would be
automatic mechanism which should require
only a nominal
fees
and
commissions.
In
place
of the
involved
indi¬
proceedings
substituted
an
oversight and review to insure integrity and non-evasion.
Because of the
practical difficulty involved in determining the existence of arm's-length
for
operation, said the announcement,
representatives of the Surplus Marketing Administration of the Department of Agriculture, and local public officials, welfare officials; and
business and banking representatives who will be con¬
followed
Stamp
Plan
conferences
between
cerned with the administration of the program.
culture Department's
The Agri¬
announcement further said:
Volume
The
It
is
in
1940
gives
cenem
estimated
this
The Commercial & Financial Chronicle
151
that
the
there
population
2,780
are
eases,
Medford,
of
Mass.,
"Bangor,
63,123.
as
representing some 8,760 people,
Canada:
3825
N.
Me.-Moncton,
Uniced
B.,
United
Buffalo-Toronto,
States;
York-Toronto,
New
Windsor,
States;
point
Ont.-any
or
points in the United States, United States; Detroit-any point or points in
population
33,640, according to the 1940 census.
In this city it is estimated that
there are
1,240 cases, representing some 2,530 people, receiving public
aid.
For Millville, N. J., the 1940 census shows a population of 15,000.
There
are,
according to the estimates, 730 cases, representing 2,060
law,
people, receiving public aid
Columbia.
receiving
area
public
aid.
Amsterdam,
Y.,
N.
has
a
of
The
plan
same
Under
this
in
food
this
families
stamps
in
obtaining
food
Under
be
will
the
opportunity
buy
to
Stamp
regular
wider
supplement
to
Plan
trade
price-depressing
channels
for
market
surpluses
farm
families
to
relief.
on
moved
are
the
gives
This
his
surplus crops, and at the same time adds
health-giving foodc to the diets of families getting public aid.
operation of the program in the Massachusetts, New York and
a
reeded
Actual
New
behalf of United
on
Jersey
expected
is
areas
begin
to
in
about
Participation
month.
a
navigation,
of British
along the cost
and services to Alaska to be
reserved for future consideration."
Additional
First Half of
Placed in
Defense Contracts
December
The Army placed additional contracts in the
first half of
the Navy,
in
the
same
period, contracted for an additional $50,945,282 of defense equipment.
Since last July 1 defense
contracts and expenditures by the two military branches
December
having
value
a
.$272,161,063
of
in the program will be voluntary.
of the Government and several
Extension of the plan to Buffalo, N. Y., and the rest of
Erie
County was
reported
in
our
issue
of
Dec. 21,
of
governmental agencies have
aggregated nearly $10,000,000,000.
the
and
Following is
a summary
figures:
NATIONAL SUMMARY OF DEFENSE CONTRACTS AND EXPENDITURES
3674.
page
air carrier, subject to Canadian
States
aids to air
necessary
their
commodities
surplus
of the
"Further decision with respect to routes
the three areas.
regular food
free blue surplus stamps for use
approximating
addition
designated
given
in
"The Canadian Government to cooperate in or permit or undertake the
establishment
supplies.
the
through
farmer
specially
will be used
rates
at
expenditures, and to receive in
their
area.
distribution
stamp
eligible
plan
colored
orange
of
Canada, Canada; Great Falls, Mont.-Lethbridge, Alberta, United States.
(Based on press releases of July 1-Dec. 15, 1940
Jesse Jones Says Defense Preparations
July 1 to
ber of
Demands
Required for Job
national defense, at the annual meeting of
the Houston Chamber of Commerce, Houston, Tex., on
Dec. 21 Jesse Jones, Secretary of Commerce, and Federal
Loan Administrator, declared that, in committing ourselves
on
the preservation of the democratic form of government,
a cause to which all must contrib¬
to
"we must realize that it is
ute
materially and spiritually, directly or indirectly." Stating
that the burden will fall on all alike, Mr. Jones said:
have
We
already found that
the demands
are
beginning
to
test
necessary
for our strength,
has not yet geared
to
complete
our
protection against aggression.
our
Industry
itself to provide in full the things which will be needed
defense
ment to underwrite
It has already been necessary for
measures.
plant expansion, set
up reserves
govern¬
of strategic and critical
materials, aid in the financing of preparedness contracts, and to do many
things to prime the productive
pump
for
we can
feel that
we are
entirely safe.
become
for
necessary
do in
us to
narily would do in three or four.
energies to what is
one
We
day of 24 hours what
may
we
citizenry will be able to give less than full
time, there has been
/
a
seem
a
Every citizen
lack of realization
on the part
of
shores and make successful
us,
and I admit that it
war upon us.
But if the
seas
trade, we would find ourselves in a sore plight, an intolerable situation.
I appeal to all
so
of
you to
give the most serious consideration to the
possibilities that confront us.
Discussing
and mechanical work experience.
$5,002 added to total not included in prior release.
United States Housing Auth¬
c
d In addition to these loan contracts approved, the
ority has made housing allotments to the War and Navy
$7,225,000.
Office of Production Management for Defense Created
President
Roosevelt—Composed
of
W.
S.
Knudsen,
Sidney
Hillman,
Secretary
of
War
Stimson and Secretary of Navy Knox
by
of
our
defense, Secretary
Jones said:
just
can
a
never
But whether
again reach us.
would be
to
for our defense only by making sacrifices, all of
us, not
None of us like to embrace the idea of war, and I hope it will
few.
we
like to contemplate it or not, it
foolhardy not to realize that war is a reasonable possibility.
efforts toward preparedness have been painless, with no self-
profitable to some, especially in providing work for stimulating
Some of us have tried to believe that we could do what we are
business.
undue changes in our
do this emergency
the
any
everyday life.
Some of us like to think that
we can
job with our left hands, leaving our right hands free for
ordinary routine of the life to which we are accustomed and which we
love.
I wish we could, but I am afraid we can't.
The longer
we nurture
such delusion, the greater the shock will be when we come to the
realization that the job
ahead of
us
will require all of our brains, all of
Washington announced on
the United States and
Canada, providing a schedule of basic principles which will
govern air transport services between the two countries.
This action confirms a tentative agreement reached in 1939,
Department
at
Dec. 11a formal agreement between
which
was
noted in
these columns
Aug. 26,
page
1259.
Regarding the pact, Washington advices Dec. 11 to the
New York "Times" said:
Effect is given to
the foUowing
Article 3 of the 1939 arrangement in accordance with
enumerations:
"International air transport services actually in operation between the
two
which
Commission,
the
Associated
The
new
decision
Mr.
of
if
talk
services:
take the appropriate steps to permit the operation
by air carrier enterprises
1942, in accordance with
of the other, holding proper authorization from
respectively, during the period ending Dec. 31,
the following specification of the routes and the
air carriers by which
nationalities of the routes and the nationalities of the
service over each route
will be operated between:
given
full
responsibility
to
make
have all the powers which the President
to subordinates.
Under the Constitution,
second President.
In outlining the new set-up at a special press conference, Mr. Roosevelt
said the Board would have three general subdivisions:
Production of raw
The
constitutionally
he
said,
will
he indicated,
Board,
turn
can
there
be
can
over
no
materials, defense purchasing, and priorities on
The
three bureaus.
Nelson,
transferred
the
to
new
Beard
new
people
was
"to
thing—the
as
the
likewise will be
of Messrs. Knudsen,
The latter now attends
composed
President's
war
off
pull
to the full the gravity of the
their coats and roll up their
swiftest possible production
of the means
in creating this office was to consolidate and
activities now in operation to provide an adequate
purpose
the various
It
defense.
materials
is
of every
to provide the necessary authoritative
further accelerate and augment the production
kind.
It is born out of a consciousness of the
expected
heightened gravity of the world situation and a
which produced this crisis is irreconcilable in
recognition that the
character and cannot
by any methods of appeacement.
Both the future fecurity of the United States and the
our
Among
for
their concentrated, undivided attention to
contest
be
chief
His statement follows :
defense."
of
visualized
recognize
"to
and
crisis"
The
material
assistant.
held their first meeting on Dec. 21, after
issued a statement calling upon
group
sleeves and give
one
as
Director. Knudsen
which
of
raw
affairs for the Defense Commission.
stabilization
price
the new organization.
Biggers,
Hillman. Nelson and Leon Henderson.
Stettinius,
The
D.
in charge of defense purchasing,
agency for similar duty.
now
Priorities
The
in
Stettinius,
R.
John
and
Commission,
Donald
the
Edwin
mentioned
he
be utilized
would
indicated,
he
Defense
to
deliveries of war supplies.
division, he said, probably would be subdivided into
Experienced men on the existing Defense Commis¬
production
or
leadership required to still
pending.
Washing-
buyer-user.
them.
with
over
those services
appropriate agency of the government before which
be
the
Dec. 21, said:
conferring with the President.
But, said
of the decisions went wrong, he would call in the
coordinate
their own governments,
last
without
one
it
Knox
will
Board
four-man
national
Services with respect to which
pending, other than
specifically listed below, shall be subject to disposition at the
"Each government to
established
President
involved in every process of pro¬
advices,
Press
policy,
Roosevelt,
and
and
Stimson
Secretaries
Ion
countries, for which certificates and permits have been issued by th8
"With respect to new
the
Mr. Knudsen,
Commission, will repre¬
management; Mr. Hillman, labor's representative on
original group, will continue to serve for labor, and
respective governments, to be confirmed.
such applications are
The purpose of this new
the Advisory
chief of
production
applications for formal certificates or permits are now
sole discretion of the
creation
Defense,
operation to provide an adequate national de¬
present seven-member National Defense Ad¬
three of the elements
all
these
State
the
for
May, will continue to function but as a subdivision of the
new Board.
The reorganized defense set-up will represent
sion,
Canada Sign Reciprocal Commer¬
cial Aviation Pact—Confirms Action Taken in 1939
The
The
visory
two
and
States
Navy Knox.
of the
in
ties now
our
strength, all of our productive effort, and much of our wealth.
United
20
Dec.
on
Management
is to consolidate and coordinate the various activi¬
fense.
tour
doing, and that remains to be done in the defense program, without
now
as
Secretary
Up
our
even
now,
denial,
Production
for
by William S. Knudsen and including Sidney HillAssociate Director; Secretary of War Stimson and
headed
sent
prepare
announced
Roosevelt
Office
the
'
We
Departments totaling
+.
duction—labor, managment and buyer-user.
of preparing for
ways
$11,211,030 for
has received a supple¬
and the National Youth Administration
mentary appropriation of $30,485,375 for defense training with emphasis on metal
agency
bring.
become infested with the devils of destruction that prevent international
And
"Navy contracts" as orders are placed for materials.
b In addition the Work Projects Administration has authorized
man
difficult task, if not an impossible one, for a foreign power
to land upon our
appear in
defense training,
President
measures.
It has been hard to realize that war can come to
would
12,203,054
be forced to devote all our
This situation may not be upon us today, but it is easily imminent, and,
up to the present
*.
Coverage—Army, total; Navy, contracts of 55,000 and over.
a In addition the Navy Department has allocated approximately $1,000,000,000
for armament on naval vessels being constructed In private yards.
This sum will
It
will then be called upon for the service he is best able to render.
most of us of what the future may
16,638,500
24,144,000
12,203,054
ing.b
ordi¬
If that time comes, no segment of government or industry, no part of
our
Office of Education Defense Train¬
only a part-time undertaking.
now
4.866,000
24,144,000
Agency:
We must be ready at all
costs, and none of us can foretell how great the effort will have to be.
may
99,109,402
8,251,196
11,772,500
bc90,858,206
PBA army housing
U8HA defense housing.d
Federal Security
1
$272,161,063 $4,164,364,170
50,945,282 a5,502,807,383
5,451,862,101
_
July 1 to
Dec. 15
national defense.
our
True, industry is responding, but the output must be multiplied many
times before
_
Federal Works Agency—
WPA defense authorizations
our
industrial machine, to say nothing of those added demands which will be
Dec. 15
$3,892,203,107
Army contracts
Navy contracts
Speaking
Dec. 1 to
Nov. 30
Require Sacri¬
fices—Secretary of Commerce Tells Houston Cham¬
terminated
democratic
resource
labor
shall
against
principles
he
attack.
in
this
world-wide contest
total defense for
demand that every
the part of
of defense
and management and maximum effort on
ceaselessly employed to provide the means
of capital
The Commercial & Financial Chronicle
3826
The
Office
Production
for
missions—produc¬
tion—production to the maximum of American resources in capital and
labor, in management and industry, in every field which can contribute
victory.
to
Management
has
but
one
1940
28,
he said, would release from 12,000 to 15,000 skilled mechanics few the plane
tooling job.
In
addition, he suggested that the President set up an aviation production
of men from government, industry and labor, with full
board made up
^
We call
Dec.
the people of the United States to recognize to the full
the gravity of the crisis which called this organization into being and
figuratively to pull off their coats and roll up their sleeves and give their
concentrated, undivided attention to one thing—the swiftest possible
authority to organize the building of airplanes in the automotive plants.
Mr. Reuther would allocate the production of various parts of plane
production of the means of defense.
To this end we invite the
tion of every element in the American community.
ment in
upon
coopera¬
issue of June 1, page
adaptabiUty.
Floor space and equip¬
big body plants in Detroit and Cleveland would be used for wing
fuselage work, and the Hupmobile plant in Detroit would be useful,
and
Creation of the Advisory Commission was referred to in
our
engine, wing and fuselage to different automotive plants on the basis of
their idie production capacity and
central assembly point for engines.
he said, as a
•
The whole plane would ba assembled at Detroit
3439,
and Cleveland airports.
Mr
Murray presented to the President on Dec. 18 a plan
the scope of the defense program and pro¬
viding the most effective machinery for its successful execu¬
tion:" this was reported in our issue of Dec. 21, page 3681.
for "broadening
Manufacturers Advised to
File Before Jan. 7 Applica¬
tions for Tax Deductions Incident to Amortization
Benefits for Defense Plant Expansion
Manufacturers have been advised by the National Defense
Advisory Commission that they are required to file by
7 applications for certificates permitting deductions
from taxes incident to defense plant expansion under the
amortization provisions of the recently enacted Revenue
Act.
Advices from Washington Dec. 11 to the New York
"Times" Dec. 11 in noting the action of the Defense Com¬
Governor Lehman of New York
Jan,
mission said;
Manufacturers
who
wish
take
to
advantage of the provisions of the
Internal Revenue Code of 1940 must obtain
Feb. 5, it was explained.
Today's order
was
"necessity certificates" by
intended to establish
a
date
within which applications for the certificates may be filed with assurance
they they will be cleared by Feb. 5.
-joint statement issued by the Defense Commission on
behalf of itself, and the Treasury, War and Navy Depart¬
ments, was given as follows in the "Times" advices;
Sections 23 and 124 of the Internal Revenue Code allow
a
deduction for
income and excess profits tax purposes for amortization over
a
60-month
period, with respect to any emergency facility, the construction of which was
completed, or which was acquired, after June 10, 1940, upon the issuance
of the certificate or certificates, required by the statute.
Such certificates
to be issued to the Commissioner of Internal Revenue
are
of War
or
the Secretary of the
Navy, and the Advisory Oommisson to the
certificate" must be made before Feb. 6, 1941, or before the beginning of
the construction or the date of acquisition of the emergency facility, which¬
is
ever
later, and that the "certificate of government protection"
and
"certificate of non-reimbursement" must be made before Feb. 6, 1941, or
within 90 days after the execution on the contract, whichever is later.
It is apparent then that In order to
application for
an
a
"necessity certificate" with respect to facilities, the
Suggesting that where pos¬
engaged in the production of non¬
part of their facilities to the produc¬
country's industrial facilities.
sible manufacturers now
essentials convert all
or
Governor Lehman said this action
of defense needs.
would not only "speed up and increase present output of
material" but would also "avoid creation of unnecessary
facilities with the consequent adverse effect upon conditions
in the post-emergency period." The Governor also suggested
that manufacturers with primary defense contracts be per¬
suaded to subcontract
more
of their work, to the end that
in speed and
reduction in costs.
Excerpts from Governor Lehman's letter to Mr. Knudsen
there be
an increase
follows:
which I believe should receive immediate
matter of importance
a
consideration by both officials and citizens.
There
are
manufacturers in this State and in the country now
many
occupied in the manufacture of non-essential commercial goods who could
readily convert all or a part of their facilities to the production of defense
material.
by
some
not
•
clear that the urgency of the situation is not
seems
adaptable to defense needs because they have not sought to And out the
requirements of the Government along these lines.
be acted upon, and a certificate
not
For the same reason
protection"
contract
application for
a
"certificate
of
"certificate of non-reimbursement" with
and
which
an
has already
government
to
a
been executed must be acted upon, and
respect
a
certificate issued, within 90 days after execution of the contract
before
or
Feb. 6,1941, whichever is later.
The Notice of Procedure for Certification issued by the Treasury,
and
War
Navy Departments and the Advisory Commission states: "In order
Others apparently are
willing to forego any of their regular commercial trade in order to
produce materials which are so necessary to the defense of their country.
The State Defense Council and I are convinced that the time has come
when manufacturers who
can
convert all
part or their facilities now
or
engaged in production of non-essentials to the production of defense needs,
should do
that the applications may be acted upon and certificates made within the
fully appreciated
Many of them may assume that their plants are
manufacturers.
construction of which has been begun or which have been acquired, must
issued, before Feb. 5, 1941.
on
mediate consideration be given to the full utilization of the
It
satisfy the requirements of the statute,
Lehman of New York stated
Herbert H.
Dec. 26, in a letter to William S. Knudsen, production chief
of the National Defense Advisory Commission, that im¬
There is
Section 124 of the Internal Revenue Code provides that the "necessity
Defense
Knudsen Also
Urges More Subcontracting
Governor
by the Secretary
Council of National Defense.
for
Plants
Letter to Commissioner
Needs—In
tion
A
Suggests Manufacturers
Convert
Non-Essentials
of
plant and machine facilities
In that way large additional
so.
undoubtedly be made available for defense needs with relatively little
can
delay or fresh capital expenditures.
HAlthough some temporary sacrifice may be called for, industry is bound
prescribed time, applications for such certificates should be filed at the
to benefit in the
earliest possible date.
industry and labor if the change from commercial to defense production is
to act upon
Unless filed in sufficient time, it will not be possible
the applications within the statutory periods, referred to above."
In spite of this warning, applications have not been filed
was
promptly
as
as
expected.
applications which must meet the statutory "dead-line"—Feb. 5
Feb. 6, 1941—have not yet been filed.
Fir this
reason
the departments
and the Advisory Commission feel it
necessary to state that, unless such applications are received before Jan.
1941,
no assurance can
meet
the
statutory
7»
be given that they will be acted upon in time to
requirements.
Applications
will
be received
some
way now
rather than suddenly and with insufficient
future time.
applications, it must be repeated, should be filed
at the earliest
There is another important matter which I
unit), Washington, D.O.
observe
in
the
charge-off
of
plant
expansion,
idle plant facilities and the available labor supply in this State.
The
primary purpose of this survey was to enable New York concerns who
Federal
defense
contracts
to
utilize
The survey has been
fullest
extent
followed this
A great
course
Those primary contractors who have
have had markeed results in increasing their output.
deal, however, still remains to be done.
are
still many plants
*
in this and other States not equipped to under¬
capable of turning out essential
take primary contracts, but nevertheless
It is obvious that a great
parts, whose facilities are not now being used.
amount of time and money
ment rather than
will be saved by using plants and their equip¬
by building entirely new facilities.
be
too,
can
in this
Manufacturers having primary defense contracts,
persuaded that they will not only increase speed
by subcontracting
more
of their work.
The full utilization of
our
way
plan to transform the entire unused capacity of the
automobile industry into one plane production unit was
presented to President Roosevelt on Dec. 23 by Philip
Murray, President of the Congress of Industrial Organiza¬
tions.
The proposal, based on a survey of the automotive
industry made by Walter Reuther of the C. I. O. United
Auto Workers, would
produce 600 planes dailv after six
months of preparation, it is claimed.
Mr. Reuther said the
industry now was operating at "only half its potential capac¬
ity," and that there were ample tools, machinery, floor
space and skilled labor to produce the 500 planes a day.
Mr. Roosevelt told his press conference yesterday (Dec 27)
that the plan is receiving serious consideration by the new
defense Production Office, which is headed by William S.
essential to
our
but cut down on costs
...
existing industrial facilities throughout the
national defense.
of material so
It will also avoid creation of unnecessary
faculties with the consequent adverse
emergency
be better
I believe, must
country will obviously speed up and increase present output
A
existing
in using existing available facilities by subcontracting part of their
work to other responsible firms.
Available labor in scattered sections,
dustry for Production of 600 Planes Daily
the
to
completed and is now -available.
Progress has undoubtedly been made in showing contractors the advant¬
ages
utilized.
C. I. O. President Murray Offers President Roosevelt
Plan to Pool Unused Capacity of Automotive In¬
.
survey of
There
In these columns Nov. 9, page 2733, we referred to the
issuance by the Treasury Department of regulations which
.
probably know, New York State some time ago undertook a
industrial facilities.
possible date.
.
desire to lay before you.
you
As
Such
the Judge Advocate General of the Navy, Navy Department (certification
must
advantage of such changes from commercial to defense production.
have
The Notice of Procedure and Instructions for the Preparation of Ap¬
plications may be obtained from the office of the Assistant Secretary of War
(purchase and contract branch), Washington, D. C,, or from the office of
should be enlisted so that all
industry would realize that trade competitors would not be allowed to take
after
Jan. 7,1941, however, and will be acted upon as promptly as possible.
manufacturers
planning at
There will be far less dislocation in the field of
long run.
orderly
an
The help of industrial trade associations
The departments and the Advisory Commission are aware of the fact
that many
or
made in
effect upon conditions in the post-
period.
Mayor LaGuardia of New York Reiterates Opposition
to Reciprocal Taxation of Federal and Municipal
Securities—Says Conference of Mayors Is Opposed
to Secretary Morgenthau's Proposal
The
proposal that the Federal
municipal bonds
Mayor F. H. LaGuardia of New York City.
Following a conference with Secretary MJorgtemthau in
Washington on Dec. 18, Mayor LaGuardia, speaking for
Treasury
Department's
Government be allowed to place a tax on
is opposed by
Knudsen.
the
Washington Associated Press advices of Dec. 23 discussed
the plan as follows:
President, reiterated his opposition to the plan, adding that
it "will increase our budgets and will not increase re¬
venues."
Regarding his remarks after his return to New
York the same evening (Dec. 18) the New York "Herald
Mr. Reuther's plan contemplates
car
model tooling,
12-months period.
a
six months' deferment of
and the leveling out of motor
Putting off the work
on new
car
model
new motor
production
cars
over
a
for six months,
United
States
Conference
Tribune' of Dec. 19 said:
of
Mayors,
of which he is
The Commercial & Financial Chronicle
Volume 151
Arriving at the
"1
field
Secretary
saw
on
Eastern
an
Morgenthau.
We
Air
Lines
had
plane,
Mayor 6aid:
the
conference.
a
He
was
very
sincere and earnest in
presenting his plan, very sincere in his appreciation
of the problem.
He fully realizes the enormity of the financial situation
of the country and he told me that,
among other things, he contemplates
a
tax
"I
for
his
appreciate
four years
difficulties, but the Mayors have studied the matter
I only expressed their viewpoint.
and
to
business
As
I
said he
pre¬
sented
his case earnestly and I listened intensely and all I could answer,
speaking for the Mayors of the country, was 'No.'*'
Mayor LaGuardia then indicated strongly that the Conference of Mayors
carry the fight against taxation of municipal bonds to Congress,
if Mr. Morgenthau carried the issue there.
would
Mr.
Morgenthau's proposal that the tax-exemption clause
from
removed
nicipal securities
columns
9,
Nov. 7
on
2733)
page
Federal
of
announced
was
Nov.
of
issues
future
State
and
mu¬
changes in the Federal laws
than
men
before.
ever
On
of greater importance
are
several
occasions
within
recent
important tax revisions have been pushed through Congress without
allowing reasonable time for study and discussion by the general public.
As
a
result of such haste many vague,
have
enacted.
in
the
been
enacted.
change such
to
sary
It
is
ambiguous, irritating and oppressive
Frequently
provisions
within
a
amendments
few
already becoming evident that
have
months
been
after
neces¬
they
were
important provisions
three months ago, will
some
profits tax, adopted only two or
require amendment befoie payments under that law become due.
excess
With
view
a
conditions,
it
to
is
Administration
with
be
3827
years
provisions
municipal bonds.
on
of taxation,
rates
respect
Congress
to
the
far
as
repetition
any
Merchants'
Association
such
of
the
Congress to make public their plans
early enough in the next session of the
leaders
revision
tax
possible,
as
The
urge
of
that ample time will be available for careful study and the
well-worked-out constructive suggestions.
so
submission
avoiding,
recommended that
and
of
(noted in these
and
repeated on Dec. 9
(mentioned in our issue of Dec. 14, page 3479).
In this
latter Item is also included the first offering of taxable
Committee
Aviation of New York State Chamber of
on
Commerce Would Give
"Extraordinary Powers" to
NDAC—Says Commission's Lack of Power to Co¬
Federal notes.
ordinate Defense Activities
"
Mayor LaGuardia's earlier opposition to the plan, made
Has
Retarded
Prepar¬
edness Program
before the House Ways and Means Committee in July, 1989
referred to in our issue of July 15, 1939, page 349.
"Extraordinary
powers"
should
be
given
National
the
Defense Advisory Commission to enable it to speed up the
Organization of New York State and Municipal Officials
Opposes Federal Tax on State and Municipal Bonds
—Contends Proposal Is Unconstitutional and also
Threatens Defense Program
productive capacity of all American defense industries, it
was urged in an interim report made public on Dec. 18 by
the Chamber of Commerce of the State of New York.
The
report said that one reason the preparedness program was
being seriously retarded was because the Commission did
Opposition to the proposal of the Treasury Department
tax State and municipal bonds was expressed Dec. 16
by 22 New York State and municipal officials representing
not have the power to secure complete coordination of de¬
fense activities.
Copies of the report, the Chamber pointed
all sections of the country.
They contend that such a tax
is not only unconstitutional but is financially unsound,
of
which
was
and that it would
Albert
C.
to
impair the national defense program.
The officials releasing the statement constitute the Com¬
mittee
of
stated,
the
is
Conference
of
group
a
State
on
Defense, which, it is
State and municipal
1,200
over
officials/which has been coordinating State and municipal
opposition to recent attempts to tax State and municipal
bonds.
The members of the committee signing the state¬
ment include:
John J. Bennett Jr., Attorney General of
the State of New York; Henry
Epstein, Solicitor General
of the State of New York; Charles J.
McLaughlin, State
Tax
Commissioner
The statement
We
have
of
Connecticut.
said, in part:
regret statements recently issued by the Treasury
indicating a determination to press once again for congres¬
legislation taxing State and municipal bonds.
This proposal is, in our considered
opinion, not only unconstitutional
Department
sional
but
is
fiscally unsound.
State
vote
and
of
30.
to
announcements
at
the
Ways
reported
and
57
least
was
Just last September a Treasury attempt to tax
bonds was repudiated in the Senate by a record
Indeed, the ''Congressional Record" shows, through
pairs, that the real majority against the proposal
36.
Though hearings were had on this issue before
municipal
44
and
to
Means
Committee
over
Senate Report
In
the
which
was
We
a
year
ago,
no
bill
was
even
the House.
in
words
Against Tax
the
of
minority Teport of
supported by the September vote
are
the
special Senate committee
on the floor of the Senate:
opinion that this proposal is economically unsound and
It is based upon a theory of tax evasion
that is not supported by the facts.
Though it has been popularized with
the public as a device to obtain additional taxes from the wealthy, it
would in reality place upon the States, and particularly upon the cities,
a
heavy burden of increased local taxation.
Stripped of its popular
catch phrases, it would simply shift a future, and perhaps unsupportable
that
it
burden
is
on
of
the
unconstitutional.
the
home
owner
and
Tax
the
Will
rent
Hurt
payer.
Despite these definite rejections of the Treasury proposal by the Con¬
the issue is now apparently to be revived under the broad cloak
national defense.
Far from contributing to the national defense effort,
the reciprocal taxation of governmental securities would produce exactly
gress,
effect.
reverse
This
i3
60
because:
(1) On the proposed basis of a $20,000,000,000 program for national
defense, the issuance of fully taxable securities for this purpose would
result in added increased interest cost which might well reach the sum
of $100,000,000 annually,
enough each year to build a new battleship
and cruiser,
(2) The Treasury itself admits that the taxation of future issues of
State and municipal securities would not produce any substantial revenue
for a period of from 20 to 40 years; and
(3) Federal taxation of municipal securities would interfere with that
vital cooperation of the inusicipalities in the national defense effort which
is so necessary to every phase of national defense.
Merchants' Association of New York Recommends Con¬
Make Known Plans for Tax Revision Early in
Session—Urges Ample Time for Study of
Proposals
gress
Next
Upon recommendation of its Tax Committee, the Board
Merchants' Association of New York,
meeting on Dec. 18, adopted a recommendation calling upon
the leaders of Congress to make public their plans for tax
revision at an early date in the next session so that ample
time may be available for careful study of the
proposals
of Directors of The
by the public and the submission
of well-worked-out con¬
suggestions before new tax legislation is enacted.
The directors expressed the belief that by following such
a course it will be possible to avoid some of the mistakes
which have been made on previous occasions when tax laws
have been pushed through without the opportunity for
careful study by the public.
The Board acted on the basis
of the report which was presented by Martin Saxe, Acting
structive
Chairman of the Association's Committee
Public Revenue.
Current
various
in
on
Taxation and
This report stated:
information
changes
the
indicates
Federal
that
tax
the
laws.
next
of
have fallen
Until
its
planes,
engines,
accessories
and
armaments
below the theoretical capacity of the industry.
adoption by the Chamber, which will not meet
until Jan. 9 next, the report reflects only the views of the
committee,
the Chamber said.
The committee, in its re¬
port, stated:
It
is
generally accepted
fact that
Great Britain must gain pre¬
victory is possible.
Since the
property must be cut off at the
earliest possible moment, and since the productive capacity of our country
remains
the only substantial source of supply available which is not
subject to the hazards of active war, it follows that it is of the most
/critical importance that drastic action be taken to meet the emergency.
The experience of our own country and that of others in 1917-18 shows
that when conflicting demands of such great size are made on an industry
geared to peace-time needs, sound coordination under one responsible head
produces the most efficient operation.
The maintenance of capacity output
in the airplane manufacturing
dominance
in
the
costs
as
before
air
of
war
a
military
a
life
in
and
industry is of vital importance to the rearmament of our military forces,
the
to
supplying of
for air defense and offense of Great
in the fight against totalitarian
requirements
Britain and the countries allied with her
aggression, and to the continued development of the commercial airlines
whose transport planes have great military value in time of emergency.
The production of the industry, in common with other industries of
major importance to national defense, is being seriously retarded, for one
because the National Defense Advisory Commission is without the
reason
authority
and
direction
necessary
to
complete
insure
of
coordination
defense activities.
The
crisis
Europe, the report declared,
in
war
"demands of
action in the way of increased production
such prompt
us
materials
that
extraordinary
emergency
powers
National Defense Advisory Commis¬
sion to enable it to act more promptly and with a minimum
of red tape in bringing the productive capacity of our de¬
fense industries to a higher and more effective pitch."
Mr.
Lord's committee is convinced that unless "extraordinary
should be given to our
of
the
by the Committee.on Aviation, of which
Chairman, was devoted principally to
is
conditions in the airplane manufacturing industry in which
of
Defense
drawn
Lord
deliveries
enormous
with
noted
out, will be sent to President Roosevelt and the members
Congress and the Defense Commission.
The report,
powers" were given the Defense Commission the United
States would "fail to provide in time the volume of equip¬
ment so vitally needed in this world emergency."
Death of C. G. DuBois, Former President
of Board of Western Electric
Congress
will
consider
high
Co.
President and Chairman
of the Board of the Western Electric Co., died oh Dec. 23
at the Harkness Pavilion of the Columbia Presbvterian
Medical Center, New York City.
Mr. DuBois, wno was
Charles Gilbert DuBois, former
70 years old,
from 1919 to
was
President of the Western Electrw Co.
1926, and was Chairman from 1921 until his
retirement in 1927.
In summarizing Mr. DuBois" life, the New York
Times
of Dec. 24 had the following to say:
Mr. DuBois was born in
the
New York on March 22, 1870, and attended
public schools of Randolph,
Vt.
He
was
Dartmouth College.
graduated in 1891 from
.
In that year he went to
_
work as a clerk for the Western Electric Co. s
Randolph,
where he spent a year as cashier of the Randolph National Bank. He then
returned to Western Electric as chief clerk of its Chicago office, and in
1898 was made secretary in charge of accounting.
.
.
.
In 1907 he was appointed Controller of the American Telephone and
Telegraph Co., resigning from Western Electric to assume the post.
In
the next decade he developed the accounting system that was adopted
New York office.
In 1895 ill health forced him to return to
throughout the "Bell system.
...
Mr. DuBois had also been Chairman of the
Western
Board of the Internationa!
Telephone Laboratories,
Electric Co. and a director of the Bell
Manufacturers Junction
Railway Co., Mercantile Trust and Deposit
Co.,
French-American Banking Corp., Seaboard
National Bank, Bankers and Shippers Insurance Co., Pacific Fire Insurance
Co. of New York. He also was Vice-President of the Bergen Press Corp.
Chase
Because of the existing
and Chairman
Securities
Corp.,
The Commercial & Financial Chronicle
3828
President Roosevelt Sends Holiday Greetings to Army,
in
extending
forces
tine
military
At this
and naval
Christmas
intensive preparation which has as its purpose
the assurance of the adequacy of our national defense.
You have earned
the gratitude
and admiration of every citizen of the United States.
Whether you be on the land or the sea during this holiday season, I trust
time you
engaged
are
Washington County National Bank in Granville, N.
before going to
Canajoharie.
Formerly
FRANKLIN
C.
D.
in
ROOSEVELT,
C.
'
on
21 sent
Dec.
Christmas message to
a
Conservation Corps, in which
in the Civilian
the enrollees
they were "pioneers in the building of a new order
youth and for the Conservation of our price¬
resources."
The following is Mr. Roosevelt's
he said
for American
less national
letter:
It
with
is
looks
season
of
sense
a
back
the Nation at this holiday
that have stemmed from the
dt-ep gratitude that
the
upon
fine
results
Civilian Conservation Corps program.
who
You
are
in
now
lived
have
who
the
corps
worked
and
"I
improved
to
extend
the
in
and the
of
usefulness to your country and to yourselves.
heartiest greetings.
May your Christmas be a
meeting of the Board of Directors of the New York
Board of Trade held on Dec. 18, Arthur Snyder, Treasurer
of A^d M. Best Co., Inc., was elected President succeed¬
A. Zellers, who was made Chairman of the Board.
is Vice-President of Remington Rand, Inc.
M. D. Griffith, Executive Vice-President was appointed to
House
as
Roosevelt
continue for another term.
Other officers and directors were elected
Floyd
Mrs. Roosevelt at the White House from
The Princess,
18 to Dec. 20,
who has been living in
Station, Wash¬
ington, on Dec. 18 by an official committee.
The members
included: Sumner Welles, Under Secretary of State, and
Mrs. Welles; Oeorge Gordon, American Minister to the
Netherlands, and Mrs. Gordon; George T. Summerlin,
Chief of Protocol for the State Department; Oapt. Daniel
J. Callaghan, the President's Naval Aide, representing Mr.
Roosevelt; The Netherlands Minister, Dr. Alexander Lou¬
don, and Mme. Loudon, and Ray Atherton, Chief of the
Division of European Affairs, and Mrs. Atherton.
Canada since June,
with
18
Crown
the
Mrs. Roosevelt
attended
19)
met at the Union
was
Princess
and
on
Roosevelt's
Mrs.
went
sightseeing
the following day (Dec.
press
evening a dinner at the White House
the Princess
is
and Crown
on
a
conference.
was
In the
given in honor of
Princess Martha of Norway, who
making her home in Maryland.
Princess Juliana
left Washington on Dec. 20 for New York, and after spend¬
ing three days here, departed for Canada.
now
York
Oliver J.
Treasurer:
Clearing
Association
House
Honors
J.
follows:
as
of the
Maltine
Co.,
Co.;
and
E. M. Otterbourg of Otterbourg, Steindler & Houston.
General Counsel:
Secretary:
Directors
Troster, partner of Hoit, Rose & Troster.
Richard Kulze, attorney.
Assistant Treasurer:
Spencer Greason, Treasurer of Brooks Brothers.
[ail newl:
William Callan, President of American Plastics
Corp.; Frank Christensen, Vice-President of
American-Fore Group; Frank
Henderson, President of American Dock Co.; J. E. Lewis, Vice-President
Life Insurance
R.
Co. and J.
J.
Toohy, Distributing Manager of
Squibb & Sons.
»
J.
W.
Given
Young
Leave of Absence as
Foreign and Domestic Com¬
Acting Director
Indefinite
merce—C. £.. Wilson Named
Announcement was made in Washington, on Dec. 19, by
Secretary of Commerce Jesse H. Jones that an indefinite
leave of absence has been granted James W. Young, Director
of the Bureau of Foreign and Domestic Commerce, United
States Department of Commerce, and that Carroll L.
Wilson, Assistant Director of the Bureau will become Acting
Director.
Mr. Young it is stated has been granted the leave
so that he may assume his duties as Chairman of the Com¬
munications
Division in
the office
of Nelson Rockefeller,
Coordinator of Commercial and Cultural Relations between
the
American
Republics.
He has been Director of the
Sept. 5, 1939, prior to which he was an ad¬
vertising executive.
Mr. Wilson, formerly associated with Scudder, Stevens &
Clark, New York City, investment counsel, was appointed
special assistant to the Secretary of Commerce on July 1,
1939t and on Sept. 6 was appointed as Assistant Director of
the Bureau of Foreign and Domestic Commerce by President
Bureau since
Roosevelt.
»
Federal
New
President
C. W. Korell, President of the
Director of Bureau of
of President and
Dec.
Chilcott,
Vice-President of the Continental Casualty
Underwriters Trust Co.
Dull,
N.
C.
James
Vice-Presidents:
Crown Princess Juliana of the Netherlands was the guest
tour
Zellers
Juliana
Princess
White
On
John
ing
Mr.
E.
Dec.
a
of Aetna
of The Netherlands Visits
Guest of President and Mrs.
of Board—Other Officers Elected
Chairman
At
camps
joyous one.
Crown
Association and Secretary of Group V
York State Bankers Association.
Snyder Elected President of New York Board
Trade Succeeding J. A. Zellers—Latter Made
Alfred
than two million others
as enrollees have been
more
outdoor
your
ray
you
Mr. Marshall has also served as President of the
1937.
in
Montgomery County Clearing House
pioneers in the building of a new order for American youth and for the
conservation of our priceless national resources.
You have strengthened
the Nation and
American Institute of Banking instructor, and President of
of the A. I. B.
Mr. Marshall was a member of
on
Christmas will be a merry one, and that the New Year will bring
happiness and success.
President
an
Y.
graduating class of the Graduate School of Banking at Rutgers
of the New
your
The
1923, Mr,
Assistant National Bank Examiner and later as
an
as
Cashier of the
University
personnel of our rapidly increasing
the sincerest of holiday greetings.
extended
I
Marshall served
the first
Army and Navy:
the
To
1940
the Schenectady Chapter
in-Chief, follows:
To the
Notre Dame.
in Council Bluffs, Iowa in
banking career
his
Beginning
holiday greetings to
the Army and Navy on Dec. 23, said that "you have earned
the gratitude and admiration of every citizen of the United
States."
His message, sent in the capacity of CommanderRoosevelt,
28,
Missouri, Mr. Marshall was educated at Creighton Prep, Creighton Uni¬
versity and the University of
Navy and Civilian Conservation Corps
President
Dec.
F.
Loan
Home
Announces
Sullivan for 50 Years' Service
Banks
Elect
Names of Those
Directors—FHLBB
Chosen
by Several of
the Banks
Percy H. Johnston, President of the New York Clearing
House Association, announced on Dec. 19 that at a meeting
that day of the Clearing House Committee special notice
Announcement
Home
Federal
was
Loan
made in
Washington
Bank Board
the
on
Dec. 13 by the
of
names
directors
elected by certain of the
great deal of financial history made, particularly
12 regional banks. Each bank has
12 directors, 4 appointed by the FHLBB in Washington and
8 elected by the member institutions for 2-year terms, 4 being
elected each year.
The appointed directors represent the
public interest, while 2 directors represent the members at
large and 2 are elected by each of 3 groups of members
graded according to size of the institutions. In noting the
foregoing, Associated Press advices from Washington, Dec.
13, also said:*
in the panic years of 1893 and 1907, and in the World War days of 1914
Members of the bank at Cincinnati elected W. B. Furgeson of Louisville,
was
of
taken of the
completion of 50
years
Clerk, who is retiring on pension
tion's announcement stated:
i
Mr.
of continuous service
of the members of the staff, John F. Sullivan, Chief
one
Sullivan
was
Clearing House staff
born In Brooklyn
Junior Clerk
as
on
on
on
The Associa¬
Jan. 1.
April 2, 1875, and joined
Dec. 29, 1890, at the
age
the
of 15,
after completing his education In the Brooklyn public and high schools.
He has served under five Clearing House Managers during his period of
service,; and* has
and
on a
seen a
number of subsequent occasions.
At the time Mr.
*
Ky., who hhs been director for class A institutions, director at large. William
Sullivan entered the Clearing House there were 65
A. McMillen of Cleveland, Ohio,'was chosen director for the class A mem¬
members in the Association and the annual exchanges averaged around
bers,
35 to 40 billions, which Seems small
director,
figures of 160 billions.
even
when compared with present day
and Charles
was
Since there
.
In adopting a resolution, the Clearing House Committee
presented Mr. Sullivan with the sum of 81,000 in recognition
of his length of service.
.
J.
Haase of Memphis,
Tenn.,
who has been class C
chosen by the class B members.
was
no
eligible candidate for the class C directorship, the
FHLB will appoint a director for 1941.
The appointment porbably will
be made around Jan.
1, a Board official said.
Elections in other regional banks, all re-elections unless otherwise noted,
included:
"
New York—J. Alston Adams, Westfield, N. J., elected at large; C. Harry
H. J. Marshall
to
Assume Duties
Minners, New York, class A; Roy H. Bassett, Canton, N. Y., class B, and
as
Secretary of Now
York State Bankers Association Jan. 1 Succeeding
W. Gordon Brown
Dr. W.
Randolph Burgess, President of the New York
Association, announced on Dec. 26 that
Harold J. Marshall, for the past 13 months Assistant Secre¬
tary of the Association, will assume the duties of Secretary
on Jan. 1.
Mr. Marshall succeeds W. Gordon Brown, who
announced his resignation—effective Jan. 1—earlier this
month, as noted in our issue of Dec. 7, page 3333.
The
following regarding Mr. Marshall is from tne announcement
issued by Dr. Burgess, who is also Vice-Chairman of the
Board of the National City Bank of New York:
State
State
Bankers
1939 when he first
became
an
as
officer of the New
Association, Mr, Marshall served
Director of the National Spraker Bank in Canajoharie.
serves
Ferdinand Kuhn
Jr. Appointed Special
Secretary of the Treasury
Bankers
Previous to November,
York
Louis J. Cohen, Verona, N. J., class C.L
as
Cashier
and
Mr. Marshall still
Vice-President and Director of that institution.
A native of
Assistant to
Secretary of the Treasury Henry Morgenthau Jr. an¬
on Dec. 26, the appointment of Ferdinand Kuhn,
Jr., former chief of the London bureau of the New York
"Times," as a Special Assistant to the Secretary. Mr. Kuhn
attended public schools in Mount Vernon, N. Y., and was
graduated from Columbia University in 1925, at which time
he joined the staff of the New York "Times." Three years
later he was sent to London by that newspaper and returned
to the United States a year ago as an editorial and special
writer, after more than 11 years of service abroad.
nounced
Mr. Kuhn last year was
medal for distinguished
awarded the Columbia University
service.
Volume
The Commercial & Financial Chronicle
151
Yankee Clipper of the New York, New Haven & Hartford
RR., enroute to Boston from New York. Death apparently
British Foreign Secretary Halifax Appointed
Ambassador to United States
The British Government
formally announced in London
Halifax, Secretary of State for
Foreign Affairs, has been appointed Ambassador to the
United States succeeding the late Marquess of Lothian.
It was reported that King George VI was "graciously pleased"
to approve the appointment of Lord Halifax.
The United
States Government has agreed to the appointment.
Secre¬
tary of State Hull was reported by the Associated Press as
saying that the appointment of Lord Halifax was highly
welcomed by this Government.
Mr. Hull added that the
accomplishments of Lord Halifax were such as to commend
him, and he looked forward with pleasure to working with
Dec.
on
that
23
Viscount
him.
caused
was
by
a
on
Dec. 12
was
referred to in
these columns Dec. 14, page
Washington
3498, and the service for him in
mentioned in our issue of Dec. 21, page
was
3683.
+
Mr. Dal ton, who lived in
heart attack.
New York Citv, was in his 67th year.
Prior to coming to
New York to live Mr. Dalton made his home in Milton, Mass.
The following on the career of Mr. Dalton
account, Dec.
of Dec. 27:
is from a Boston
appearing in the New York "Times"
26,
Born in Boston, the son of Henry Rogers Dalton and Florence Chapman
Dalton, he attended Boston Public Latin School and Hopkinson's School
in Boston before entering
years
after graduation
He joined Perry, Coffin & Burr a few
Harvard.
(Class of 1898)
and
was
In 1916 he became Vice-President of the newly
made a partner in 1908.
organized firm of Coffin &
Burr, Inc., advancing to the Presidency in 1932.
While
a
resident of Milton he
office of Sewer Commissioner,
The death of Lord Lothian
3829
was
active in civic affairs and had held the
Chairman of the Board of Selectmen and
Fire Commissioner.
William C. Potter, Chairman of the
Board of the Guaranty
Trust Co. of New York, has announced that Stuart Hayt
Patterson, Vice-President and Comptroller of the company,
on Dec. 31, in accordance with the age provision
Company's Pension Plan, after 30 years' service with
the company, and that William Widmayer will suceed Mr.
Patterson as Comptroller of the Guaranty Trust Co. on that
will retire
Admiral Leahy Sails on Naval Cruiser to
Assume
of the
Ambassadorship to France
"
Admiral William D. Leahy, new
United States Ambassador
France, sailed from Norfolk, Va., on Dec. 23 aboard the
naval cruiser Tuscaloosa to assume his post. - The cruiser,
to
assigned by President Roosevelt on Dec. 19 in
Leahy might reach his post as soon as
possible, is scheduled to go to Lisbon, Portugal, and return
directly to Norfolk.
The only other passenger was the
Admiral's wife.
The President disclosed on Dec. 20 that
which
was
order that Admiral
personal note with Admiral Leahy to Mar¬
of the French Government at Vichy.
Admiral Leahy's appointment to the post on Nov. 26
was mentioned in our
issue of Nov. 30, page 3170.
His
conference with the President following his return to this
country from Puerto Rico, where he was Governor, was
noted in these columns of Dec. 7, page 3332.
he
was
sending
a
shal Henri Petain, head
Ambassador Phillips to Return to Post in Rome—Has
Been in United States Since August
United States Ambassador to Italy,
in Rome, it was announced Dec.
by Secretary of State Cordell Hull.
Mr. Phillips has
been seriously ill but has now recovered, Mr. Hull ex¬
plained, adding that he is ready to resume his duties.
Am¬
bassador Phillips has been in this country since Aug. 10,
having been recalled by the State Department for consulta¬
tion; this was noted in these columns Aug. 17, page 928.
William
soon
Mr.
Patterson at
one
time
was
associated with the
Glover Beardsley, President of the Harlen Savings
Bank,
announced this week that the Board of Trustees has elected
Edward J. Pierce, Executive Vice-President of the institution.
Pierce resigned recently as New York State Deputy
Mr.
+,
will
date.
accounting firm of Patterson, Teele & Dennis.
Mr. Wid¬
mayer was formerly a 2nd Vice-President of the Guaranty
Trust Co.
He joined the Guaranty staff as a boy in 1918,'
and during the greater part of his service there has been
identified with the Comptroller's Department.
The Guaranty Trust Co. of New York announces the
appointments of Arthur C. Vogt as 2nd Vice-President and
Clifford R. Rohrberg as Assistant Treasurer.
Mr. Vogt
was formerly an Assistant Treasurer.
Phillips,
return to his post
18
Superintendent of Banks and will assume his new position
with the Harlem Savings Bank on Jan. 1.
In 1930, Mr.
Pierce entered the New York State Banking Department.
Appointed as an Examiner by former Superintendent of
Banks, Joseph A. Broderick, Mr. Pierce was made a Senior
Examiner in 1932.
In 1936 he was appointed Deputy Super¬
intendent of Banks by William R. White, Superintendent of
Banks.
The Harlem Savings Bank was organized in 1863.
The main office is located at 124 East 125th St., and three
branches are operated on Broadway at 157th St., 180th St.
and 207th St.
The bank, which serves 117,000 depositors,
has total
E. B. Harshaw Elected Director of Pittsburgh
resources
Branch
of Cleveland Federal Reserve Bank
of $116,000,000.
learned from the Philadelphia "Inquirer" of Dec ( 12
Mr.
Harshaw is also Chairman of committee on agricultural de¬
Harry Bronner, retired banker and railroad official, died
Dec. 21 at Mount Sinai Hospital, New York City.
He
was 72 years old.
A native of New York City, Mr. Bronner
attended the College of the City of New York and began his
banking career in 1887 when he joined the firm of Hallgarten
& Co.
When he retired as senior partner of this firm in 1917,
velopment of Pennsylvania Bankers Associatior.
Mr. Bronner
Edward B. Harshaw, of the Grove City National Bank,
Grove City, Pa., has been appointed a director of Pittsburgh
Branch
of
the
Federal
Reserve
Bank of
Cleveland, it is
♦
on
was a
Membership of St. Louis Federal Reserve Bank
Increased to 413
The Bank of
Maxville, Arnold, Mo., became a member
of the Federal Reserve System Dec 20.
The new member
has a capital of $30,000, surplus of $30,000, and total re¬
sources
of $632,776.
Its officers are: Chas. J. Siedler,
President; Louis J Roesch, Vice-President and Cashier, and
Elmer J. Kohler, Assistant Cashier.
The addition of this
bank brings the total membership of the Federal Reserve
Bank of St. Louis to 413.
The deposits in these member
banks aggregate approximately $1,730,000,000, and amount
to 75% of the deposits of all commercial banks in the Eighth
District.
Since the first of the year, 19 State banks in the
district have joined the System.
Equitable Trust Co. After his retirement from Hallgarten
& Co., he became Chairman of the Board and President of
the Missouri Pacific Railroad Co.
When the two investment
banking firms of Blair & Co. and William Salomon & Co.
merged in 1920, Mr. Bronner became a director of the con¬
tinuing firm of Blair & Co., Inc. He remained on its board
of directors and of its successor, the Baneamerica-Blair Corp.,
until he resigned in 1930.
During his career, Mr. Bronner
also played an important part in the reorganization of many
important railroads. At the time of his death, Mr. Bronner
was a director and member of the finance committee of the
Chrysler Corporation and of the International Mercantile
subsidiary companies and a director
of the Baltimore & Ohio Railroad Co., United States Realty
Marine Co. and various
and Improvement
ITEMS
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
Arrangements were made Dec. 26 for the transfer of a
Stock Exchange membership at $32,000.
The
New York
previous transaction was at $33,000 on Dec. 24.
President of the Empire Trust Co.,
York City, announced Dec. 17 the election of Frederick
William Nichol and James H. Van Alen
bank.
of
the
as
Directors of the
Mr. Nichol is Vice-President and General Manager
International
Business
Machines
Corp.
and Mr.
Van Alen is Vice-President of the Griscom-Van Alen Publi¬
cations, Inc. of Glen Cove, N. Y.
•
»
The Brooklyn Trust Co., Brooklyn, N. Y., announced on
Dec. 21, that its Port Richmond Office, located at 181 Rich¬
mond Ave., Port Richmond, Staten Island, will be sold and
after the close of business Dec. 31.
City,
received permission from the New York State Banking De¬
partment on Dec. 18 to increase its capital stock from $50,000,000, consisting of 500,000 shares of $100 par value, to
$60,000,000, consisting of 600,000 shares of $100 par value,
it was reported in the Department's "Weeklv Bulletin"
The office will
acquired its Port Richmond office on J^n. 20, 1930,
through merger of the State Bank of Richmond County. It
is the only office of the company which is located on Staten
Island.
#
An organ recital by Miss Gladys Goodding will be broadcast
from The Dime Savings Bank of Brooklyn, Brooklyn, N. Y.,
to-day, (Dec. 28) from 11:30 to 12 noon.
station WMCA.
'
open on
the head office of the Mariner Harbor National
Bank, which will move from its present location at 210
Richmond Ave., Port Richmond, S. I., to the building which
now houses the Brooklyn Trust Co.'s Port Richmond Office.
The Mariner Harbor National Bank will acquire all assets
and assume all deposits of the office.
The Brooklyn Trust
Jan. 2, as
Co.
The Commercial Investment Trust Inc., New York
of Dec. 20.
Co. and the Sherneth Corp.
transferred to the Mariner Harbor National Bank, effective
»
Henry C. Brunie,
New
member of 33 boards of directors of many
important companies, among them being American Loco¬
motive, Bethlehem Steel, Colorado & Southern and the
The program will
be broadcast over
♦
Philip S. Dalton, President of the bond firm of Coffin &
Burr, of Boston, which has branches in New York and Hart¬
ford, Conn., and Portland, Me., died on Dec. 26
on
the
A bonus of
plovees of the
2% of annual salaries of all officers and emStandard National Bank of New York, Wood-
The Commercial & Financial Chronicle
3830
side, L. I.,
was announced at the first Christmas party held
by the Standard National Bank Club attended by the staff
In addition, a plan of ownership
participation on the part of the staff was announced. Through
an arrangement made by Richard N. Lederer, Chairman of
the Board of Directors of the bank, a block of shares has been
et aside and allocated to the directors, officers and entire
staff, so that each can subscribe for a specified number of
shares at a figure approximately one-third of the book value
of the bank stock, and to be paid for in monthly instalments
covering a period of a year and a half.
aid its board of directors.
♦—
P.
Wilmot
Bank
Elwell, Chairman
Seneca
of
health
noting
67
after
Mr.
Falls,
N.
of
years
Y.,
of
service
Board of the
the
has
resigned
with
the
03
Elwell's
old, the veteran banker
years
ill
In
dispatch
28,
1940
The
appointment of Frank S. Moffit to the new position
Supervisor of Investments for the Royal Bank of Canada
of
has been announced bv the bank's head office in Montreal.
The creation of this new post has been made necessary, it
is stated, by the steady increase of employment of bank
in investments during recent years.
Mr. Moffitt's
funds
appointment becomes effective Jan. 1.
The announcement
continued:
Since
of
joining the bank in 1916, Mr. Moffitt has specialized in the field
foreign
exchange and investment.
After gaining general
banking
experience in Montreal and Winnipeg, he was moved to the head office in
1921 and three years later was transferred to Vancouver to take
charge
of the foreign exchange department of Vancouver branch.
In 1925 Mr. Moffitt was transferred to the
of the bank's New
foreign exchange department
York agency and his appointment
as Manager of the
foreign exchange department of the Montreal branch followed four years
later.
In
1931
and
branch
Cashier and President for 27
was
before he accepted the post of Chairman
years
of
institution.
resignation, a Seneca Falls
by the Associated Press on Dec. 21 further said:
Now
State
because
Dec.
vestments
he
since
was
appointed
February,
1934,
Assistant
Manager
has
working
been
of
on
the
Winnipeg
bank's
the
in¬
in the head office.
10 years ago.
The annual balance sheet and profit and loss account of
Directors
of
Manufacturers
the
National
Bank
of
Detroit, Mich., on Dec. 13 declared an initial cash dividend
of $2 a share on its 60,000 shares of capital stock.
The
dividend is payable Dec. 30 to stock of record Dec. 20.
"A
unique quality attaches" to this dividend,
says
the Detroit
"Free Press" of Dec. 14, as it "is the first dividend declared
by the bank since its organization in 1933, except those for
the payment of taxes.
From the same paper we Quote:
Since
tinue
organization
to
follow,
the
Manufacturers Bank
has
followed,
and will
con¬
policy
of con&erving earnings and increasing surplus
from time to time, officials 6tate.
With the transfer of $1,500,000, as
of
Dec.
31, 1940,
from undivided profits to surplus, surplus will be
$4,500,000, an increase of $3,000,000 over the bank's first statement.
The
capital
undivided
a
will
profit
remain
S3,000,000
at
and
account
adequate
and
in
reserves
addition
substantial
a
being maintained.
are
A
5% distribution by the Union Industrial Trust & Sav¬
ings Bank of Flint, Mich., aggregating $540,000, was begun
on Dec. 2,
it is learned from the Michigan "Investor" of
Dec.
7, which further said:
The
5% distribution of impounded funds of the Union Industrial Trust &
Savings Bunk was participated in by 17,000 depositors, 11,500 of which
received
full
payment of their original claims of $200 or less.
The
receivership now hap paid out 70% of original impounded deposits.
»
From
"Commercial
the
West"
Dec.
of
14
it
is
learned
Luther
that
Bonham, Cecil J. Baehoritch and associates
have purchased control of the First National Bank, Fairbury, Neb., from the Northwest Bancorporation.
Mr. Bon¬
ham
will
continue
Baehoritch,
Co.
as
Chairman
of
Board
the
who has been operating the City
has been named Chairman of the
there,
Executive
Vice-President.
Ivan
C.
Riley
and
Mr.
Investment
Board
and
continues
as
President.
«
From the
E. D.
Houston
"Post"
and Trust
Officer
ton,
has
Tex.,
of
however, continue
the
as
institution.
a
Dec.
years
Second
the
resigned
19
it
is
learned
that
Active Vice-President
National
Bank
of
preferred
capital
member of
the
Board
Directors
of
Mr.
is
now
$7,000,000,
During the
same
a
reduction of $5,000,000 in
period the surplus has been increased
from $10,000,000 to $15,000,000.
The
66th
report
of
the
Banque Canadienne
(head office Montreal), covering the fiscal year
1940, is now available. It shows net profits
(after making appropriations to contingent
reserve fund, out of which
fund full provision for bad and
doubtful debts has been
made, deducting $233,563 for Do¬
minion and Provincial
taxes, and
Nationale
ended Nov. 30,
for the period
the
pension
contributing $60,000 to
fund)
of
forward
from
available
year
for
ago).
the
to
$812,589,
which
credit
profit
previous
distribution
Out
of
this
off
of
fiscal
(as
sum
take
$125,000 written
care
year,
compared
the
when
and
added
loss
made
with
to
brought
$1,061,038
$1,023,449
a
following appropriations
of four
quarterly
bank
dividends;
premises account, and $125,000
representing provision for payment to the
Treasurer of the
Province of Quebec under
Statute 14 Geo. V Ch.
3, leaving
a
balance of $251,038
(against $248,449 last
year) to be
carried forward to the
present fiscal year's
profit and loss
account,
dotal assets of the
institution are given in the
statement as
$159,041,315 (as compared with
$162,704,839
on
Nov. 30, 1^39, of which
$91,088,997 are liquid assets,
n°sits
?re ™own
$149,472,711 last year).
fund
remain
tively.
The
at $146,016,858
bank's
capital
(against
and
unchanged at $7,000,000 and
$5,000,000,
Beaudry Leman is President.
during
the
year,
but total immediately realizable
$585,000,000 and represent 66.5% of total
public, according to the report.
The bank's
assets amount to
liabilities to the
cash position continues
strong with cash balances showing
practically no change from last year.
The profit and loss
account indicates
taxes over
a
an
increase of approximately $620,000 in
year ago,
after providing for which and making
reserves, which cover pro¬
appropriations to contingency
vision for all bad and doubtful
debts, net profits for the year
amounted to $3,526,894, against
profits of $3,724,842 a
Dividends of $2,800,000 were distributed, pension
society contributions were raised to $325,000, and
$300,000 was written off the bank premises account, as
compared with $250,000 in the previous year.
The balance
of profit and loss account carried forward was
$3,198,146,
an increase of
$101,894.
The Royal Bank of Canada maintains over 600
branches
year ago.
fund
in Canada and Newfoundland and 66
branches abroad.
Morris W. Wilson is President and
Managing Director and
S. G. Dobson is General
Manager.
The annual general
meeting of the bank will be held at the head office on Jan. 9.
THE
reserve
CURB
MARKET
Except for the sharp setback on Thursday following the
Christmas Day holiday prices on the New York
Curb Ex¬
change gradually advanced during the present week and a
number of substantial gains were recorded
among the
building shares and industrial issues.
Public utility
ferred stocks were
stronger but the
changes
ship¬
pre¬
less pro¬
were
nounced in this
group.
Aluminum shares were irregular and
most of the aircraft issues moved
within a
narrow
comparatively
The fluctuations in the oil group were gener¬
ally toward higher levels but most of the advances were in
minor fractions.
Paper and cardboard stocks recorded little
change and merchandising issues were
range.
generally irregular.
comparatively quiet during the brief
Saturday. The strong stocks were the
shipbuilding group, Bath Iron Works forging ahead to a new
top with a gain of X% points to 24^ at its peak for the
day.
Todd Shipyards was
up 2 points to a new high level at 93 and
New York
Shipbuilding (founders' shares) closed fractionally
The
annual
$248,449 the balance
Bank balances and investments showed moderate reduc¬
tions
Hous¬
Security-First National Bank of Los Angeles, Calif., has
retired an additional $1,000,000 of
preferred stock, increasing
the surplus account by the same
amount, it was announced
on Dec.
20.
The Los Angeles
"Times," from which this
is learned, added:
The
of $48,000,000 in deposits outside Canada.
The
greatly increased volume of business currently being trans¬
acted throughout Canada is reflected in an increase of
$17,000,000 in commercial loans.
Loans outside of the Dominion
were reduced $10,000,000
during the year.
crease
offices, effective Dec. 31, in
his personal interests.
He will,
Barkley, the paper said, has been
engaged in banking for the last 28 years, and for the past
19 has served in a senior executive
capacity.
the past six years.
Bank of Canada (head office Montreal), made
public Dec. 27, shows satisfactory results for the year ended
Nov. 30, with assets at $955,570,326,
decreasing moderately
over a year ago, in line with the
experience of all Canadian
banks.
Total deposits as of Nov. 30, 1940 are
reported at
$852,000,000, compared with the record peak of $911,000,000
set a year ago, with Canadian public
deposits actually in¬
creasing $20,000,000.
The difference in the totals, it is
explained, is accounted for mainly by a reduction of $20,000,000 of balances due the Dominion Government and a de¬
his
order to devote his time to
of
of
Barkley, for the past 11
The Royal
market
was
period of trading
on
higher.
Public utility preferred shares were
stronger al¬
though, with few exceptions, the changes were in minor
fractions.
Paper and cardboard issues were down and most
of the active aircraft stocks moved
within a narrow channel.
The transfers
were
sion ended.
Prices
approximately 109,000 shares
as
the
ses¬
were
generally higher on Monday, and as the
gradually advanced, the shipbuilding stocks assumed
leadership and new tops were again established by Todd
Shipyards and New York Shipbuilding (founders'
shares),
Bath Iron Works
having been transferred to the "big board."
Industrials were
generally stronger, Jones & Laughlin
moving up to 35 at its top for the day while Midvale forged
ahead 3 3^ points to 115.
Aircraft issues were moderately
higher and there were some modest advances in the
public
utility preferred stocks.
Paper and cardboard shares were
quiet with little change either way.
Most of the food and
merchandising issues were off and the aluminum stocks were
market
the
down.
Advancing prices
respec¬
of
the
changes
gains
of
were
the
again the rule
preceding day
on
Tuesday
were
as many
extended.
The
down to
were small and the volume of transfers was
Volume
The Commercial & Financial Chronicle
151
approximately 191,000 shares against 209,000 on the pre¬
ceding day but the tone was strong and trading interest
was unabated
throughout the pre-holiday session.
Todd
Shipyards was again in demand and surged forward 4 %
points to 98%.
Industrial shares continued to attract
speculative attention and gains ranging up to a point or more
were recorded
by Jones & Laughlin, Pittsburgh Plate Glass,
Sherwin-Williams and
sues were
Niles-Bement-Pond.
slightly higher while aircraft stocks and
cardboard shares moved within
The New York Curb
a narrow
is¬
Aluminum
paper
The
trend
of
the
market turned
attention
was
of
directed toward the utilities.
the
Hudson A
day
which
boosted
The
the
transfers
total
to
441,255 shares against 191,415 on Tuesday.
The strong
spot of the industrial section was Niles-Bement-Pond which
climbed upward 2% points to 62%.
Todd Shipyards was
also
feature
a
it continued to forge ahead and
as
give below
a
again raised
its top and touched 100%, falling off in the last hour to 98
with a loss of % point.
Scranton Spring Brook Water
Service 6% pref. also advanced 4% points on a small turn¬
Oil stocks were down most of the active issues easing
off as the session progressed.
Paper and cardboard shares
over.
quiet and aircraft stocks were fractionally lower.
Stocks moved briskly forward on Friday the advances
covering nearly every section of the list. The opening hour
was comparatively
quiet but the market graduallv strength¬
ened as the day progressed and the transfers totaled
approxi¬
mately 320,000 shares as the session closed.
Pepperell
Manufacturing Co. was active and climbed upward 2 points
to 89.
In the public utility group Scranton
Spring Brook
Water Service 6% pref. moved ahead 3 points to 88%, and
Tobacco & Allied Stocks advanced 4 %
points to 52 on a small
transaction.
As compared with last Friday the week's
range of prices was slightlv higher, Aluminum Co. of America
closing last night at 153% against 152% on Friday a week
ago; American Cyanamid B at 37% against 35%; American
Light & Traction at 12% against 11 %; Childs Co. pref. at 9%
against 7%; Gulf Oil Corp. at 32% agaipst 31%; NilesBement-Pond at 60% against 58% and Sherwin-Williams
Co. at 74% against 74.
were
We
record for the week just passed:
FOREIGN
EXCHANGE RATES CERTIFIED
BY
FEDERAL RESERVE
BANK TO TREASURY UNDER TARIFF ACT
OF 1930
21,
1940, TO DEC. 27, 1940, INCLUSIVE
Noon
Buying Rate for Cable Transfers in New York
Country and Monetary
Value in United States
Unit
on
outstanding
the transfer of 220,000 Niagara
was
Warrants
cable transfers in the different countries of the world.
DEC.
Thursday, and while there were occasional strong spots
apparent, particularly in the shipyard group, the declines
were largely in excess of the advances as the session ended.
Industrial stocks were lower all along the line and very little
feature
of
1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
and
sharply downward
EXCHANGE RATES
Pursuant to the requirements of Section 522 of the Tariff
Act
groove.
Exchange, the New York Stock
Exchange and the commodity markets were closed on
Wednesday in observance of Christmas Day.
3831
FOREIGN
Money
Dec. 21
Europe—
Belgium, belga
Bulgaria, lev..
j Dec. 23
$
Dec. 24 Dec. 25 | Dec. 26 | Dec. 27
$
$
a
a
a
a
a
a
a
a
a
Czechoslov'ia, koruna
Denmark, krone
Engl'd, pound steri'g
$
a
a
a
a
a
a
a
a
a
.035000
.035000
4.035000
.035000
.035000
4.035000
.035000
.019500
.019500
.019500
.019500
a
a
Official
4.035000
Free
4.035000
.019500
a
a
Finland, markka
France, franc
Germany, reichsmark
.399820*
Greece, drachma
.399820*
a
Hungary, pengo
Italy, lira
Netherlands, guilder.
Norway, krone
Poland, zloty
Portugal, escudo
S
a
.399920*
.399820
a
a
.035000
1
a
.399820*
a
a
.197700*
.197700*
.197700*
.197700*
.197700*
.050483*
.050483*
.050483'
.050483*
.050483*
a
a
a
a
a
a
a
a
.039975
.039975
.039975
a
a
.040000
Rumania, leu
a
a
a
^
a
a
...
^
.0399751
a
1
a
Spain, peseta
Sweden, krona
.091300*
.091300*
.091300*
.091300*
.091300*
.238250
.238264
.238250
.238264
.238235
Switzerland, franc...
Yugoslavia, dinar...
.232035
.022400*
.232007
.232016
.232042
.232042
.022400*
.022400*
.022400*
.022400*
Asia
HOLI¬
China—
Chefoo
DAY
/
'
(yuan) dol'r
(yuan) dol
a
Hankow
a
a
Shanghal(yuan) dol
Tientsin (yuan) dol
a
a
.056537*
a
a
.052868*
a
a
.053887*
.053625*
a
.054312*
a
a
a
a
^
Hongkong, dollar.
India (British) rupee.
.236625
.236000
.235562
.236156
.236000
.301783
.301783
.301783
.301783
Japan,
.301783
.234387
.234387
.234387
.234387
.234387
.471000
.471000
.471000
.471000
.471000
Straits
yen
Settlem'ts, dol
Australasia—
Australia, pound—
Official
3.228000
228000
Free
3.215000
New Zealand, pound. 3.227500
Africa—
215000
3.215000
3.215000
3.215000
227500
3.227500
3.227500
3.227500
3.980000
3.980000
3.980000
3.980000
South Africa, pound. 3.980000
North America—
3.228000
3.228000
3.228000
Canada, dollar—
Official
.909090
.909090
.909090
.909090
.909090
.867187
.866875
.864453
.862734
.863046
.204500*
Free
.204500*
.205000*
.205000*
.204500*
_
Mexico,
peso
Newfoundl'd, dollarOfficial
.909090
.909090
.909090
.909090
.909090
Free
.864791
.864687
.862187
.860468
.860625
.297733*
.297733
.297733*
.297733*
.297733*
.060575*
.060575*
.060575*
.060575*
.060575*
.050166*
South America—
DAILY
TRANSACTIONS
AT
THE
NEW
YORK
EXCHANGE
CURB
Argentina,
peso.....
Brazil, milreis—
Official
Stocks
Bonds (Par
Value)
Free...
tNumber
Week Ended
Saturday
Chile,
of
Dec. 27, 1940
Foreign
Shares)
Foreign
Government
Domestic
Corporate
.050200*
Total
108,770
$578,000
$25,000
209,110
1,026,000
20,000
4,000
$608,000
1,050,000
190,515
848,000
7,000
12,000
867,000
.051680*
.040000*
909,000
.......
.040000*
.040000*
.571887*
.571887*
.572037*
.572037*
.658300*
.658300*
.658300*
.658300*
.658300*
.394810*
•Nominal rate,
Controlled
.040000*
.571887*
Non-controlled
14,000
440,505
1,444,000
16,000
22,000
.394810*
.394810*
.394810*
.394810*
1,482,000
1,268,900
Total
866,000
320,000
$4,762,000
$97,000
$57,000
$4,916,000
Sales at
29,000
Week Ended Dec. 27
Jan. 1 to Dec. 27
Exchange
1940
Stocks—No. of shares.
1939
1940
1939
1,268,900
1,022,180
42,117,520
44,348,485
$4,762,000
$7,467,000
$291,830,000
Bonds
Domestic
97,000
86,000
2,783,000
57,000
250,000
6,546,000
$426,866,000
4,373,000
7,006,000
$4,916,000
$7,803,000
$301,159,000
$438,245,000
Foreign government..
Foreign corporate.....
Total
TREASURY MONEY
a
No rates available.
COURSE
OF
BANK
HOLDINGS
following compilation, made
up from the daily Gov¬
shows the money holdings of the
Treasury at the beginning of business on the first day of
October, November, and December, 1940; also on the first
day of December, 1939:
clearings this week show an increase compared with
a year ago.
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ending today (Saturday, Dec. 28)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 0.6% above those
for the corresponding week last year.
Our preliminary
total stands at $6,067,340,722, against $6,029,878,370 for
the same week in 1939.
At this center there is a gain for
the week ended Friday of 1.1%.
Our comparative sum¬
mary for the week follows:
statements,
Clearings—Returns by Telegraph
Week Ending Dec. 28
New York
Chicago
Boston
Dec. 1, 1940
Nov. 1, 1940
Oct. 1, 1940
Dec, 1, 1939
Kansas city
St. Louis
Net gold coin and bullion.
Net silver coin and bullion
Net United States notes..
Net National bank notes.
Net Federal Reserve notes
$348,867,334
674.834,475
1,656,266
632,697
12,981,185
Net Fed. Res. bank notes
Net subsidiary silver....
Minor coin, Ac......
166,605
2,331,518
25,234,476
Total cash In Treasury. *1066 704,556
Lees gold reserve fund
156,039,431
Cash balance In Treas..
$350,860,008
1,963,847
$438,439,023
676,665,330
4,358,959
486,072
521,916
13,807,380
343,109
3,997,242
18,815,604
15,549,207
150,059
4,284,981
19,165,877
669,486,810
$512,414,698
643,065,697
2,216,160
707,853
12,537,028
498,996
San Francisco
Pittsburgh
Baltimore
5,563,610
Eleven cities, five days
Total ail cities, five
910,665,125
903,720,641 1.003,085,921 1,041,681,063
705,452,000
267,840,885
712,638,000
391,289,735
715,180,000
759,061,339
755,333,000
471,307,496
55,308,927
51,374,913
35,017,596
1,612,385
362,012
42,508.365
+ 1.1
—1.7
+ 11.7
176,676,629
73,407,684
+6.7
+6.4
•
76,200,000
+ 1.7
109,877,000
+0.9
—..
days
All cities, one day
Total all cities for week
123,163,536
+ 9.1
101,342,710
92,984,264
57,559,408
+ 13.0
+ 15.7
$3,850,489,198
+2.9
810,754,964
761,095,280
+6.5
$4,611,58' ,478
+3.5
1,418,293,892
—8.8
$6,067,340,722
-
Other cities, five days
1,159,125,352 1,197,720,494
156,039,431
156,039.431
156,039,431
$2,466,668,745
263,609,222
309,000,000
Cent
$4,773,872,578
1,293,468,144
Cleveland
20,716,452
1939
$3,963,117,614
Detroit
1059 760,072
Per
1940
$2,492,763,891
259,221,945
345,000,000
188,475,158
78,116,799
77,500,000
111,951,000
134,409,395
114,563,807
94,508,551
66,617,068
-
-
Philadelphia
Holdings in U. S. Treasury
CLEARINGS
Bank
New York Curb
ernment
.051680*
HOLIDAY
Thursday
Friday
The
.050200*
.051680*
.040000*
Monday
$5,000
.050166*
.051680*
m
Export
Colombia, peso
Uruguay, peso-
Tuesday
Wednesday
-
.050166*
.051680*
peso—
Official
$6,029,878,370
+ 0.6
Deposit In special deposi¬
+ 1.6
tories account of sales of
Government securities
Dep.In Fed. Res. banks.
Deposited In National and
other bank depositariesTo credit Treas. U. 8_.
To credit dlsb. offloers.
Cash in Philippine Islands
Deposits in foreign depts.
Net
cash
In
48,806.812
41,302,359
1,536,339
190,463
35,796,229
2,036,151
351,121
37,734,367
1,643,334
152,936
and In banks
Dec.
cases
has to be estimated.
In the elaborate detailed statement,
1,975,793,983 2,101,140,804 2,565,694,166 2,350,360,561
158,798,791
180,973,003
150,692,233
184,832,983
Available cash balanoe. 1.816,995,192 1.920.167,801 2,415,101,933 2,165,527,578
1
$655,105,458 silver bullion and $971,069 minor coin,
ndlcated in statement "Stock of Money."
on
of the week in all
Treasury
Deduct current liabilities.
•Includes
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
For that week tnere was an increase of
we
12.4%, the aggregate
for the whole country having amounted to
$8,253,458,548, against $7,341,004,009 in the same week in
of
as
however, which
present further below, we are able to give final and complete
results for the week previous—the week ended Dec. 21.
clearings
Chronicle
The Commercial & Financial
3832
increase of 8.0%,
having recorded a gain of
15.8%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including this
city) the totals record an expansion of 15.7 %, in the Boston
Reserve District of 7.9% and in the Philadelphia Reserve
District of 17.4%.
In the Cleveland Reserve District the
totals are larger by 5.3%, in the Richmond Reserve District
by 15.0% and in the Atlanta Reserve District by 17.0%.
The Chicago Reserve District shows a loss of 1.3% but the
St. Louis Reserve District shows a gain of 10.7% and the
Minneapolis Reserve District of 1.7%.
In the Kansas City
Reserve District there is a decrease of 0.2% but in the Dallas
Reserve District there is an increase of 6.5% and in the San
Francisco Reserve District of 8.8%.
In the following we furnish a summary by Federal Reserve
Dec.
Outside of this city there was an
1939.
the bank clearings at this center
1940
Week Ended Dec. 21
Clearings at—
Inc.
1939
1940
or
Dec.
1938
1937
%
Seventh Feder al Reserve D istrlct—Chi cago—
—24.5
638,423
482,075
520,932
555,842
154,384,105
121,116,525
+27.5
108,385,344
82,055,031
3,908,190
2,057,035
3,428,399
—14.0
2,959,143
2,849,578
Mich .-Ann Arbor
Detroit
Grand Rapids
Lansing.......
Wayne
2,068,538
—0.6
1,554,263
1,443,264
2,024,993
1,892,782
+7.0
1,129,718
1,078,375
Indianapolis—
24,620,000
20,644,000
+ 19.3
18,581,000
13,905.000
South Bend
2,085,579
+28.5
1,407,920
2,039,081
Des Moines—
2,680,913
7,925,282
24,974,955
1,642,171
8,771,111
Sioux Clty.i..
3,886,144
Ind.—Ft.
Terre Haute...
Wis.—Milwaukee
la.—Ced. Rapids
+0.9
6,164,082
4,542,832
22,931,997
+8.9
+31.0
20,753,998
1,300.356
16,971,293
1,253,789
9,501,217
3,674,197
—7.7
8,388,504
6,985,302
+5.8
3,699,667
2,763,637
339,608
6,857,451
891,957
407,082
450,748
—9.7
334,880
379,580,159
429,375,302
—11.6
1,175,411
1,384,115
—15.1
Peoria
4,324,778
4,311,725
+0.3
Rock ford
1,807,536
1,345,188
+34.4
1,795,212
1,487,995
+20.6
327,806,563
965,317
3,796.460
1,193,619
1,213,720
264,212,446
Decatur
626,447,152
634,447,970
-1.3
510,155,486
407,031.559
trlct—St. Lo uis—
Eighth Federa 1 Reserve Dis
+6.4
109,600,000
116,000,000
+ 13.3
41,695,758
47,246,934
+25.2
30,384,168
38,042,019
Tenn.—Memphis
91,300,000
38,700,965
76,900,000
20,841,623
18,434,394
111.—Blooming ton
Chicago.. 1
.
districts:
28,
Springfield
SUMMARY OF BANK CLEARING8
Total (18 cities)
888,068
3,178,853
1,288,592
1,042,800
Inc.or
Week Ended Dec.
21,
3,198,840,579
433,100,679
339.786,038
415,350,994
394,258,200
+5.3
320,184,040
263,518,622
201,383,832
175,171,544
+ 15.0
150,023,090
119,466,365
244,605,794
209,038,591
+17.0
628,447,152
634,447,970
201,928,953
••
«•
M
182,329,926
99,430,822
—0.2
141,374,296
120,688,230
85,700,943
+6.5
78,614,938
64,075,403
274,370,417
+8.8
255,355,717
224,049,114
8,253,458,548
+ 12.4
+8.0
7,341,004,009
3,426,720,359
113 cities
Total
3,174,267,795
650,000
—1.5
523,000
467.000
201,928,953
Total (4 cities).
182,329,926
+ 10.7
151,365,588
124,991,242
Reserve Dls trlct—Minne apolls-
Ninth Federal
3,427,092
6,628,168,769
5,306,424,619
2,731,410,423
2,209,215,418
3,456,665
—0.9
2,931,775
4,695,348
74,923,029
'33,468,403
78.808,316
—4.9
28,713,362
+ 16.6
64,362,191
24,766,977
22,270,011
2,400,932
874,880
+ 12.0
2,117,207
1,705,743
+24.8
804,151
569,768
853,331
+ 5.7
3,551,891
+ 19.0
621,515
3,827,006
2,794,229
118,659,377
+ 1.7
99.430,822
88,787,357
Minn.—Duluth..
Minneapolis
N. D.—Fargo
2,689,596
—
1,091,615
901,942
4,226,503
S.D.—Aberdeen.
Mont.—Billings.
Canada........32 cities
We
now
add
—4.9
418,836,580
398,255,150
our
x
640,000
Quincy
St. Paul
Outside N. Y. City.
29,189,848
x
x
x
111.—Jacksonville
88,787,357
162,905,558
Ky.—Louisville..
124,991,242
298,498,395
••
146,042,380
Mo.—St. Louis..
407,031,559
151,365,588
91,230,175
M
6
185,349,890
510,155,486
+ 10.7
118,659.377
+ 1.7
162,656,091
• I
—1.3
120,728,180
It
M
Fran...10
4,021,751,649
578,373,800
+15.7
492,555,957 + 17.4
4,299,706,016
•<
12th San
209,147,730
4,975,711,855
3d
11th Dallas
S
281,462,574
311,860,510
«•
PhliadelphialO
4th Cleveland.. 7
6th Richmond.. 6
6th Atlanta....10
7th Chicago
18
8th St. Louis... 4
9th Minneapolis 7
10th Kansas City 10
S
%
1937
+7.9
336,543,327
Boston.... 12cities
New York.. 13
••
2d
1938
Dec.
S
S
Federal Reserve Dlsts.
1st
1939
1940
1940
402,816,142
362,950,129
detailed statement showing last week's
Helena
Total (7
120,728,180
cities).
56,123,618
628,640
figures for each city separately for the four years:
Reserve Dis trlct—Kans
Tenth Federal
Week Ended Dec. 21
1940
1939
Dec.
1938
1937
Me.—Bangor.. _.
Portland
►
M ass.—Boston .
-
Fall River
Lowell
New
Bedford..
Springfield
Worcester.....
Conn.
—
Hartford
New Haven...
V
R. I.—Providence
N.H.—Manches'r
610,413
2,094,696
290,203,800
811,123
632,009
940,469
3,547,044
3,187,549
15,583,969
4,525,514
Mo.—Kan. City.
643,520
+ 12.3
552,192
2,459,448
—14.8
263,640,389
780,806
481,170
+ 10.1
+3.9
2,368,465
240,489,819
743,264
+31.3
383,012
377,795
1,818,495
176,630,138
581,352
357,081
+ 13.9
674,717
117,376
109,398
3,157,013
33,918,032
—10.5
2,305,794
2,258,229
25,344,184
+ 1.2
3,352,847
+ 14.7
2,122,826
31,292,973
+6.4
—4.2
3,482,700
3,000,659
2,592,201
3,554,713
115,133,875
—0.4
83,625,190
3,520,779
+6.8
96,631,261
3,074,852
2,964,443
2,748,550
476,274
619,699
—7.6
685,179
619,929
744,019
—16.7
688,556
482,415
162,656,091
Colo.—Col. Spgs.
162,905,558
—0.2
141,374,296
120,688,230
Pueblo
.
Total (10 cities)
2,779,603
2,779,487
18,363,256
4,398,189
13,443,300
St. Joseph__
+ 1.3
2,046,367
457,674
3,516,459
1,749,573
825,810
—15.1
13,106,044
10,132,955
+ 2.9
10,323,900
395,659
209,147.730
586,641
628,676
—6.7
4,605,822
12,279,300
784,266
336,543,327
311,860,510
+7.9
281,462,574
15,820,100
.
Wichita
Boston
Reserve Dlst rlct-
Federal
87,346
+23.1
34,365,568
2,176,609
3,406,173
114,695,718
3,761,220
572,387
Omana
Kan.—Topeka.
First
94,946
—3.6
106,491
2,826,569
Lincoln
*
City
104,570
131,103
Hastings
Inc. or
as
100,815
Neb.—Fremont.
Clearings al—
+ 17.7
'
3,543,505
Eleventh Fede ral
District—Da Ilas-
Reserve
2,470,176
Fort Worth
+25.4
1,730,600
1,062,634
68,218,991
+6.4
61,103,414
8,303,402
Dallas
1,970,189
72,601,074
Texas—Austin
7,475,413
2,834,000
+ 11.1
48,144,636
8,032,970
—17.1
7,965,428
2,549,000
Wichita Falls..
1,207,721
1,227,902
—1.6
La.—Shreveport.
4,299,802
3,974,448
+8.2
1,032,969
4,233,527
2,314,000
950,126
3,571,037
Total (6cities).
91,230,175
85,700,943
+6.5
78,614,938
64,075,403
2,348,000
Galveston
Total (12 cities)
Second
Feder al Reserve D Istrlct—New York15,617,828
5,526,275 + 196.8
+ 18.9
1,438,960
1,209,861
7,069,080
1,279,507
5,890,624
1,121,193
26,900,000
+ 11.3
32,500,000
493,623
+32.3
702,922
N. Y.—Albany..
Blnghamton...
+ 14.7
616,323
36,700,000
553,611
1,045,369
790,047
42,100,000
Buffalo
Elmlra
Jamestown
+ 15.8 3 896,758,346
384,495
740,349
Rochester
9,160,040
8,629,524
+ 6.1
7,677,021
Syracuse
Westchester Co
4,988,919
4,047,613
+23.2
4,057,301
!,097,209,201
6,390,314
3,168.955
4,034,840
4,308,256
—6.3
4.084,479
4,147,028
Conn.—Stamford
N. J.—Montclalr
6,000,214
419,698
5,265,701
+ 13.9
—2.4
37,047,008
—3.7
5,349,410
492,825
24,164,455
37,122,680
4,934,067
430,199
28,460,707
4,826,738,189 4,166,736,214
New York
Twelfth Feder al Reserve D istrlct—San
W ash.—Seattle
.
Frand
SCO—
35,770,031
29,607,851
48,399,752
1,031,851
Ore.—Portland-.
Utah—S. L. City
Calif.—L'g Beach
Pasadena
39,024,774
948,908
+24.0
+8.7
964,439
764,598
39,732,116
19,031,916
4.551,526
3,711,823
174,105,540
_
Yakima
34,566,982
21,500,171
+ 14.9
31,601,596
25,778.523
—11.5
18,918,324
17,315,973
4,557,272
3,323,291
4,889,137
+ 11.7
3,921,314
3,437,280
3,048,806
136,972,000
2,976,162
1,430,659
—0.1
Total (13
cities) 4,975,711,855 4,299,705,016
Third Federal
Reserve
Dlst rlct
Chester
735,957
1,376,807
548,845
Lancaster
1,560,465
Pa.—Altoona
Bethlehem
Philadelphia...
Reading.
Scranton
Wllkes-Barre..
York.
N.J.—Trenton..
557,000,000
—2.0
+ 56.5
603,938
346,803
919,910
+49.7
938,429
397,314
1,920,585
477,000,000
+38.1
339,496
—18.8
1,740,861
+ 16.8
418,000,000
1,706,866
467,550
365,077
1,557,327
325,000,000
1,827,405
2,469,490
1,636,025
1,523,706
9,695,100
1,625,636
2,928,677
578,373,800
492,555,957
+ 12.4
—15.7
+ 58.6
1,031,815
+2.6
1,484,878
4,777,000 + 103.0
+ 17.4
3,127,102
Mansfield
Youngstown...
Pa.—Pittsburgh.
Total (7 cities).
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk
Richmond
S. C.—Charleston
75,188,393
141,636,346
13,778,900
2,229,673
3,529,940
175,860,640
415,350,994
2,595,196
69,988,109
+7.4
+ 9.5
12,634,300
+9.1
1,909,159
+ 16.8
2,822,665
174,907,727
+ 25.1
394,258,200
Reserve Dlst rlct
804,921
4,710,000
54,209,204
1,579,400
339,786,038
2,214,938
61,831,710
100,578,416
2/24,967
47,847,347
1,092,777
►- Nashville
Ga.—Atlanta..
.
^ Augusta
Macon
Fla.—Jacks'nville
Ala.—Birm'ham.
Mobile
Miss.—Jackson.
Vicksburg
La.—NewOrleans
Total (10 cities)
320,184,040
263,518,622
378,543
304,938
+45.8
+ 10.4
2,604,000
43,886,317
2,564,000
38,386,328
+ 10.8
1,317,204
1,375,389
Reserve Dlst rlct—Atlant
+ 15.6
67,043,814
+ 17.3
77,108,276
24,728,750
+ 15.0
150,023,090
119,466,365
19,791,896
a—
5,899,883
+ 11.6
4,950,339
3,998,429
21,971.927
+ 16.4
21,336,171
14,861,900
94,600,000
76,700,000
+ 23.3
65,600,000
50,600,000
1,813,972
+6.5
+ 12.7
1,374,627
1,227,465
920,358
x
175,244
50.990.250
244,605,794
274,370,417
+8.8
255,355,717
224,049,114
cities)
1,399,450
23,079,000
+ 28.0
26,252,984
+ 18.5
2,383.821
+6.3
x
189,585
49.347,969
209,038,591
1,047,099
23,373,000
23,195,515
1,674,560
21,581,000
16,604,237
1,375,338
+3.3
+ 17.0
8,253,458,548 7,341,004,009
cities)
Outside New York 3,426,720,359
197,902
42,600,677
157,730
34,715,923
185,349,890
3,174,267,795
+ 12.4 6,628,168,769 5,306,424,619
+ 8.0
2,731,410.423 2,209,215,418
Week Ended Dec. 19
Clearings al—
Inc. or
1939
1940
Dec.
1938
1937
%
Canada—
127,648,586
105,213,380
Montreal
49,763,778
19,355,722
36,296,956
6,031,819
3,596,405
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
6,476.141
8,965,097
1,943,224
1.945.303
3,166,387
5.062.304
4,836,266
..
Calgary
St. John
Victoria
Edmonton
Reglna..
130,004,443
107,579,658
84,412,288
18,518,367
19,736,086
5,879,945
3,210,812
7,376,434
6,851,961
1,921,968
1,927,437
3,374,765
5,230,926
4,858,769
—1.8
—2.2
—41.0
+4.5
165,557,676
107,524,233
39,244,175
20,843,549
+30.8
17,495,222
5,459,572
2,765,202
5,471,700
7,089,673
+ 1.1
1,805,968
+ 83.9
+2.6
+ 12.0
—12.2
+0.9
1.993.698
—6.2
3,354,585
—3.2
4,365,648
3,826,812
361,336
—0.5
+ 16.1
128,464,498
109,276,799
32,097,799
20,079,144
19,019,615
5,801,137
3,084,636
5,904,049
6,629,497
1,846,124
1,923,620
3,322,024
4,481,576
3,745,643
318,567
397,597
645,737
342,488
597,072
+ 8.2
544,678
616,461
1,471,611
1,517,077
—3.0
1,318,288
816,028
773,268
+5.5
681,314
1,353,273
662,624
1,126,996
894,256
782,479
335,929
735,551
985,519
1,999,820
r—43.6
1,172,037
1,350,699
989,243
619,068
300,969
677,469
918,547
—9.6
731,102
928,429
+26.4
580,395
238,401
719,733
704,247
768,769
225,050
1,315,266
Windsor
3,683,577
Prince Albert
392,219
1,233,451
756,969
929,443
656,353
+ 15.3
1,245,439
—25.4
582,491
—1.3
962,803
—9.1
....
575,208
875,946
1,109,671
3,475,486
287,300
1.008.699
636,613
864,842
632,650
951,637
1,215,134
Kitchener
1,362,383
2,960,529
Total (32 cities)
398,255,150
418,836,580
1.9
402,816,142
Brandon
Lethbridge
Saskatoon—
Moose Jaw
Brantford
Fort William
New Westminster
Peterborough...
Sherbrooke
Moncton
Kingston
Chatham
Sarnia
x
—7.6
Grand Total (113
Medicine Hat
6,584,657
25,565,015
1,932,503
1.577,770
29,550,000
31.097.249
2,533,106
2,717,262
298,498,395
London
+ 28.5
175,171,544
Tenn.—Knoxville
+5.3
85,747,700
10,340,600
1,760,509
2,686,902
112,710,597
626,504
32,958,702
Sixth Federal
+0.5
10,621,700
1,793,599
2,225,133
140,918,544
3,231,000
201,383,832
107,121,605
2,215,494
3,297,351
San Jose
Toronto
49,121,661
Total (6 cities).
.
433,100,679
3,150,104
891,908
-Richm ond—
D.C.—Washlng'n
Md.—Baltimore.
+ 20.5
129,401,044
*1,425,700
92,669,352
28,097,327
'•
4,636,300
1,215,578
2,131,764
873,588
1,950,351
5,878,000
Feder al Reserve D istrlct—Clev eland-
Cleveland
1,570,162
+ 8.8
Santa Barbara.
470,142
Fourth
Cincinnati
2,817,282
+ 5.9
2,731,468
30,358,985
Francisco.
-Philad elphia
cities)
Columbus
+25.9
1,665,617
2,970,903
San
+ 15.7 4,021,751,649 3,198,840.579
Total (10
Ohio—Canton
152,687,938
Total (10
27,883,893
35,667,582
+ 6.5
Stockton
Newark
Northern N. J.
163,526,000
2,619,210
1,572,341
345,973
17,249,395
Sudbury
Estimated,
x
No figures
+8.6
+7.3
—3.5
+24.4
387,681
+ 1.2
1,060,021
+ 16.4
146,042,380
*
+ 11.6
available
686,627
694,575
3,993,333
353,137
968,772
611,510
858,796
639,383
1,028,829
362,950,129
Volume
The Commercial & Financial Chronicle
151
THE
LONDON STOCK
3833
CONTINGENT LIABILITIES OF THE UNITED STATES, SEPT, 30,1940
EXCHANGE
Compiled from Latest Reports Received by the Treasury
Quotations of representative stocks
received by cable
as
Amount
each
day of the past week:
'.
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Matured
Fri.,
Dec. 21
Dec. 23
Dec. 24
Dec. 25
Dec. 26
Dec. 27
37/9
88/9
37/9
37/6
89/45*
37/9
89 /45*
Boots Pure Drugs
British Amer Tobacco.
Cable A Wire ord
88/9
£545*
£555*
£565*
£105*
35/-
£105*
£105*
£45*
£45*
64/3
Imp Tob of G B A I
64/3
7/9
16/9
14/6
100/—
London
£135*
£135*
Principal
Courtaulds 8 A Co
De Beers
Distillers Co
Closed
Electric A Musical
Ind
Ford Ltd
Hudsons Bay Co
Mid Ry
Box
Metal
31/9
£45*
£45*
7/9
64/9
7/9
64/9
7/9
16/9
16/9
14/6
100/-
14/6
100/£135*
70 /£65*
£75*
70/£7
75 h
39/45*
United Molasses
23/14/105*
22/105*
14/5*
23/15*
15/-
£3si«
£3su
£3'u
West
2,252
835,085,600
94,678,600
236,476,200
35*% bonds of 1944-64..
3% bonds of 1942-47
25* % bonds of 1942-47..
696,254,252
552,786 835,638,386
349,876 95,028,476
275,626 236,751,826
103,147,500
57,605 103,205,105
70/-
Rolls Royce
Shell Transport...
Vlckers
2,059 202,555,059
192 204,241,192
289,458,000
696,252,000
£135*
Rio Tlnto
£65*
....
202,553,000
204,241,000
289,458,000
Federal Farm Mtge, Corp.:
3% bonds of 1944-49
16/9
14/6
100 /75*
70/£65*
£75*
75/40/-
Rand Mines..
5*% notes, ser. D, 1941.
1% notes, series E. 1941.
5* % notes, Series F, 1943
35/75*
31/9
Closed
Total
a
Commodity Credit Corp.:
35/-
31/75*
Interest
Guaranteed by U. S.
Unmatured Obligations—
£66 5*
£105*
35/31/9
Centra] Mln A Invest..
Cons Goldflelds of S A.
of Contingent Liability
Detail
*
£65*
1,269,387,900
£75*
Federal
75
/38/9
20/3
75/40/-
1,235,894
4,013,505
197
1,270,623,794
Housing Admin.:
Mutual Mtge. Ins. Fund:
3% debs., series A
"25*% debs., series
15/-
Witwatersrand
4,013,702
B—
Uncalled.
45,100
45,100
1,386,250
1,386,250
45,900
3,627,250
45,900
3,627,250
25* % debs., series B
Areas
£3'ia
Fourth called
Housing Insurance Fund
2?*% debs., series C_.
THE
BERLIN
STOCK
EXCHANGE
Closing prices of representative stocks
each
as
25* % debs., series D__
received by cable
9,118,005
Dec.
Dec.
21
23
Dec.
24
-Percent
Dec.
Dec.
Corp.
3% bonds, ser.A, 1944-52
25* % bds., ser. G, '42-'44
5* % bonds, series L, 1941
15*% bds., ser. M.'45-47
Dec,
25
26
197
9,118,202
Home Owners' Loan
day of the past week:
27
of Par-
Allegemelne Elektrlsltaet8-Gesellschaft(6%)167
Berliner Kraft u. Licht (8%)
167
170
214
215
214
140
141
142
149
149
5*% notes, series N
5*% notes, series P..
5*% notes, series R_.
1% notes, series S
•
•
■
\
■
i
|
Reconstruction Fin. Corp.:
150
748,085 779,326,385
143,705 877,582,330
1,212 190,839,112
27,821 754,931,846
170
Commers Bank
778,578,300
877,438,625
190,837,900
754,904,025
Deutsche
Bank
(6%)
(6%)
Deutsche Relchebahn (German Rys.
Dresdner Bank (6%)
7%)..
Holi¬
-
140
Farbenindustrle I. G. (8%)....
Reiohsbank (new shares)
198
141
198
Holi¬
__
141
200
day
day
200
121
...
Verelnlgte Stahlwerke (6%)
121
121
283
285
143
144
COMPLETE PUBLIC DEBT OF THE UNITED STATES
1,096,562,224
5,224
c
dll4,157,000
4,501
114,161,501
5,787,230,755
2,168,895
5,789,399,650
253,000
737
253,737
.
U.S. Maritime Commission
Total unmatured securities
following statement of the public debt and contingent
liabilities of the United States, showing also the
surplus position, all
from
131 299,139,131
1,469 310,091,469
3,068 275,871,068
1,096,557,000
Tennessee Valley Authority
U. 8. Housing Authority:
1 5* % notes,ser. B, 1944.
The
555 211,460,555
310,090,000
275,868,000
284
142
2,602,679,675
920,825
211,460,000
299,139,000
121
283
142
Siemens A Halske (8%)
b2,601,758,850
the
Treasury's
figures of
a year
CASH
Treasury's
of Sept. 30, 1940, has been extracted
as
official
earlier
are
debt
Comparative
report.
also shown:
Matured Obligations—
Federal Farm Mtge. Corp.:
15*% bonds of 1939
Federal Housing Admin.:
Mutual Mtge. Ins. Fund:
25*%
debentures,
ser.
B-Thlrd called
Home Owners' Loan
Corp.:
AVAILABLE TO PAY MATURING OBLIGATIONS
Sept. 30,
31,300
430
16,996,500
14,416
502,420
4% bonds of 1933-51
1940 Sept. 30,
25*% bds.,ser.B, 1939-49
2% bonds, series E, 1938
1**% bonds, ser. F, 1939
5*% bonds, ser. K, 1940
1939
31,730
14,416
17,498,920
81,570
163,403
3,580,615
2,177,707,713
—17,466,978
2,421,314,441
on
on War
Total, based
3,381,255
1,114,850
382,884.840
Settlement
277,414,840
1
21,338,925
a21,099,575
524,817
21,624,392
5,808,330,330
2,693,713
5,811,024,043
1,296,936,389
35,888,454
+2,038,429,601 + 1,882,825,895
INTEREST-BEARING DEBT OUTSTANDING
Inter eat Sept.
Title of Loan—
Payable
38 Of 1961
30,
on guarantees.
Tennessee Valley Authority:
2 5*% bonds, ser. A
1939
Q-J
49,800,000
28,894,500
Special:—4s Adjusted Service Ctf. Fund—Ser. 1941
10,300,000
18,300,000
25*8 Unemployment Trust Fund—Series 1940.. 1,790,000.000
45*8 Treasury bonds of 1947 1952
A-O
758,945,800
1,363,000,000
4s Treasury bonds of 194+1954
1,036,692,900
489,080,100
454,135,200
Total, based
on
_J-D
1,036,692,400
M-S
489,080,100
J-D
85*B Treasury bonds of 1943-1947
of 1940-1943
of 1941-1943
of 1946-1949
1951-1955
35*8 Treasury bonds
35*8 Treasury bonds
35*s Treasury bonds
3s Treasury bonds of
454,135,200
J-D
352,993,450
544,870,050
544,870,050
J-D
818,627,000
818,627,000
M-8
755,432,000
755,432,000
F-A
834,453,200
A-O 1,400,528,250
A-O 1,518,737,650
834,453,200
1,400,528,250
1,518,737,650
J-D
J-D
1,035,874,400
491,375,100
J-D 1,626,687,150
M-8
981,826,550
2,611,093,650
1,214,428,950
1,223,495,850
1,626,687,150
981,827,050
1,035,873,400
491,375,100
M-S 2,611,092,660
M-S 1,214,428,950
M-S 1,223,495,850
bonds of 1949-1952
bonds of 1955-1960
bonds of 1945-1947
bonds of 1948-1951
bonds of 1951-1954
bonds of 1956-1959
bonds of 1949-1953
bonds of 1945
bonds of 1948
bonds of 1958-1963
bonds of 1950-1952
bonds of 1960-1965
8,300,000
United States..
1,305,236,389
1,341,124,844
35,888,454
Other Obligations—
Fed. Res. notes (face amt.).
J5,438,087.828
758,945,800
M-S
35*s Treasury bonds of 1941
45*8-35*8 Treasury bonds of 1943-1945
35*8 Treasury bonds of 194+1946
3s Treasury bonds of 1946-1948
5,300,000
credit of the
Certificates of indebtedness:
35*s Treasury bonds of 194+1956
hi,332,824,844
3,000,000
18,300,000
$
49,800,000
28,894,500
3s convertible bonds of 1946-1947
3,000,000
5,300,000
2)4% bonds, series B...
.
1940 Sept. 30,
$
Q-M
215
On Credit of U. S.—
Funds due depositors
Balance, deficit (—) or surplus (+)
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
523,650
Secretary of Agriculture
Postal
Savings System:
311,448,140
Savings certificates
warrant checks
Total..
35*8
25*s
2J*s
25*8
25*8
25*8
25*8
25*8
25*e
25*8
25*s
25*8
1,028
Total matured securities
Disbursing officers' checks
Discount accrued
61,038,721
212,562,852
3,437.930
375,337
5,570
2,160,240,735
66,940,595
Deduct outstanding obligations:
Matured Interest obligations
76,000
162,375
3,580,400
e20,815,275
Balance end of month by dally statements
2,415,101,933
Add or Deduct—Excess or deficiency of receipts over
or under disbursements on belated Items
+6,212,508
Funds have been deposited with the Treasurer of the
a
of
Unitpd States for payment
outstanding matured principal and interest obligations guaranteed by the United
States.
b Includes $100 face amount of bonds held
tion
as
by the Home Owners' Loan Corpora¬
"Treasury" bonds pending cancellation.
The
Treasury holds 2 5* % bonds, series A, due Dec. 15,1948, in the face amount
of $272,500 issued under Section 15a and 5* % interim certificates in the face amount
of $52,000,000 issued under Section 15c of the Tennessee Valley Authority Act of
c
1933,
as
amended, which
are
reflected in the public debt.
d Does not include $25,000,000 face amount of J*
% notes, series D, due Dec. 31,
1940, held by the Treasury and reflected in the public debt,
e
Does not Include
Sept. 30,
$791,800 face amount of bonds in transit for redemption on
1940.
h Figures shown are as of July
450,978,400
918,780,600
450,978,400
31, 1940—figures as of Sept. 30, 1940, are not
available.
Offset by cash in designated depository banks and the accrued Interest
amounting to $41,776,648.53, which is secured by the pledge of collateral as provided
In the Regulations of the Postal Savings System, having a face value of $41,019,806,
cash in possession of System amounting to $64,362,203.65, Government and Govern¬
918,780,600
ment-guaranteed securities with
M-S 1,185,841,700
J-D 1,485,384,600
1,185,841,700
1,485,385,100
701,074,900
J-D 1,786,130,150
J-D
540,843,550
M-8
J-D
2s Treasury bonds of 1947
J D
J-D
2s Treasury bonds of 1948-50
701,074,400
1,786,140,650
540,843,550
571,431,150
25*s Treasury bonds of 1951-53
25*s Treasury bonds of 195+56
U. S. Savings bonds, series A, 1935
.......J-D 1,118,051,100
J-D
680,692,350
cl73,426,195
176,323,976
U. S. Savings bonds, series B, 1936
c316,523,209
c412,469,173
c497,521,563
c823,849,894
c755,385,281
c66,905,695
a
face value of $1,217,956,150, and other assets,
i Held by the Reconstruction Finance
Corporation.
j In actual circulation, exclusive of $11,790,671.14 redemption fund deposited in
$273,343,745 of their own Federal Reserve notes held by the Issuing
banks.
The collateral security for Federal Reserve notes Issued consists of $5,813,500,000 in gold certificates and in credits with the Treasurer of the United States
the Treasury and
323,247,984
U. S. Savings bonds, series C, 1937
U. S. Savings bonds, series C,
U. 8. Savings bonds, series D,
1938
1939
U. S. Savings bonds, series D, 1940...
.
.......
Unclassified sales
3s Adjusted
Service bonds of 1945
254,177,319
45*s Adj. Service bds.(Govt. Life Ins. Fundser. 1946)
25*s Postal Savings bonds....
J-J
Treasury notes
500,157,956
117,513,960
9,147,215,400
1,302,779,000
Treasury bills.
-
payable in gold certificates, and $3,532,000 face amount of commercial paper.
422,895,955
511,024,812
536,317,837
ENGLISH
The
85,029,787
274,963,919
as
FINANCIAL
reported by cable, have been
500,157,956
Sat.,
117,673,020
9,413,451,600
Dec. 21
Bearing no interest
Matured, interest ceased
Total debt
-
211,599,655
111,742,790
a44,075,394,143 40,861,295,242
-
Deduct Treasury surplus or add Treasury
Net debt
1,306.117,000
43,482,408,445 40,345,520,996
381,386,043
404,031,456
—
deficit..+.2,038,429,601+ 1,882,825,895
42,036,964,542 38,978,469,347
a Total gross debt Sept. 30, 1940, on the basis of
dally Treasury statements was
$44,072,940,246.73, and the net amount of public debt redemption and receipts in
was $2,453,896.46.
c Amount Issued and retired includes accrued
transit, &c.,
discount; amounts outstanding are stated at current redemption values.
Silver, per oz_.
Cloeed
Gold, p. fine oz.
Aggregate of interest-bearing debt
MARKET—PER
CABLE
daily closing quotations for securities, &c., at London,
168s.
Consols, 25*%- Closed
Mon.,
Dec. 23
23 l-16d.
168s.
£765*
as
follows the past week:
Tues.,
Wed.,
Thurs.,
Fri.,
Dec. 24
Dec. 25
Dec. 26
Dec. 27
235*d.
235*d.
235*d.
168s.
168s.
168s.
£765*
£765*
£765*
Holiday
pritish 3J*%
Cloeed
£1025*
£1135*
£103
£103
Closed
War Loan...
£1135*
£103 1-16
British 4%
1960-90
The
States
price of silver
on
the
Bar N.Y. (for.)
same
345*
per
ounce
£1135*
£1135*
-
(in cents) in the United
days has been:
345*
345*
Holiday
345*
345*
71.11
71.11
Holiday
71.11
71.11
U. 8. Treasury
(newly mined) 77.11
•
GOVERNMENT RECEIPTS AND
EXPENDITURES
Through the courtesy of the Secretary
of the Treasury we
readers today the details
of Government receipts and disbursements for November,
1940 and 1939, and the five months of the fiscal years
before
enabled to place
are
our
Trust Accounts, Increment
on
-Month of November-
General & Special Accounts: -
—July 1 to Nov. 30
1940
Revenue:
1939
1940-41
1939-40
9
Receipts—
$
9
S
48,906,320
251.652,017
Mlscell. Internal revenue
34,141.972
611,913,515
481.089,225
191,150,583
1,285.063,530
1,104,815.159
125,124,292
tax..—...........
117,479,044
a324.276.371
290,688,830
j321,862,425
125,124,292
2,406,935
appropriations.*!
122,717,357
11,476,724
1
54,247
Net
230,000,000
43,000.000
Less reimburse, to gen. fund..
43,000,000
310.385,701
200,712
220,000,000
122,771,604
43,000,000
310,586,413
220,000,000
143,023,454
143,223,286
409,455,991
408,818,128
781,098
receipts
622,184
15,433,197
Unemployment trust fund:
Deposits by States
Railroad unemploy. ins. acct.:
Deposits
Railroad
by
Re¬
Adv.
7,997,964
7,981,295
19.964,543
22,147,289
4,803,607
more....
4,170,036
37,338,368
34,230,788
15.000,000
1938)
Transfers from States (Act
June 25,
and their
Interest
1938)
94,992,639
1,014,167
Investments
on
1,220,706
(Act
Treasury
from
June 25.
employees
204,008
""m.dM
Railroad retirement account:
Insur¬
86,777
69,132
1,713,262
69,132
27,922,668
...
Customs
29,049,158
128,776,127
149,603,248
20,000,000
10,000,000
78,000,000
67,150,000
16,532*179
Transfers from general fund..
16*.204*793
196,859,140
181*421*964
Interest on Investments
Other trust accounts
Miscellaneous receipts:
...
Other funds and accounts:
of Govt .-owned se¬
Proceeds
July 1 to Nov. 30
1939-40
9
9
1940-41
trust fund:
Appropriations
tirement Board
Employment taxee
—
Tax on employers of 8 or
Railroad unemployment
ance contributions
9
9
Transfers from general fund.h
Social security taxes:
Taxee upon carriers
-Month of November
1940
1939
28,, 1940
Fed. old-age and survivors Ins,
Net
Income
-
Gold. &c.
Receipts—
Interest on Investments
1940-41 and 1939-40.
Internal
Dec.
Chronicle
The Commercial & Financial
3834
Increment
curities:
duction
Principal—foreign obliga's.
907,108
7,196,684
13,744,230
27,411,718
1,723,331
Other
Panama Canal tolls, Ac
resulting from re¬
in
weight
of gold
16,794
29,692
218,585
166,095
1,223,850
3,582,452
10,566,547
24,971,940
305,363,146
216,662,407
1,114,316,520
016,902,659
m5,ooo,ooo
43,000,000
127,500,000
215,000,000
4,783,087
836,881
20,284,692
5,103,653
113,000,000
142,000,000
224,000,000
246,000,000
28,846,841
28,607,000
206,428,841
171,298,524
dollar..—
87,168
Interest—foreign obliga'ns.
2,550,517
9,952,582
Seigniorage
10,563,806
...........
7,464,888
5,122,931
27,979,181
19,666,164
Other miscellaneous.........
8,206,590
8,049,418
33,914,052
406,966,770
2,494,722,929
2,175,093,266
Total receipts
34,607,909
484,795,762
...
Seigniorage
Total receipts.
Expenditures—
Fed. old-age and survivors Ins.
trust
Deduct—Net
to
approp.
and survivors
old-age
ance trust
Fed.
Insur¬
...
362,078,405
310,385,701
122,717,357
—
fund.d
fund—Investments..
Benefit payments
.....
Unemployment trust fund:
Investments
..........
State accounts:
Net
receipts
406,966,770
2,184,337.228
2,175,093,268
Withdrawals by States
Transfers
Ins.
Expenditures—
64,084,416
62,647,306
365,789,548
341,166,517
108,3e2,172
117,237,624
415,844,247
383,195,066
C4**97*4*035
C2.933.928
C48.182.7l5
1,414,941
1,511,228
C42.610.952
3,465,350
C66,520,345
11,077,485
4,053,432
9,061,272
27,166,545
42,854,083
1,869,203
Departmental
Department of Agriculture:©
Agrlcul. adjust, program...
Com. Credit Corp .—Resto¬
ration of capital lmpalr't.
Farm Credit Admlnlstr'n.f
2,098,890
18,708,926
14,146,936
Corp.g—
Farm Security Admlnlstra'n
Farm Tenant Act
—
C8,953,182
2,017,481
3,300,194
13,301,995
13,863,459
738,974
Elec. Admin.g
Forest roads and trails
474,624
3,704,780
6,845,303
Department of the Interior:©
Repayment
of
94,992,639
805,957
877,361
4,414,845
4,206,069
(Act
adv.
1938)
Railroad retirement account:
Investments
6,000,000
.......
Benefit payments
Other trust accounts..
10,000.000
10,027,936
(
9,334,225
49,700,828
46,069,675
0,148,174
13,629,118
161,394,870
166.087,102
C639.185
....
C35.000
C4,652,960
C8.204.600
Other funds and accounts:
PWA revolving fund
June 21, 1938)
(Act of
Chargeable against Increment
on gold—Melting losses, Ao
35,943,008
30,001,954
68,145,048
660,863,441
583,001,492
241,354,286
gov'm'tl agencies, Ac. (net);
Sales and redemptions of obli¬
19,168,743
109,552,680
101,585,749
3,017,592
2,155,749
12,374,650
6,446,678
gations In market (net): k
Guaranteed by the U. S.:
Com. Credit Corp
...
3,016
323,069,128
49,910,406
1,060
43,638,108
20,040,213
23,540,404
Reclamation projects
9,106,747
Post Office Dept. (deficiency)
Navy Dept. (national defense)
War Department:©
168,614,828
Military (national defense)
River and harbor work and
196,418,751
12,360,677
14,980
Subtotal
158.988,977
238,249.585
890,064,815
853,563,429
..........
1,661,000
C289.458.000
C200.892.000
Transactions In checking accts.
_
flood control—
Panama
1,014,167
RR. unemploy. ins. account:
Benefit payments
June 25.
bl19,599,918
Federal Land banks
Rural
RR. unempl.
(Act June 26.
1938)
General (incl. recovery A relief):
Fed. Farm Mtge.
to
acct.
Canal
National defense fund for the
10,232,308
Fed. Housing Admin
14,668,270
677,349
President
Selective Service (adm. exps.)
686,248
Department:©
Interest on the public debt.
10,597,373
Refunds of taxes & duties..
6,386,033
56,700
Home Owners Loan Corp.
Reeonstruo. Fin. Corp..
Treasury
14,950
1,242,950
1,145,925
5,363,025
13,064,750
C17.028.650
C275,868,000
C300.000
C276.068.000
....
...
11,992,798
271,662,702
265,145,310
U. S. Housing Authority
6,533,094
38,448,436
34,969,702
..........
Diflt.ofCol. (U.S.share)
Federal Loan Agency:
6,000,000
6,000,000
Fed. Farm Mtge. Corp..
Not guaranteed by U. S.:
Home Own. Loan Corp..
2,400
C67,000,000
303,411
2,719,245
Fed. Home Loan banks-
6,033
3,982,457
Federal Land banks
99,084
532,500
474,241
19,863,308
Federal Security Agency:
Civilian Conservation Corps.
3,434,935
C17.542
103,939
Reconstruct Fin. Corp.g—
Other, g
40,344
7,385
Fed. Housing Admin.:g
23,029,337
114,073.639
124,388,106
C112,099,000
66.450
Cll2,099,000
9,971,500
100,500
11,575
25,150
10,366,000
22,475
C67,000,000
5,000
1,725,000
2,215,000
5,118,000
6,915,000
El. Home A Farm Auth..
Other transactions (net):
250,000
200,000
C680.000
C995.000
Commodity Credit Corp...
Export-Import Bk. of Wash
24,487,498
25,804,480
200,019,996
172,814,451
238,909
572,436
447,798
C560.331
5,856
C3,625,526
C241.712
C9,957,903
Cl,553,312
C95,157,731
62,143,640
C2.494.047
..........
National Youth Admin....
8,596,074
7,933,259
34,148,344
25,486,756
Social Security Board.....
Other
35,240,636
23,733,184
197,913,043
160,473,825
2,082,733
1,606,292
40,262,303
25,295,101
Fed. Housing Admin
Home Owners' Loan Corp..
1,621,140
Cl,071,658
5,557,748
9,599,318
35,345,351
35,033,882
Reconstruction Fin.
Corp.l.
69,180,751
C21.166.587
62,722,042
U. 8. Housing Authority—
8,940,909
Cl2,274,612
94,344,539
37,711,800
23,555,249
C25.035.849
11,031.244
54,621,840
C69,939,782
c289,457,398
C181.285.146
C91,182,787
89,049,195
C50.207.813
708,779,668
762,410,642
216,313,951
266,870,221
405,536,852
154,492,017
+122,988,517
—836,881
+ 162,801,722
—103,653
+1,149,755
+9,972,064
—27,638,892
—9,750,490
+665,775
+2,683,057
+11,080,324
+10,384,005
+1,879,828
+2,575,676
+3,647,145
+20,299,172
+35,464,270
+15,437,033
gations In mkt. (net)
+175,918,975
Other transactions (net)... —105,979,193
+256,430,950
+32,026,448
+449,995,650
—268,710,504
—386,455,939
Total
+216,313,951
+266,870,221
+405,536,852
+154,492,017
402,099,000
551,306,000
2,210,241,000
2,358,606,000
Rural Electrification Adm.
Federal Works Agency:
Public Bldgs. Admin
Publlo Roads Admin
23,646,832
U. S. Housing Authority.g.
98,039,121
6,797,443
Public Works Admin f
17,919,994
91,228,607
21,008,358
66,316,882
136,381,242
Railroad Retirement Board..
79,801
1,623,094
539,406,072
254,754
613,177,970
31,375
2,603,158
2,818,565
526,737
523,395
Veterans' Administration
Subtotal
—
Subtotal
.
502,867
3,665,315
3,362,822
15,183,594
46,315,220
231.095,911
231,492,847
819,821,350
632,573,020
3,844,708,096
Total expenditures
15,912,225
45,771,167
Tennessee Valley Authority..
61,831,333
918,404
1U,700,930
C20.412
.
205,494
105,306,483
Work Projects Admin
Other
Other
94,111
68,633
3,447,804,066
Excess of receipts
Excess of expenditures....—
Summary
Excess of rets. (+) or exps. (—):
Fed. old-age andsurvivort Ins.
Revolving funds (net):
Credit Administration.
C25.824.728
C850.781
C58,106,712
C3.652.304
Public Works Administration
3,099,049
5,916,992
13,550,933
34,302,413
Farm
trust
fund
Unemployment trust fund
Railroad retirement account..
Subtotal
C22,725,679
5,066,211
C44,555,779
30,650,109
Other trust accounts
......
Other funds and accounts....
Transfers to trust accts., Ac.:
Fed. old-age A survivors ins.
governmental
trust fund.h
43,000,000
Railroad retirement account.
+16,334,882
+33,339,020
Transae's in checking accts. of
20,000,000
10,000,000
220,000,000
76,000,000
67,150,000
Railroad unempl. Ins. acct.:
Adv.
July
5,
1939
(Act
June 25, 1938)
Repayment of advance Jan.
15,000,000
agencies,
Ac. (net):
Sales A redemptions of obli¬
26,1940
+477,608,725
Govt,
em pi's' retirement funds
(U. S. share)
Subtotal
92,715,000
87,203,400
Ptfbllc Debt Accounts
Receipts—
....
20,000,000
53,000,000
168,715,000
389,353,400
Debt retirements (skg. fd., Ac.)
792,350
366,800
18,528,050
10,331,550
Market operations—Cash:
Treasury bills............
Treasury notes......
Treasury
Total expenditures..
817,888,021
691,006,031
3,987,395.366
3,878,139,126
bonds
U.
8. savings bonds
unclassified sales)
—
T-
680,692,350
(inol.
60,079,932
56,313,496
275,778,222
315,714,036
452,178,932
....
607,618,496
3.166.711,572
2,674,321,326
572,100
1,153,800
2,450,850
515,210,900
1,762,800
515,210,900
>
Excess of receipts
Excess of expenditures
Deposits for retirement of
455,809,616
...
284,039,261
1,803,058,138
1,703,045,860
national bank notes-
1,290
Summary
Excess of expenditures
Less publlo debt retirements
455,809,616
—
284,039,261
1,803,058,138
1,703,045,860
792,350
366,800
18,528,050
Adjusted service bonds.
179,100
10,331,550
Exchanges—Treasury notesof exps.
(excl.
debt retirements)
Excess
Treasury
publlo
455,017,266
283,672,461
1,784,530,088
bonds..........
724,677,900
1,692,714,310
Subtotal.
Trust accts., Increment on gold,
excess
ot expenditures
(+) or receipts (—)
..-216,313,951
515,210,900
726,440,700
515,210,900
Ac.,
—266,870,221
—405,536,852
—154,492,017
238,703,315
16,802,240
1,378,993,236
1,536,222,293
Adj. service ctf. fund (ctfs.)—
Unemploy. trust fund (otfs.).
—103,172,608
4-252,208,746
—73,747,949
—672,697,954
Fed. old-age and survivors Ins.
trust fund (notes) h
+269,010,986+1,305,245.287
+865,524,339
—
Total
excess
Of expenditures..
Inc. (+) or dec.
fund balance
(—) In general
Railroad retire, acct. (notes).
Civil service retire, fd. (notes)
Inc. (+) or dec. (—) In the gross
publlo debt
+135,530,707
Gross publlo debt at beginning
Of month or year
44,137,245,618
Gross public debt this date—. 44,272,776,325
Special series:
41,036,045,764
41,305,056,750
42,967,531,038
44,272,776,325
40,439,532,411
41.305,056,750
142,000,000
282,000,000
283,000,000
43,000,000
159,000,000
215,000,000
6,000,000
10,000,000
89,043,000
84,800,000
830,000
33,000
For. serv. retire, fund (notes).
Canal Zone retire, fund (notes)
Alaska RR. retire, fd. (notes).
Postal Savs. System (notes)..
Govt, life Ins. fund (notes)...
113,000,000
389,00o
1,164,000
175,000
473,OOo
175,000
15,000,OOj
3,400,000
2,000,000
3,400,000
Volume
3835
The Commercial & Financial Chronicle
151
Public Debt Accounts
-M onlh of
-
—Jul!,
November-
1 to Nod. 30—
1939-40
$
{Concluded)
1940
1939
$
$
$
20,000,000
14,000,000
1,750,000
1,750,000
(notes)
Subtotal
114,783,000
188,400,000
555,962,000
567,141.032
1,311,801,496
4,450,268,072
3,824,220,076
407,952,000
512,174,000
2,194,320,000
UNITED
STATEMENT OF THE
STATES NOV.
1940
30,
preliminary statement of the public debt of the United
States Nov. 30, 1940, as made up on the basis of the daily
Treasury statement, is as follows:
The
632,237,000
Total public debt receipts..
DEBT
PRELIMINARY
1940-41
Receipts—
Special scries {Concluded):
Fed. Dep. Ins. Corp. (notes).
Fed. 8avs. & Loan Ins. Corp.
2,250,526,000
Expenditures—
Treasury bills
11,500
1,750
585,950
Treasury
234,450
23,100
968,150
5,348,600
Certificates of indebtedness
Treasury notes
Bonds—
3% Conversion bonds of 1946
...
3% Conversion bonds of 1947
2)$% Postal savings bonds (20th to 49th ser.)
$196,208,460.00
Treasury bonds:
14,710,700
bonds
18,447,450
791,850
11,065,256
8,266,898
57,441,985
43,484,112
1,635,850
2,250,300
11,471,800
14,079,031
376,650
62,650
881,300
471,850
182,650
155,150
998,300
1,271,100
Adjusted service bonds
First Liberty bonds
Fourth Liberty bonds
Postal Savings bonds
72,500
500
v
4J4% bonds of 1947-52
4% bonds of 1944-54
2H% bonds of 1946-58
3K% bonds of 1943-47
3H% bonds Of 1941-43
334% bonds of 1946-49..
3% bonds of 1951-55
3x% bonds of 1941...
'
U. 8. savings bonds
$49,800,000.00
15,761,000.00
13,133,500.00
117,513,960.00
8% Panama Canal loan of 1961.......
104,760
$758,945,800.00
1,036,692,400.00
489,080,100.00
454,135,200.00
544,870,050.00
818,627,000.00
755,432,000.00
834,453,200.00
11,130
17,937
137,605
101,009
3bonds of 1943-45
1,400,528,250.00
1,491,790
1,237,975
7,770,445
11,194,825
3H% bonds of 1944-48
3% bonds of 1946-48
424,487,326
524,752,610
2,296,913,065
2,336,227,837
334% bonds of 1949-52
515,210,900
724,677,900
515,210,900
1,518,737,650.00
1,035,873,400.00
491,375,100.00
2,611,092,650.00
1,214,428,950.00
1,223,495,850.00
1,626,687,150.00
515,210,900
726,440,700
Other debt Items
National
bank
and
notes
Fed. Res. bank notes
2J4% bonds of 1955-60
Exchanges:
Treasury notes
Treasury
•
•
t
•
2H% bonds of 1945-47
2H% bonds of 1948-51
2H% bonds of 1951-54
2H% bonds of 1956-59
2)4% bonds of 1949-53
2)4% bonds Of 1945
2)4% bonds Of 1948
2H% bonds of 1958-63
2)4% bonds of 1950-52
2H% bonds of 1980-65...
2% bonds of 1947
2% bonds of 1948-50
2)4 % bonds of 1951-53
2)4% bonds of 1954-66
2% bonds of 1953-55....
1,762,800
bonds
Subtotal
515,210,900
Special series:
trust fund
1,300,000
7,800,000
10,700,000
27,000
1,800,000
105,000
119,000
64,000
18,000
Serv^retlre. fund (notes)
Canal Zone reltre. fd. (notes).
Postal Savings System (notes)'
2,700,000
38,000,000
31,500,000
5,000,000
Railroad retire, acct. (notes).
Civil service retire, fd. (notes)
For.
1,000,000
300,000
(notes) h
1,300,000
68,000,000
Adj.servicectf.fund (ctfs.)..
Unemploy. trust fund (ctfs.).
Fed. old-age and survivors 1ns.
5,000
138,000
500.000
20,000,000
36,500,000
2.827,000
121,669,000
107,257,000
D. S. Savings bonds (current redemp.
7,123,000
431,610,326
Series C-1937—
1,042,790,510
3.145,022,785
269,010,986
public
Market
(—)
865,524,339
Series D-1939
Series D 1940
Unclassified sales..
In gross
debt:
+39,131,000
+15,921,000
—1,750
—23,100
—284,450
—728,263,700
Other debt Items
—11,130
+258,754,032
—585,950
—101,009
and
—1,491,790
—1,237,975
—7,770,445
—11,193,535
Subtotal
+27,870,707
+83,437,986
+ 870,952,287
+340,544,339
Special series
+107,660,000
+185,573,000
+434,293.000
+524,890,000
Fed. Res. bank notes
Total
+135,530,707
+269,010,986 +1,305,245,287
+ 865,524,339
a Includes $2,413,946.05 for the fiscal year representing receipts from
"Social
security taxes—Employment taxes," collected prior to July 1, 1940, which are not
available for appropriation
fund.
to the Federal old-age and
survivors Insurance trust
1939 but not appro¬
)4%
1)4%
1H%
1)4%
1H%
2%
1)4%
1)4%
1)4%
1%
H%
1%
H%
Such net amount is reflected as net appropriations to
and survivors insurance trust fund below,
expenses.
Additional expenditures are
& Additional transactions are Included under
of governmental agencies, &c. (net),"
the Federal old-
h Includes transactions formerly
"Transactions in checking accounts
below.
classified under the caption "Old age reserve
j Exclusive of receipts amounting to $2,413,946.05, reflected above, for the fiscal
year 1941, representing social security taxes collected prior to July 1, 1940, and
therefore not available for appropriation to the Federal old-age and surv'vors Insur¬
fund.
of the Un ted States as special
governmental corporations were carried,
prior to Sept. 30, 1939, as liability accounts in the dally Treasury statement under
the caption "Postmasters, clerks of courts, disbursing officers, Ac.," and conse¬
quently the redemption of the bonds was not reflected In the expenditures above.
The redemptions of such bonds from July 1 to Sept. 30,1939, were as follows:
Guaranteed by
Not Guaranteed
k The balances In the accounts of the Treasurer
agent for the redemption of obligations of
United Stales
$677,000
118,525,225
99,014,400
Corporation—
Federal Housing Administration
Home Owners' Loan Corporation..:
Federal Farm Mortgage Corporation...
by the United States
41,505"O66
account of RFC Mortgage Company,
Disaster Loan
Federal National Mortgage Association, Metals Reserve
Rubber Reserve Company, and the Defense Plant Corporation,
Corporation,
Exeess of redemptions
m
Company,
(deduct)
NATIONAL
3%
Department:
BRANCH
AUTHORIZED
Certificate No.
VOLUNTARY
1484-A.
483,900,000.00
Railroad retirement account series, mar
85,400,000.00
628,100,000.00
443,000.00
4%
Canal Zone retirement fund
Effective as of the close of business
Dec. 7, 1940.
agent: C. C. Bebout, Greenwich, Ohio.
WiUard United Bank, Willard, Ohio.
Amount
June 30. 1942 to
$35,000
Liquidating
Absorbed by The
Government
6,259,000.00
maturing June 30,
Federal
^
"•
70,000,000.00
1,760,000.00
«»i
"-H
■
5,4/4,7lUjUUUiUu
.1'"'
Certificates of Indebtedness—
Adjusted service certificate fund series,
1941...................
Unemployment trust fund series, maturing June 30. 1841
4%
maturing Jan. 1,
$10,000,000.00
2)*%
debt
1.934,000.000.00
,
1,307,999,000.00
(maturity value)
$43,706,990,015.04
debt outstanding......—..
Has Ceased—
matured—Issued prior to April 1,
(excluding Postal Savings bonds)....
2)4% Postal Savings bonds
3)4%. 4%, and 4)4% First Liberty Loan
bonds of 1932-47.-.
1917
and 4)4%
Second Liberty Loan bonds
of 1927-42...
i
4)4% Third Liberty Loan bonds of 1928
4)4% Fourth Liberty Loan bonds of 1933-38.
of 1922-23—
of 1940-43—
......
various Interest rates
Ctfs. of Indebtedness, at various interest rates
Treasury bills, regular series.....—
Treasury savings certificates
3)4 Treasury bonds
$3,840,350.26
34,440.00
10.201,600.00
1,149,000.00
1,847,150.00
13,806,050.00
570,350.00
24,970,600.00
33,540,700.00
3,887,500.00
93,082,000.00
186,500.00
187 116 240 26
Debt Bearing No Interest—
17—"Stillwater National Bank, Columbus," Mont, (com¬
mon stock $25,600, preferred stock, RFC, $14,400).
Effective Nov. 12, 1940.
Liquidating agent, Edwin Grosfield,
Columbus, Mont.
Absorbed by Yellowstone Bank, Colum¬
bus, Mont.
Dec.
Dec. 18—The First National Bank of Harrah, Okla
Effective Dec. 9, 1940.
Liquidating agent, B.
942,000.00
96,500,000.00
life insurance fund series,
1943 to 1945..........
Deposit Insurance Corporation
series, maturing Deo 1,1943 and 1944
2% Federal Savings and Loan Insurance Cor¬
poration series, maturing June 30, 1945...
2%
2%
-
5,343,000.00
1944
Treasury notes, at
Ohio (common
4,692,000.00
series, ma¬
1945
4% Alaska Railroad retirement fund series,
maturing June 30, 1941 to 1945..
.....
2% Postal Savings System series, maturing
turing June 30, 1941 to
3)4% and 4)4% Victory notes
LIQUIDATIONS
Dec. 16—The First National Bank of Greenwich,
stock $25,000, preferred stock, RFC, $10,000)
1,381,700,000.00
4% series maturing June 30,1941 to 1945..
3% series maturing June 30,1944 and 1945.
4% Foreign Service retirement fund series,
maturing June 30, 1941 to 1945
4%
Dec. 14—The United States National Bank of Portland, Portland, Ore.
Location of branch: 202 South Second Street, in the City of Corvallis,
Dec.
.
maturing
turing June 30, 1942 to 1945.............
Civil service retirement fund:
Old
Harrah, Okla.
232,375,200.00
629,113,900.00
420,971,500.00
279,473,800.00
415,619,500.00
516,210,900.00
283,006,000.00
718,023,200.00
2)4% Federal old-age and survivors Insur¬
ance trust fund series, maturing June 30
Matured Debt on Which Interest
BANKS
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Ore.
342,143,300.00
15,1943..
3% old-age reserve account series,
June 30, 1941 to 1944
Treasury bills
The
County,
1
15,1943..
15,1943..
15,1944..
maturing Mar. 15,1944..
maturing Sept. 15,1944..
maturing Mar. 15,1945..
Total Interest-bearing
Benton
676.707,600.00
503,877,500.00
204,425,400.00
426,349,500.00
15,1941..
15,1941..
15.1942..
15,1942..
15,1942..
—
$21,150
Federal Home Loan banks
1 Includes transactions on
$12,483,700.00
15.1941..
1944 and 1945
stated separately below.
account."
trust
maturing Mar.
maturing June
maturing Deo.
maturing Mar.
maturing Sept.
maturing Deo.
maturing June
maturing Dec.
maturing Sept.
maturing June
A-1941,
B-1941,
C-1941,
A-1942,
series B-1942,
series C-1942,
series A-1943,
series B-1943,
series C-1943,
series A-1944,
series B-1944,
series C-1944,
series A-1945,
series
series
series
series
fund:
Included In "Departmental" above,
f Additional transactions are included In revolving funds,
ance
15,1940..
series C-1940, maturing Deo.
Federal old-age and survivors Insurance trust
appropriations equal to "Social
security—Employment taxes"
collected and deposited as provided under Sec. 201 (a) of the 8oclal Security Act
amendments of 1939 less reimbursements to the general fund for administrative
e
$32,030,281,015J)4
-
..........
$5,659,681,000.00
(deduct).
d Represents
age
.......
Treasury Notes—
1
1%
Represents capital Impairment applicable to fiscal year
priated by Congress until Aug. 9, 1939
b
Exoess of credits
Total bonds
—14,710,700
+46,150,598 +1,591,226.137
—17,937
—137,605
—968,150
+36,206,276
Bonds
750,869,774.90
+108,080,000
—11,500
Treasury notes
c
500,157,956.40
(Government life insurance fund series)...
—5,853.000
Certificates of Indebtedness
notes
3,123,035,580.14
$250,711,818.50
A fllivfltAf! rafvIaa hnnrfa*
operations:
bank
...
Adjusted service bonds of 1945..
Treasury bills
National
—
Series C-1938
2,958,695,737
1,305,245,287
135,530,707
dec.
$173,084,345.00
315,484,060.25
410,628,706.25
495,225,757.00
820,071,936.46
840,359,606.25
68,181,168.93
Series B-1936
Exoess of expenditures.
or
27,960,167,200.00
value):
Series A-1935
Subtotal.
<+)
-•
22,000,000
'
Govt, life Ins. fund (notes)...
Fed. Dep. Ins. Corp. (notes).
Inc.
981,826,550.00
1,786,130,150.00
540,843,650.00
450,978,400.00
918,780,600.00
1,185,841,700.00
1,485,384,600.00
701,074,400.00
671,431,150.00
1,118,051,100.00
680,692,350.00
724,677,900.00
40,000
$190,641,585.071
Deposits for retirement
25,000
F.
Miles,
of National bank and
Federal Reserve bank notes...
Old demand notes
Absorbed by First State Bank, Harrah, Okla.
19—First National Bank of Hillsboro, N. Dak—
Dec. 17, 1940.
Liquidating agent, J. I. Hegge,
Hillsboro, N. Dak.
Succeeded by Northwestern State Bank,
Hillsboro, N. Dak.
$346,681,016.00
156,039,430.93
United States notes
Less gold reserve..
....
and fractional currency...
savings stamps, unclassl-
182,228,678 50
2,028,743.04
Thrift and Treasury
50,000
fled flu]pa /fee
sales. &c
3f771,063,00
378,670,069.61
Effective
Total gross
debt......-------------.——
$44,272,776,324.91
The Commercial & Financial Chronicle
3836
TREASURY CASH AND CURRENT
LIABILITIES
The cash
holdings of the Government as the items stood
Nov. 30, 1940, are set out in the following.
The figures
are taken
entirely from the daily statement of the United
States Treasury Nov. 30, 1940.
.
Gold (oz.
1940
Stocks
Shares
$ per Share
220 Select Theatres Corp. common, par 10 cents
$4 lot
100 Western Pacific RR. Corp. common, par $100
$1 lot
15 Chicago Rock Island A Pacific Ry. Co. 6% preferred, par $100
$1 % lot
$1% lot
$2 lot
20 Western Pacific RR. Corp. common, par $100
500 Aetna Lead A Zinc Corp., par $1
10c lot
50 Rainbow Luminous Products common A
10 Central Building Trust, par $100
2
7
100
75
5 Boo rum A Pease Co. 1st preferred
GOLD
622,869,127.6)
28,
41 Devonshire Building Trust preferred, par $100
ASSETS AND LIABILITIES
CURRENT
Assets—
Dec.
20 Boorum A Pease Co. 2d preferred
$21,800,419,467.62
-
50 Kerr Lake Mines, par $1
$11 lot
Percent
Bonds—
$21,800,419,467.52
Total..
Liabilities—
$3,943.51 Conveyancers Title Insurance A Mortgage Co. unsecured, Insured
parti-mortgage receipt 434s, Feo. 3, 1938, originally $5,000 (128 Pembroke
St.)
$78 lot
$2,000 Alaska Anthracite RR. Co. 1st mtge. 6s, ctf. of dep. $80 assess, paid..$3 lot
$19,000 Missouri Pacific RR. Co. 4s, March, 1975
13£
—-
Gold certificates—Outstanding (outside of Treasury)..
...
Gold certificate fund—Board of Governors, Fed. Res. System.
............
$2,880,702,049.00
16,759,336,996.22
11,514,087.94
reserve.............................................
156,039,430.93
Redemption fund—Federal Reserve notes
Gold
Note—Reserve against $346,681,016 of United States notes
Treas¬
Treasury.
Exchange stabilization fund....
$21,607,591,564.09
Gold In general fund:
Balance of Increment resulting from reduc¬
tion In the weight of the gold dollar.....
In working balanoe.....................
/
192,827,903.43
$21,800,419,467.52
Assets—
Silver (oz. 1,075,235,993.1)
Sliver dollars (oz. 383,752,563.8)
$1,390,204,112.40
496,164,931.00
Total
$1,886,369,043.40
Liabilities—
$1,865,478,305.00
1,161,722.00
19,729,016.40
...........................
Silver In general
par
........
...
fund......................................
Total
$1,886,369,043.40
14 Chicago A Northwestern Ry. Co. old common
320 4-10 Central Automatic Sprinkler Co., Delaware corporation,
35 Tacony Palmyra Ferry Co
7% pref
$5 lot
546 Shreveport El Dorado Pipe Line
141 Boca Raton Club, Inc
$2 lot
$35 lot
35 Tacony Palmyra Ferry Co
100 Camden Trust Co
$13 lot
1.0734
—
100 Camden Trust Co
1.0234
1.0234
Percent
Bonds—
$10,000 The College of South Jersey serial 6s, 1938-1957.
Registered ($500
annually).
(April 1938 and subsequent years unpaid)
$3,200
$5,000 Associated Gas A Electric Co. conv. deb. ctf., Nov. 1, 1999 (con¬
vertible into class A stock)
—$20
$500 John Warren Watson income debentures, 1983
—$1
$600 Detroit Ypsllanti Ann Arbor A Jackson Ry. c-d 1st 5s, dated 1901
$2
$750 Manufacturers C. C. Proprietary Ctf
$2
$2,000 Linwood C. C. 2d 6s '35 (May, 1930 and sub. coupon)
-$11
$2,000 V. W. Mills A Co. municipal trust ctf. c.-d., dated May 29, 1923,
$12 lot
series EE
$192,827,903.43
19,729,016.40
......
....
Subsidiary coin (oz. 1,686,561.5)
Minor coin
655,103,794.22
...........................
971,068.88
1,656,266.00
.......
12,981,185.00
..............
Federal Reserve bank notes
166,605.50
632,697.00
24,263,407.10
267,840,885.36
...............................
Unclassified—Collections, Ac
.................
Deposits In—Federal Reserve banks..
Special depositaries account of sales of Government securities..
National and other bank depositaries:
48,806,811.69
41,302,359.19
Foreign depositaries—
To credit of other Government officers..
190,463.12
1,536.339.19
............
Philippine treasury—To credit of Treasurer United States....
Total
$1,975,793,983.66
SINKING
Treasurer's checks outstanding..
Deposits of Government officers—Post Office Department.
Board of trustees, Postal Savings System:
$4,717,562.98
11,220,277.91
..............
reserve,
lawful money...."—...................
Other deposits
.....
59,300,000.00
8,719,654.85
62,954,908.29
11,886,387.36
...
Postmasters, clerks of courts, disbursing officers, Ac....
Uncollected Items, exchanges, Ac.......
......
$158,798,791.39
Balanoe today—Increment on gold (as above
Seigniorage (sliver) (see Notfc 1)..........
Working balance.......................
$142,994,515.14
595,752,631.78
1,078,248,045.35
1,816,995,192.27
Total
$1,975,793,983.66
The weight of this Item of silver bullion is computed on the basis of the average
cost per ounce at the close of the month of October,
1940.
Note 1—This Item of seigniorage represents the difference between the cost value
and the monetary value of silver bullion revalued and held to secure the silver cer¬
on account
of silver acquired under the Silver Purchase Act of 1934
and under the President's proclamation dated Aug. 9, 1984.
Note 2—The amount
to
the
credit
of disbursing
officers and
certain
agencies
Below will be found a list of corporate bonds, notes, and
preferred stocks called for redemption, including those called
under sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders, and the page
number gives the location in which the details were give in
the
Chronicle."
!
Date
Akron & Barberton Belt RR. 1st mtge. 4s._
Alabama Power Co. 1st mtge. 6s
♦Alaska Pacific Salmon Cp. preferred stock
—-—Mar.
AUCTION SALES
on
Wednesday
Stores Corp. 434% debentures
♦Appalachian Electric Power Co. 434% bonds
4%
bonds
Arkansas Western Gas Co. 1st mtge bonds--
.Jan.
Jan.
Jan.
Jan.
Auto Finance Co.,6% preferred stock
-----Jan.
♦Bates Valve Bag Corp. 6% debentures
Feb.
Bear Mountain Hudson River Bridge Co. 1st mtge. 7s- —Apr.
Bedford Pulp A Paper Co. 1st mtge. 6Ms
—
Feb.
Blethen Corp. 1st mtge. 6348
Jan.
Boston Edison Co. 1st mtge. bonds
Jan.
Brooklyn & Queens Transit Corp. pref. stock
-Jan.
Buffalo Creek RR. Co. 1st mtge. 5s
Jan.
Catholic Bishop of Chicago, series D notes--Jan.
Chesapeake Camp Corp. 1st mtge 434s
Jan.
Chicago & Illinois Western RR. 6% gold bonds
Jan.
City Water Co. of Chattanooga 1st mtge. bonds
Jan.
Commonwealth Telephone Co. 1st mtge. bonds
Jan.
Connecticut Railway A Lighting Co.. 434 % bonds
-Jan.
♦Consumers Co. of Illinois 5% bonds
-Dec.
Continental Can Co., Inc., $4.50 pref. stock
Jan.
Cuban American Manganese Corp. 8% conv. pref. stock--Jan.
Cumberland County Power & Light 1st mtge. 334s
--Jan.
Dayton Union Ry. Co. 4% bonds
Jan.
♦Detroit Edison Co. 434% bonds
Mar.
Eastern Car Co., Ltd., 6% bonds
Jan.
-
General Cable Corp. 1st mtge. bonds, series A & B
Germanl-Atlantlc Cable Co. 1st mtge. 7% bonds
♦Great Consolidated Electric Power Co., Ltd.—
First mortgage bonds
♦Greenfield Gas
Light Co. 1st mtge. 4% % bonds
First mortgage 434% bonds
Gruen Watch Co. class B pref. stock
Gulf Public Service Co. 1st mtge.6s
Slocks
$ per Share
1,000 Hoosac Mills Corp. 1st preferred
700 Industrial Development Corp., par $1
50 The Main A High Realty Co., par $100
25c
$134 lot
10c
260 The Union Building Co., par $100
900 Industrial Development Corp. temporary
certificates, par $1
200 Watauga Mining Co. common, par $100
200 Nantasket-Boston Steamboat Co., par $10
100 Guardian Coal & Oil Co., par $2 34
10c
$1 lot
...$25 lot
i
$5 lot
_.$1 lot
300 Fiske Brick A Granule Co. common
100 units Boston Transcript, Inc
$5 lot
$10 lot
18 American Womens Realty $4 preferred
50 Quincy Apartments, Inc., 7% preferred
$1 lot
$3 lot
600 General Funding Corp. common; 3,021 Bowdoln Gas Co
254 National Service Cos. preferred
80 Central Public Utility Corp. common, par $1; $4,000
$3 lot
$50 lot
.
534s, 1952
$15 lot
138 Utilities Power A Light Corp. class A
;
62 Devonshire Building Trust common, par $100; 31
preferred, par $100
50 Seaboard Navigation Co. common; 5 6s preferred
»
$1 lot
1,100 Pioneer Petroleum Co. common, par $5
50 State Street Exchange, par $100
$3 lot
$3 lot
$4 lot
1)4
30 Financial Shares Corp., par $1
____$2 lot
5 Boston Chamber of Commerce Realty Trust 2d
preferred, par $100; 50 Proctor
Bros. A Co. preferred, par $10
$2 lot
3,000 Cripple Creek Mining A Milling Co., Ltd., par $1
300 Mergraf Oil Products Corp. common A, par $1
2,000 Cripple Creek Mining A Milling Co., Ltd., par $1__„__—
14 Somerset Hotel Trust, par $100
7,500 Fawn Mining Co., Ltd., par 50 cents
200
Missouri Pacific
RR. common,
par
$8 lot
$3 lot
$7 lot
$2 lot
$25 lot
$100
3c-5c
300 Chicago Milwaukee St. Paul A Pacific RR. Co.
preferred, par $100
600 Colombian Alluvial Mines, Inc., preferred, par $5; 480 Colombian Alluvial
Mines, Inc., common,
6s, 1944
:
par
,5c
$5; $5,800 The Panama American Timoer Co.
$5 lot
41 Associated Textile Cos. common..
$1 lot
45 Androscoggin A Kennebec Ry. Co. 1st pref., par
$100; 350 Androscoggin
A Kennebec Ry. Co. 2d pref., par $100; 117 Associated Textile Cos.
common;
100 Textile Building Trust common
29 Sterling Mills common, par $100; 50 Nash Kelvinator
Corp., par $5
76 Central Public Utility Corp. class A, par $1
200 Bolton Associates preferred, par $100
_$3 lot
$211 lot
$134 lot
$10 lot
Gulf & Ship Island RR. 1st mtge. 5s
♦Hawaiian Electric Co., Ltd., 6% pref.
2934
3389
3739
3230
3390
3740
3742
2798
I
31
3885
3392
3236
—Jan.
1
Jan.
1
Dec. 28
Jan.
1
Apr.
1
3237
3396
1433
3232
3886
2350
3236
3395
>
3889
Feb.
1
Feb.
--.Feb.
1
1
Feb.
Apr.
Jan.
Jan.
Jan.
Jan.
1
1
3
15
1
1
Jan.
1
3398
Dec. 31
3890
2943
3398
3398
2801
3748
3398
655
3891
3091
3399
3399
3399
3564
2946
3244
3400
3095
3244
3244
-----
stock
Edw. Hines Lumber Co. interest certificates
♦Horneli Electric Motors 434 % bonds
Illinois Consolidated Telephone Co. 1st mtge. 4 34s
Indianapolis Power A Light Co. 6 34 % pref. stock
Jan.
1
Jan.
1
6% preferred stock
Jan.
1
Inland Steel Co.. 1st mortgage oonds
Jan. 15
International Paper Co. 1st mtge. 5s
Jan.
1
Interstate Telephone A Telegraph Co. 1st mtge. bonds—Jan.
1
Iowa Southern Utilities Co. 534% bonds, series 1925
Jan.
I
♦Island Falls Water Co. 534 % bonds
Feb.
1
Jefferson A Clearfield Coal A Iron 1st mtge. 5s
Jan.
1
Johns-Manville Corp. 7% preferred stock
Jan.
1
Jones A Laughlin Steel Corp. 1st mtge. 4s
--Jan.
1
Kansas City Gas Co. 1st mtge. 5s
Feb.
1
Keokee Consolidated Coke Co. 5% bonds
Jan.
1
Louisville A Nashville RR. 4% bonds
Jan.
1
Luzerne County Gas A Elec. Corp. 7% bonds
Jan.
1
McCrory Stores Corp. 6% preferred stock
Feb.
1
Manila Gas Corp. 1st mtge. 6s
Jan.
1
Messer Oil Co. 6% debentures
Jan.
1
Michigan Associated Telephone Co. series A bonds
Dec. 31
Mississippi River Power Co. 1st mtge. 5s
Jan.
1
Montana-Dakota Utilities Co. 434 % bonds
Jan.
1
Nanaimo-Duncan Utilities, Ltd., 1st mtge. 534s
Jan.
1
Narragansett Electric Co. 1st mtge. bonds
Jan.
1
National Dairy Products Corp. 3H% debentures
Jan.
6
Nebraska-Iowa Packing Co. 1st mtge. bonds
Jan.
1
Nekoosa Edwards Paper Co. 6% serial bonds
Jan.
1
5% serial bonds
Jan.
1
New York City Omnibus Corp. prior lien bonds
Jan.
1
New York Connecting RR. 434% bonds
Feb.
1
Niagara Falls Power Co. 334% oonds
Feb.
1
Northwestern Public Service Co. 1st mtge. 5s
Jan.
1
♦Oklahoma Gas A Electric Co. 4% debentures
Feb.
1
Ohio Associated Telep. Co. 1st 434s, 1966
Dec. 31
Ohio Cities Water Corp. 1st mtge. bonds
Jan.
1
♦Panhandle Producing A Refining 5% bonds
Jan.
1
-
-
—-
3228
3551
1
Hawley Pulp & Paper Co. 1st mtge. 6s
Hempstead & Oyster Bay Water Co. 6% bonds.
-
3387
14
1
10
1
1
18
1
1
11
20
3557
3393
---Jan.
6s
20
18
1
1
1 ;
1
1
2
15
1
1
1
1
-
-
By R. L. Day & Co., Boston:
3736
1424
3878
3385
3879
3879
3737
2794
3880
2794
3830
2036
1
Feb. 5
Jan. 31
Jan. 20
Allied
Fontana Union Water Co. 1st mtge.
Fort Kent Water Co. 1st mtge. 534s
Page
—-Jan., 15
.
Galveston Wharf Co. 534 % bonds, series A A B
General American Investments Co. $6 pref. stock
$3,045,059,384.96.
The following securities were sold at auction
of the current week:
Shares
FUND
Athens Railway & Electric Co., 5% bonds
♦Atlanta Water & Electric Power 5% bonds
Liabilities—
was
AND
NOTICES
Company and Issue—
............
tificates Issued
CALLS
705,452,000.00
To credit of Treasurer United States.....................
To credit of other Government officers...
today
L._$ll lot
ser.
1,664.00
United States notes.......................................
Federal Reserve notes
National bank notes..
REDEMPTION
2,331,517.58
Bullion—At recolnage value (oz. 1,203.7)
At cost value (oz. 1,319,975,406.4).a
a
lot
lot
lot
lot
lot
lot
GENERAL FUND
Gold (as above)
..............................
Silver—At monetary value (as above)................
5%
90c
$13 lot
$4 lot
common
$1,000 V. W. Mills c.-d. 1st partic. 1st lien trust dated Oct. 1, 1926,
Assets—
15
$1.1734
$1 lot
-
$3
1,275 Camden Trust Co
SILVER
Sliver certificates outstanding
Treasury notes of 1890 outstanding......
200 Camden Trust Co. common,
15 Leeds A Lipplncott pref.; Z%
218 Atlas Pipe Line Corp
$142,994,515.14
49,833,388.29
Total
$ per Share
210 John J. Felin A Co., Inc., common, par $100
1,800,000,000.00
....
v
Slocks
Shares
and $1,161,722 of Treasury notes of 1890 outstanding.
ury notes of 1890 are also secured by sliver dollars In
—
By Barnes & Lofland, Philadelphia:
3889
3889
2352
1573
3562
3890
3239
3239
2948
2653
2948
3402
3568
3404
2358
2358
2508
2655
3405
1287
3897
3248
2951
3898
Volume
The Commercial & Financial Chronicle
151
Page
Date
Company and Issue—
Peerless Cement Corp. 1st s. f.
3407
2
1
1
.Jan.
Pennsylvania Glass Sand Corp.,
.Jan.
Feb.
Per
2807
Share
Name of Company
1
3407
3098
.Jan.
21
3573
1
Frick Co. 6% preferred (quar.)
Fyr-Fyter, class A
Gardner Electric Light Co. (s.-a.)
75c
.
Feb.
1
3898
21
3898
1
1156
113
3900
31
3409
Hat Corp. of America, 6X% pref. (quar.)
Hecker Products Corp. (quar.)
.Jan.
bonds, series B
(L. C.) Smith & Corona Typewriters, Inc.—
10-year serial debentures
Southern California Edison Co., Ltd., 1st mt
Southern Ice Co., Inc., 1st mtge. bonds
2
3409
Hercules Powder Co. pref. (quar.)
Hershey Chocolate (quar.)
Convertible preferred (quar.)
Convertible preferred (additional)
.Jan.
1
.Jan.
1
3409
2362
Feb.
Feb.
1
1
3756
3902
.Jan.
2
2514
♦Union Depot Co.
.Dec. 30
United Steel Corp.
.Jan.
3903
3257
3580
1
Dec. 30
.Jan.
.Jan.
1
Feb.
3904
3258
3905
1
1
.Jan.
3413
1
♦Announcements this week.
DIVIDENDS
we
show
are
dividends
the
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
in our "General Corporation and Investment
News Department" in the week when declared.
pany
name
The dividends announced this week
are:
Per
Name of
Share
Company
When
Holders
Payable of Record
Affiliated Fund, Inc. (quar.)
Alabama Fuel & Iron Co
Dec. 31
Alaska Juneau Gold Mining
Alaska-Pacific Coal Mine Co
Jan.
Alaska Pacific Salmon (liquidating).
Alberene Stone Corp. of Va. (year-end).
Dec. 26
Dec.
Dec.
18
7
18
Dec.
23
Dec.
27
Alloy Steel Casting (year-end)
American European Securities Co., preferred
Amer. Locker Co., Inc., $1 X non-cum. A (quar.)
Dec. 24
American News Co
Jan.
Dec.
19
4
15c
Feb.
Feb.
75c
Feb.
$1
$1
$2
Feb.
1 Jan. 10
14 Feb.
3
15 Jan. 25
15 Jan. 25
Feb.
15 Jan.
-
Extra
$2
35c
11c
Jan.
Jan.
Jan.
Dec. 20
Jan.
Jan.
Jan.
Jan.
Dec.
10♦
17
17
Dec. 23
Dec. 20
55c
l7Xc
17Xc
50c
S3X
SIX
(s.-a.)_
Mississippi Power Co., $7 preferred (quar.)
.$6 preferred (quar.)
Montreal Tramway (quar.)
Montreal Telegraph Co
Monroe Loan Society, class A
Morrell (John) & Co
Jan.
20
7% preferred (quar.)
Birmingham Fire Insurance Co. (Ala.) (qu.)
Jan.
20
Dec.
18
Dec.
18
Dec. 31
Dec. 12
Dec. 17
Dec. 23
Dec. 31
Dec. 31
Jan.
17*
Chemical Fund, Inc
Dec.
31
Chicago Artificial Ice Co. (year-end).
(quar.).
Dec.
12
Dec. 31
Dec. 20
Jan. 20
Jan. 20
-
Jan.
-
Dec. 20
Chillicothe Paper Co., 7% pref.
Chilton Co. (quar.)
Collins Co. (year-end)
Jan.
3
Jan.
Dec. 31
Conn (C. G.) Ltd
Consolidated Car Heating Co., Inc.
Corn Products Refining (quar.)
3d preserred (s.-a.)
Cranberry Corp. (year-end)
Creamery Package Mfg. (quar.)
Crowell-Collier Publishing Co., 7% pref. (s.-a.)
Cypress Abbey Co. (year-end)
Dean (W. E.) & Co. (quar.)
6% preferred (quar.)
Dejay Stores, Inc
De Laval Steam Turbine Co. (quar.).
Detroit Gasket & Mfg
Detroit Michigan Stove (quar.).
Quarterly
Quarterly
Diamond State Telephone (quar.).
10c
Dominguez Oil Fields (monthly).
12
Jan.
Jan.
Jan.
12
16
20c
National Oil Products
Dec.
Dec. 26
Jan.
37m
-
Feb.
15c
Mar.
Mar. 23
Quarterly
Quarterly
15c
June
June 22
15c
Sept.
Sept. 21
Quarterly
35c
Dec.
Dec. 23
t$3
Dec.
Dec.
Dec. 26
Dec. 26
tsix
tl2c
Jan.
Dec. 31
Jan.
Dec. 31
SIX
six
Jan.
20 Dec. 31
Jan.
Jan.
20 Dec. 31
New England
Extra
<■
Confectionery
.
Norfolk & Western Ry., 4% pref.
S2si
(quar.)
Norma-H Bearing Corp. (quar.)
North American Car Corp., preferred
Northern Ohio Telephone Co., pref. (quar.)
Northern Ontario Power Co., 6% pref.
Common
Northern States Power Co.
six
(quar.)_
-
(quar.)
(Minn.) cum. pf.(qu)
Telephone Co. (quar.)
Northwestern National Insurance Co. (quar.)
Northern States Power Co.
Northwestern Bell
lYi
SIX
_
Dec. 31 Dec. 23
$2
(quar.)
Dec. 26 Dec. 26
52
-
Dec. 31 Dec. 26
17
Oneida Ltd.
50c
Jan,
17
Pan-American Life Insurance Co. (N. O.) (s.-a.)
40c
Jan,
21
Pantex Pressing
31
Jan.
3
3
Dec. 20
Dec. 20
Dec. 20
Dec.
20
Dec. 31
Jan. 24
(extra)
Machine, Inc., $6 preferred
5% pref. A (quar.)-.
—
Pearson Co., Inc.,
10c
15c
Pennsylvania Forge Corp., new (quar.)
Extra.
Philadelphia Co
Philadelphia & Trenton RR. Oquar.)
Pneumatic Scale Corp., Ltd., 7% pref. (qu.)
Port Oxford Cedar Co
Potomac Electric Power Co., 6% pref. (quar.)..
—
Dec.
Dec. 26
10c
Jan.
15
Regent Co
Rickel (H. W.) & Co. (s.-a.)
$2
25c
Dec.
12
Royal Typewriter Co., Inc
Jan.
4
50c
Feb.
5
May
Aug.
5
Dec.
31
25c
Jan.
5
17
Duquesne Light Co. 5% preferred (quar.)—
Early & Daniel Co. (quar.)
Extra
(s.-a.)—-
50c
50c
S3X
10c
pref. A (quar.)_.
6% preferred B (quar.)
Ely & Walker Dry Goods
1st preferred (s.-a.)
2nd preferred (s.-a.)
Equitable Fire Insurance Co. (s.-a.).
•
Fall River Electric Light
Filing Equipment Bureau, Inc., 4% pref.
Firestone Tire & Rubber
Foreign Light <fe Power Co. 6% 1st pref. (quar.).
Froedtert Grain & Malting
(
k Preferred (quar.)
S1H
SIX
50c
31
Dec.
24
Dec.
24
Dec. 31
Jan.
Dec.
Dec.
Jan.
10
31
31
4
i3il
Jan.
Jan.
4
50c
Dec.
30
30c
Dec. 30
Dec. 23
Dec. 18
Jan.
4
Dec. 20
$1
$2
25c
SIX
20c
30c
Jan.
Jan.
4
15
15
SIX
4c
SIX
Shasta Water Co. (quar.)
20c
23c
14c
25c
Solar Aircraft, class A pref. (semi-ann.)
Dec.
$3
$1
35c
San Gabriel River Impt.
(quar.)__
Southern Berkshire Power & Elec. Co. (yr.-end)
SpicerMfg. Corp
-----S3 preferred (quar.)_
Springfield Fire & Marine Insurance (quar.)__
Special
Standard Fire Insurance Co. (N. J.) (quar.)
Southern Acid & Sulphur Co. 7% pref.
1
17
28 Dec. 21
1 Jan.
23
Jan.
1 Jan. 15
25 Dec. 31
10 Dec. 31
2 Dec. 21
Dec. 21 Dec.
1 Feb.
1 Feb.
Mar.
Mar.
19
15
15
Ltd. (quar.)
'Stetson (John B.), preferred
Stony Brook RR. (s.-a.)__ — ---Suburban Electric Securities, 2d partic
Submarine Signal Co_
Steel Co. of Canada,
15 Jan.
6
19
10
17
Dec. 27 Dec. 17
Dec. 31 Dec. 24
2 Dec. 26
Jan.
Feb. 25 Jan. 25
Jan. 25 Jan.
3
Jan. 15 Dec. 31
2 Dec.
13
27 Dec.
19
15 Jan.
3
75c
Jan.
$1.12
Jan.
25c
Jan.
3
15 Jan.
2 Dec. 23
2 Dec. 23
75c
Jan.
23 Jan.
53
f50c
$2
50c
25c
50c
5c
-
Jan.
Dec. 24 Dec.
Dec. 18 Dec.
15 Jan.
Dec.
Jan.
50c
Super Mold Corp.
11 Dec. 21
15 Jan.
6
Jan.
43m
■ --
15 Dec. 26
Jan.
Jan.
Jan.
75c
SIX
$1.10
$1
Extra
(quar.).
Super Mold Corp. of Calif, (quar.)
Symington Gould Corp
Taylor-Colquitt Co. (quar.)
Tivoli Brewing Co. (quar.)
Union Public Service (Minn.)—
7% preferred A & B (quar.)
$6 preferred C & D (quar.) —
14
Jan.
S2X
17
S1H
(quar.)
Stockyards Co. (year-end)
Co. (year-end)
Seattle Brewing & Malting Co__
Sefton Fibre Can Co. 5% prior pref. (quar.)
Preferred
St. Joseph
SIX
Feb.
Jan.
$1
Dominion Tar & Chem. Co., Ltd., 5M % pf.(qu.)
Preferred (quar.)
2 Dec.
Jan.
Silbak Premier Mines
1
2 Dec.
Dec. 28 Dec.
Feb.
8c
Shawinigan Water & Power Co. (quar.)
Feb.
2 Dec. 21
15 Dec. 31
20
Jan. 15 Jan. 10
Dec. 28 Dec. 23
15c
50c
10c
Donahoe's, Inc., 6% cum. pref. (initial)
Dow Chemical Co. (quar.)
Dec.
Feb.
SIX
5X% preferred (quar.).
Premier Gold Mining (quar.)
Dec. 31
50c
10c
-----
Pennsylvania Power Co., $5 preferred (quar.)..
2c
50c
tSlH
31Xc
Pelham Hall Co
20c
15c
5Cc
15 Dec. 31
Dec. 31 Dec. 27
Dec. 31 Dec. 23
50c
Extra
Northwestern Title Insurance Co.
Extra
Dec.
(Del.)—
7% cumulative preferred (quar.)
6% cumulative preferred
Dec.
26
4
15
Dec. 26
Dec. 20
Dec. 20
Jan. 31
$6 prior preferred (quar.)
30c
Jan.
Jan.
National Shirt Shops of Delaware, Inc
Dominion Oilcloth & Linoleum Co., Ltd. (quar.)
Extra
Extra
Jan.
MX
ilX
$1X preferred (quar.)
Dec.
-
El Paso Electric Co. (Del.) 7%
Jan.
Jan.
Jan.
Preferred (quar.)
Craddock-Terry Shoe Corp., 1st pref. (s.-a.)
2d preferred (s.-a.)
Eastern Theatres Ltd. 7% pref.
Electric Household Utilities
Dec. 31
Dec. 31
Feb.
Jan.
Dec.
Jan.
(quar.)
2 Dec. 20
Jan.
%
Dec.
(quar.)
Commonwealth Securs., Inc., 6% pref. (yr.-end)
Dec.
50c
Power
Jan.
Dec.
10*
Dec.
Jan.
10c
Dec.
Dec. 21
Jan.
5c
40c
16
Dec. 20
Dec. 20
50c
Northwestern States Portland Cement Co. (qu.)
Old Joe Distilling Co., 8% part. pref. (quar.) —
Dec.
Columbia Mills, Inc. (year-end).
Columbus Dental Mfg. (quar.).
Preferred
20
Dec. 23
15 Jan.
3
15 Dec. 31
Jan.
6
National Money Corp.; class A (quar.)
States
Dec. 31
Jan.
Jan.
Jan.
Jan.
SIX
...
Mountain
Dec.
Jan.
6
Dec. 31
tSIX
155c
Mountain States Telep. & Teleg. (quar.)
National Distillers Products (quar.)
Dec. 31
Dec. 21
Jan. 15
Jan. 24
Jan.
6
Jan,
Jan.
Jan.
Dec.
Jan.
Jan.
2c
50c
25c
Berland Shoe Stores, inc. (quar.).
Jan. 15
Dec. 31
Feb.
Jan.
(quar.)
16
Calgary Power Co., Ltd., 6% pref. (quar.)
California-Oregon Power 7% preferred.
6% preferred
6% preferred ((1927)
California Water & Teleph. Co., 6% pref. (qu.)_
Canadian Bronze Co., Ltd., common.
Common (interim)
Preferred (quar.)
Canadian General Investments (quar.).
Capital Wire Cloth & Mfg. Co., Ltd.
Carpel Corp. (quar.)
Carthage Mills, Inc
Central Power Co. 7% cum. pref. (quar.)—
6% cumulative preferred (quar.)
Chase National Bank (s.-a.)
Dec.
SIX
5c
31
Dec. 23
Dec. 21
Dec. 21
Dec.
Class B
Dec.
—.
Dec.fl27
Dec.
37c
Dec.
3*
8
40c
Beacon Associates, Inc., 7% preferred
Bell Telephone of Penna. (quar.).
23
15 Feb.
l7Xc
2
Dec.
10
Dec.
Jan.
7% preferred (quar.)
Marsh (M.) & Sons, Inc., (quar.)..
Middle States Petroleum, class A
Jan.
Dec.
Dec. 26
20 Dec.
31
10c
Banco di Napoli Trust Co. (N. Y.) (annual)
Bankers Securities Corp. 6% preferred
Jan.
Dec.
.
Dec. 26 Dec.|24
Middlesex Water Co., 7% pref.
Buffalo Insurance Co. (quar.).
Extra
20 Dec. 31
20 Dec. 31
Dec. 27 Dec. 23
_
19
Budd Wheel Co
Jan.
Dec. 27 Dec. 20
Feb.
1 Jan. 15
Preferred
Lane Bryant, Inc., 7% preferred (quar.)
Lawyers Title Insurance Corp., B
Lessing's, Inc
LudJow Valve Mfg. Co., Inc.—
5X% non-cum. conv. preferred
Ludlow Type graph Co. (year-end)
Preferred (quar.)
Preferred (year-end)
Mc Call Corp. (quar.)
Mc Lellan Stores, preferred (quar.)
Manhattan Bond Fund, Inc., ordinary
Extraordinary
Mahon (R. C.) Co., class A (quar.)
Preferred (quar.)
Manning, Maxwell & Moore
Maritime Telep. & Teleg. Co., Ltd. (quar.)
24
21
20 Dec
Jan.
Dec. 26 Dec. 20
Dec. 27 Dec. 20
Laciede-Christy Clay Products (resumed)
16
Dec.
Jan.
Feb.
Extra
20
Brink's, Inc. (quar.)
Bruce (E. L.) Co.,.
15
Dec. 28 Dec. 20
Jan. 16 Jan.
9
Battery Co., Inc. (quar.)
Dec.
-
15
1 Jan.
Dec. 23 Dec. 20
Co__T
Dec.
Extra
1 Jan.
Feb.
K W
Middlesex Products Corp.
Extra
31
Dec. 31 Dec. 26
Feb.
Kobe, Inc., preferred A
Krueger (G.) Brewing
Athol Mfg. Co., preferred (s.-a.)._
Autoline Oil Co. .preferred (quar.).
(quar.)
25
Dec. 23 Dec. 21
Jan.
1 Dec. 26
23 Dec. 20
Dec. 27 Dec. 23
Dec.
American States Insurance Co. (quar.).
Artloom Corp. (resumed)
SIX
SIX
_
Indianapolis Power & Light, 5X% pref. (initial) 462-3c
Industrial Acceptance class A (interim)
25c
International Metal Industries, Ltd.—
6% cum. conv. preferred
6% conv. preferred A
Investors Telephone Co
Iowa Electric Light & Power Co.—
7% preferred A
6H% preferred B
6 % preferred C
Kahler Corp. (year-end)
Kawneer Co. (year-end)
Jan.
-
Jan.
Howe Scale Co
Kendall
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
Dividends
2 Dec. 18
15 Dec. 31
15 Dec. 31
18 Jan. 10
25 Jan. 10
Dec. 30 Dec. 20
Dec. 27 Dec. 26
Feb.
1 Jan. 17
5c
.Dec.
1st mtge.
Holder
Jan.
Jan.
Goulds Pumps, Inc., 7% preferred
Harnischfeger Corp. 5% pref. 2d issue
'
.Dec. 31
1
Feb.
Jan.
Jan.
SIX
General Finance Corp. (quar.)
Gimbel Bros., 6% preferred (quar.)
.Jan.
.
25c
$4
.Jan.
♦Pittsburgh Steel Co. 20-year 6% bonds...
♦Poll New England Theatres, Inc., 1st mtg
Richmond Terminal Ry 1st mtge. 6s
Riordon Pulp & Paper Co
Ltd 6% debs
When
Payable of Record
3898
.Jan.
.Jan.
Pinellas Water Co. 5X% bonds
3837
SIX
SIX
16
Dec. 20 Dec.
1 Jan.
Feb.
13
7
2
15 Jan.
6 Dec. 31
Jan.
Dec. 27 Dec. 20
Dec. 30 Dec. 14
Jan.
Jan.
Jan.
Jan.
20 Jan.
7
20 Jan.
7
15 Dec. 31
Dec. 31 Dec. 20
Jan. 20 Dec. 31
Jan.
Jan.
2 Dec.
2 Dec.
20
20
The Commercial & Financial Chronicle
3838
Per
Name of Company
Share
50c
Troy Sunshade Co. (quar.)
Union Electric of Missouri, $5 pref. (quar.)
United Gold Equities of Can. stand, shs. (s.-a.)_
United States Cold Storage Corp. 7% pref
10c
Feb.
Dec.
tSIM
*
24
24
West New York & Pa. Ry. (s.-a.)
Preferred (s.-a.)
-—
*
(quar.).
Wood, Alexander & James, Ltd., 7% 1st
Worcester Suburban Electric
Yellow Truck & Coach
Dec.
Jan. 15
Dec. 20
Dec. 26
June
May 15
Mar.
Feb.
June
15
May 15
SIM
-
-
Weston (Geo.), Ltd., pref. (quar.)
Dec.
Dec.
$6
:
Wisconsin Co. 7% preferred (quar.)
Wisconsin Gas & Elec. 4M % cum. pref.
Woodall Industries, Inc
Dec. 23
S2M
SIM
SIM
— .
Western Electric Co
West Penn Electric Co. 7% pref. (quar.)
Dec. 20
Jan. 31
Dec.
5
Feb.
75c
Vertlentes-Camaguey Sugar Co
Vulcan Corp. $3 conv. prior pref. (quar.)
Wash. Ry. & Elec. Co. (special)
5% preferred (s.-a.)
5% preferred (quar.).
5 % preferred (quar.)
y Below
Jan.
Dec.
Dec.
Jan.
Jan.
40c
-
Dec.
Dec.
26
SIM
SIM
SIM
SIM
SIM
SIM
SIM
Feb.
Jan.
17
Feb.
Jan.
10c
pref—
\\%
S2M
Jan.
17
Dec. 31
Jan.
Dec.
31
Feb.
Jan.
15
Jan.
Jan.
Jan.
Dec. 24
Dec. 31
Jan.
15
Jan.
Dec.
14
Dec.
Feb.
Dec.
Dec.
23
19
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
we
Per
Share
Name of Company
When
Holders
Payable of Record
Jan.
Jan.
Jan.
Jan.
Deq. 18
Aero Supply Mfg. Co., class A (quar.)
Aeronautical Securities (quar.)
-
Jan.
Dec.
Jan.
Aetna
Jan.
Jan.
Jan.
Dec. 31
Dec.
7
Dec.
7
(quar.)
Casualty & Surety (quar.)
Extra
(quar.)—
2
Dec. 21
13
10
Jan.
Dec.
Dec.
Dec.
7
Extra
Aetna Life Insurance (quar.)
Extra
Jan.
Jan.
Dec.
Aetna Standard Engineering 5% pref (quar.)
Dec.
Dec. 21
Agnew-Surpass Shoe Stores, pref. (quar.)
Agricultural Insur. Co. (Watertown, N.Y.) (qu.)
10
7
Jan.
14
Dec.
13
31
Dec. 20
Dec.
13
Jan.
Dec.
23
Jan.
Dec.
15
Jan.
Dec. 20
Dec.
Dec. 21
Dec.
Allen Industries, Inc
Alliance Investment Corp., preferred
Allied Laboratories (quar.)
Allied Products Corp. class A (quar.)
Dec.
21
Dec.
Dec.
Dec.
16
16
Jan.
Dec.
Dec.
14
Dec.
14
Dec.
15
Dec.
Dec.
Jan.
—-
Dec. 20
Dec.
Dec.
Corp., 5% pref. (quar.)
Dec.
Jan.
.
(quar.)
Jan.
Dec.
...
7% preferred (quar.)
Amalgamated Sugar
1st preferred (quar.)
American Airlines, Inc. (Initial)
$4M preferred (initial) (quar.)
American Alliance Insurance (quar.)
Dec.
Jan.
Jan.
-
-
Dec.
Jan.
-
Allied Stores
Dec. 20
Dec. 31
16
Jan.
Jan.
Albany Packing Co. 7% pref. (quar.)
Albany & Susquehanna RR. (s.-a.)
Alabama Power Co., $7 preferred (quar.)—
$6 preferred (quar.)
Alberta Wood Preserving Co. 7% pref. (quar.)—
Algoma Steel 5% preferred
Allegheny & Western Railway (s.-a.)
Allemannia Fire Insurance Co. (Pittsburgh)
Aluminum Co. of America pref.
Aluminum Mfg.. Inc. (quar.)
Dec. 20
Jan.
_
Extra
Dec. 20
Jan.
A hi berg Bearing Co. class A (quar.)
Air Reduction Co., Inc. (quar.)
Dec.
Jan.
Jan.
Extra
Extra.
16
Jan.
15
17
17
Dec.
Dec.
18
Jan.
Jan.
4
Feb.
....
—
Jan.
Dec.
Extra..
American Bakeries, class A (extra)
American Bank Note, pref. (quar.)
American Bern berg Corp., pref. (s.-a.)
Jan.
Dec. 20
Dec. 23
Jan.
Jan.
Dec.
American Brake Shoe & Foundry
Extra
Dec.
Dec.
19
Dec.
Dec.
19
Preferred (quar.).
American Business Credit Corp. class A (quar.).
usii
American Can Co. (quar.)
Dec.
Dec.
Dec.
19
Dec.
Feb.
Jan.
18
24
Jan.
Dec.
19
———————-------
—
Preferred
Dec.
(quar.)
20
11
Dec. 23
American Cast Iron Pipe Co. 6% pref. (s.-a.)—
American Casualty Co
Jan.
Dec.
20
Jan.
Dec.
23
American Chain & Cable Co., Inc
Dec.
Dec. 27
Dec.
Dec.
16
Jan.
Dec.
Dec.
11
18
Dec.
18
12
American
Cigarette & Cigar, preferred (quar.)..
American Cities Power & Light Corp.—
$2.75cl. A (qu.) (cash or l-16thsh. in B stock)
American Crystal Sugar
Preferred (quar.)
American Cyanamid Co., class A & B (quar.)
68&
cum. conv.
$1M
Jan.
Jan.
15c
Jan.
Dec.
pref. 1st & 2d series (quar.)..
12 Mc
Jan.
Dec.
12
$1M
SIM
Jan.
Jan.
Dec.
15
Dec.
15
American District Telegraph (N. J.)—
7% preferred (quar.)
5% preferred (Initial)
Dfv. is $1M on new 5% pref. under exchange
offer, subsequent payments will be $1M>
American Dredging (year-end)
American Felt Co. 6% preferred (quar.)
American Fork & Hoe Co., 6% pref. (quar.)
American Furniture Co., preferred (quar.)
American Gas & Electric, 4M% pref. (quar.)
American Hair & Felt Co. 1st pref. (quar.)
American Hawaiian Steamship (quar.)
_
...
Extra
American Home Products (monthly)
American Investment Co. of 111. 5% pf. (quar.).
$2 preferred (quar.)
American Mfg.
20
4
Jan.
Jan.
2 Dec.
9
Jan.
2 Dec.
20
Dec. 28
Dec. 28
Jan.
2
Jan.
2
Dec.
14
Dec.
14
Dec.
13
Dec.
16
2 Dec.
.....
5% cumulative preferred (quar.)...
5% cumulative preferred (quar.)..
16
(Year-end)
American Optical Co. (quar.)
American Power & Light $6 preferred
$5 preferred
American Radiator & Standard Sanitary
(quar.)
Dec.
14
14
Dec. 30 Dec.
23
14
Dec. 30 Dec. 23
Dec. 30 Dec. 23
Apr.
1
Dec. 31
Dec. 30 Dec.
Jan.
1 Dec.
14
21
Jan.
2 Dec.
9
Jan.
Dec.
2 Dec.
9
28 Dec.
6
Mar.
American Republics Corp
Amer. Rolling Mill Co., 4 M % cum. pref. (quar.)
American Securities Shares
American Snuff Co. (quar.)
—
Preferred (quar.)
American
Stamping Co. (year-end)
7% preferred (quar.)
American Sugar Refining, preferred
(quar.)
American Surety Co
American Telep. & Teleg. (quar.)
American Thread Co. pref. (semi-ann.)
American Tobacco Co. preferred (quar.)
1 Feb. 24
Dec. 28 Dec. 18
15 Dec. 16
Dec. 28 Dec. 24
Jan.
Jan.
2 Dec.
12
Jan.
2 Dec.
12
2 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
21
Jan.
Jan.
2 Dec.
Jan.
Jan.
2 Dec.
15 Dec.
12
21
5*
7
Jan.
16
1 Nov. 30
Jan.
2 Dec.
10
6 Dec.
20
2 Dec.
13
American Turf Assoc
Jan.
American Water Works & Elec., pref. (quar.)
Anchor Hocking Glass Corp. $5 pref. (quar.)
Jan.
Jan.
1 Dec.
20
75c
$1
75c
-
Semi-ann.
28,
When
1940
Holders
Payable of Record
Jan.
Dec.
18
Jan.
Dec.
18
July
June 21
18
Jan.
Dec.
July
June 21
Dec.
Jan.
Dec.
16
Dec.
Jan.
Dec.
10
14
Jan.
Dec.
Jan.
Dec.
Dec. 24
25c
Jan.
Dec.
Dec.
19
50c
$4M preferred
Dec.
Dec.
19
Jan.
2 Dec.
Dec.
31 Dec.
14
9
$2M
$2M
(s.-a.^.
$4 M preferred (s.-a
Anglo-Huronian, Ltd
Appalachian Electric Power $7 pref. (quar.)
Arkansas Power & Light, $7 pref. (quar.)
$6 preferred (quar.)
Armour & Co. (Del.) 7% preferred (quar.)
Arnold Print Works 5% pref. (initial)
Arundel Corp. (quar.)
10c
SIM
ili
%
Extra
14
13
Associated Breweries of Canada Ltd.—
7% preferred (quar.)
Associates Investment Co. (quar.)
Extra
50c
$1
SIM
5% preferred
Dec. 31 Dec.
Dec. 31 Dec.
9
9
Atchison Topeka & Santa
Fe Ry.—
5% preferred (semi-annual)
Atlanta Birm. Sc Coast, 5% pref. (s.-a.)
Atlanta Gas Light 6% preferred (quar.)
Atlantic City Fire Insurqnce Co. (quar.)...
Atlantic Refining Co., preferred (quar.)
Atlas Acceptance preferred (quar.)
Atlas Thrift Plan Corp. 7% pref. (quar.)
S2M
S2M
SIM
50c
SI
SIM
———————————————- —
—.—
16
2 Dec. 20
75c
10c
Jan.
1 Dec.
Dec.
Jan.
2 Dec.
7
40c
Jan.
2 Dec.
7
Jan.
2 Dec. 20
------
Jan.
8 Dec. 30
Jan.
Jan.
Jan.
6 Dec. 23
20 Jan. 15
20 Jan. 15
Dec.
28 Dec. 20
118
60c
-
—
-
(quar.)
Jan.
10
10
14
14
Jan.
2 Dec.
13*
10c
Jan.
2 Dec.
13*
m
Bank of Nova Scotia (quar.)
8 l-3c
A & B preferred
—
—
10c
50c
25c
75c
68 Mc
Barker Bros. Corp
Preferred (quar.)
Bastian-Blessing Co
Preferred (quar.)
40c
SIM
Bausch & Lomb Optical
50c
Convertible preferred (quar.)
Bayuk Cigars, Inc., 7% pref. (quar.)Beatrice Creamery Co. (quar.)—
2 Dec. 20
2 Dec. 16
31 Dec. 11
Dec. 31 Dec. 11
Jan.
2 Dec. 12
Dec. 28 Dec. 17
Jan.
Jan.
Dec.
Dec.
28 Dec.
24
Jan.
1 Dec. 24
Jan.
1 Dec.
16
Jan.
1 Dec. 16
Dec. 28 Dec. 24
——
$5 preferred (quar.)
—
Beatty Bros., Ltd., 2nd pref. (semi-ann.)-..—
Beech Creek Railroad (quar.)--
Packing Co. (quar.) —
Dec.
28 Dec. 24
Jan.
Jan.
15 Dec. 31
25c
$1
Jan.
SIM
S3M
Jan.
2 Dec. 13
2 Dec. 13
Jan.
50c
Jan.
2 Dec.
2 Dec.
16
16
Jan.
2 Dec.
10
SIM
SIM
— --
-——
-
2 Dec.
2 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Jan.
SI
20c
Bankers National Investment A & B
Bankers Trust Co. (quar.)
Barber (W. H.) Co. (extra)
18
30 Dec. 21
30 Dec. 21
Dec. 30 Dec. 21
Dec.
12Mc
12Mc
12Mc
22c
Preferred (initial,semi-ann.)
Bank of the Manhattan Co. (quar.)
Beech-Nut
14
2 Dec.
15c
—
Bangor Hydro Electric 7% preferred (quar.) —
6% preferred (quar.)
-—
Bank of America N. T. & S. A. (quar.)
Extra
12 Dec.
Jan.
Jan.
Z1m
—
Avery (B. F.) & Sons, preferred (quar.)
Axe-Houghton Fund, Inc.-—
Backstay Welt Co. (quar.)
Baldwin Rubber Co. (quar.)
Extra
BancOhio Corp. (quar.)
Jan.
37Mc
(Phila.) (quar.)
Cumulative convertible preferred (quar.)
Automobile Insurance (Hartford) (quar.)
Bank of New York
1 Dec. 12
Jan.
2 Dec. 16
Dec. 31 Dec. 20
6
Feb.
1 Jan.
Jan.
2 Dec. 20
Jan.
10c
Automobile Banking Corp.
Class A (quar.)
Special
1 Dec. 27
$2
Attleboro Gas Light (quar.)
Auto Finance Co. (quar.)
Autocar Co., preferred (quar.)
-
Feb.
40c
17 Mc
—
Extra
2 Dec.
13
Jan.
2 Dec.
10
Belding-Corticelli (quar.)
Jan.
2 Dec.
14
Preferred (quar.)
Bell Telephone Co. of Canada (quar.)
Bell Telephone Co. (Penna.) 6M % Pref.
Jan.
2 Dec.
14
Belt RR. & Stockyards
Jan.
Co. (quar.)
Prior preference ($2M
div. ser of 1938.) (qu.)_
7% pref. (quar.).
16
2 Dec. 26
Jan.
2 Dec. 26
Jan.
2 Dec.
16
Jan.
Jan.
6
15 Dec. 31
Dec. 28 Dec. 20
Feb.
2 Dec.
18
Jan.
Jan.
Blackhawk-Perry Corp. (s.-a.)_.
27 Fob.
Jan.
$6 preferred (quar.)
2 Dec.
2 Dec.
15
17
18
Dec. 30 Dec. 21
-
Blue Top Brewing, Ltd., 6% pref. A
Bond Stores, Inc. (quar.)—-—
(s.-a.)
-
Dec. 30 Dec. 21
Dec. 31 Dec. 15
Dec. 30 Dec. 26
—
Extra..
Dec. 30 Dec. 26
Dec.
Albany RR
Boston Elevated Ry. Co. (quar.)
Boston Herald Traveler (quar.)
Boston Insurance Co.
Special---
Jan.
Jan.
-------
Bourbon Stockyards (quar
Jan.
------
Dec.
(quar.)
(year-end)
-
(quar.)-
Burger Brewing Co. pref. (quar.)
Burlington Steel (quar.)
Business Capital Corp., class A (quar.)
Butler Mfg., pref. (quar.)
Byers (A. M.) Co. pref
10
2 Dec. 20
2 Dec. 10
2 Dec. 10
31 Dec. 23
Dec.
28 Dec.
19
Dec. 28 Dec. 19
Jan. 15 Dec. 31
—
10c
Brandtjen & Kluge, Inc., 7% conv. pref. (qu.)
Brazilian Traction, Light Sc Power, pref. (quar.)
Brewster Aeronautical Corp—
Bridgeport Gas Light Co. (quar.)—
Bridgeport Hydraulic Co. (quar.)—
Brillo Mfg. Co., Inc. (quar.)
Class A (quar.)
British-American Oil (quar.)-British Columbia Electric Ry„ Ltd.
5% prior preferred (s.-a.)
British Columbia Power class A (quar.)
British Columbia Telephone 6% preferred (qu.)
Broad Street Investing Corp. (quar.)
Brooklyn Borough Gas Co. (quar.)-,
6% partic. preferred (quar.)
Brooklyn National Corp. (year-end)
Brooklyn & Queens Transit Co. (liquidating)
Brooklyn Trust Co. (semi-annual)
Brown- Forman Distilleries, $6 pref
Brush-Moore Newspapers, prer. (initial quar.)—
Brunswick-Balke-Collender, $5 pref. (quar.)
Bruce (E. L.) Co., 7% preferred (quar.)
3 M % preferred (quar.)
Bucyrus-Erie Co. 7 % pre
•o preferred (quar.)
Budd Wheel Co. $7 partic. pref. (quar
Participating
Buffalo National Corp. (semi-ann.)
6% preferred (semi-ann.)
Buffalo, Niagara & Eastern Power pref. (quar.)_
1st preferred (quar.)
Building Products, Ltd. (quar.)
Extra
2 Dec.
Jan.
——
7% preferred (s.-a.)
Burdine's, Inc., preferred (quar.)
31 Nov. 30
31 Dec.
2
2 Dec. 23
Dec.
-—
)
Brach (E. J.) & Sons (quar.)
Extra
Bralorne Mines. Ltd.
Extra
Jan.
—
(quar.)—
Boston Storage Warehouse
Brandon Corp.
Class A
2 Dec. 21
2 Dec. 21
31 Dec.
Dec. 31 Dec.
Dec.
Bickford's, Inc
Preferred (quar.)
Biltmore Hats, Ltd. (quar.)
Bird & Sons, Inc
Birdsboro Steel Foundry Sc Machine Co., cornBirmingham Electric Co., $7 pref. (quar.)
Bliss & Laughlin, Inc
Preferred (quar.)
15 Dec. 20
Jan.
6% preferred (quar.)
Beneficial Industrial Loan Corp
Bethlehem Steel Corp.,
15 Dec. 23
Jan.
Jan.
(quar.)
—
14
Dec. 31 Dec
Dec. 31 Dec.
Preferred (quar.)
American Oak Sc Leather Co.—
Extra
2 Dec.
15 Jan.
15 Jan.
Dec. 31
Extra
Preferred
Dec, 28 Dec. 20
Jan.
Jan.
Co. (extra)
(Quarterly)
Preferred (quar.)
American Maize-Products
Extra
Boston Wharf Co.
Jan.
Share
Company
Amoskeag Co. (s.-a.).
Boston &
—
5%
Name of
Extra.
Abbott Laboratories 4M % pref.
Abercrombie & Fitch Go. $6 preferred(s.-a.)
Acme Glove Works 6M% preferred
—
Aetna Insurance
Per
Holder*
Payable of Record
40c
United States Trust Co. (Boston)
MPreferred (quar.)
6% preferred (quar.)
SIM
J6c
When
Dec.
Jan, 15 Dec. 31
Jan.
2
Dec. 31
Jan.
2 Dec. 23
2 Dec. 14
Dec. 30 Dec. 23
Jan.
Dec. 30 Dec.
Jan.
16
15 Dec. 31
2 Dec.
16
Jan.
2 Dec.
16
Jan.
2 Dec.
12
Jan.
Jan.
Jan.
SIM
Feb.
45c
15 Dec. 31
15 Dec. 31
1 Jan.
17
Jan.
75c
75c
SIM
$30 M
$2
t50c
SIM
SIM
SIM
87 Mc
SIM
2 Dec. 20
Dec. 30 Dec. 20
Dec. 30 Dec. 20
Dec. 30 Dec. 27
Jan.
1
Jan.
Jan.
2 Dec. 23
2 Dec. 27
Jan.
2 Dec. 31
Jan.
2 Dec. 20
31 Dec. 21
Dec.
Dec. 31 Dec. 21
2 Dec. 16
Jan.
25c
Dec. 31 Dec.
Dec. 31 Dec.
50c
Dec.
SIM
17
17
SIM
Dec.
30 Dec.
30 Dec.
40c
Jan.
2 Dec.
14
SIM
17Mc
Feb.
1 Jan.
15
Jan.
2 Dec.
2 Dec.
14
10c
Jan.
70c
Jan.
SI
Jan.
15c
12 Mc
Jan.
Jan.
18
18
14
10 Dec. 31
1 Dec. 14
2 Dec.
31 Jan.
16
21
Dec. 30 Dec. 24
SIM
tS2.1365 Dec. 30 Dec. 21
Volume
40c
Preferred (quar.)
Camden.& Burlington
(quar.)
Feb.
Feb.
Jan.
2 Dec.
24 Jan
tSl M
t62Mc
t30c
*
Jan.
35c
Canada Cycle & Motor Co., Ltd. (quar.)
Jan.
2 Dec.
Jan.
Jan.
Jan.
Extra
Jan.
Canada Life Assurance (quar.)
Canada Northern Power Corp., Ltd
Jan.
Jan.
7% cumulative preferred (quar.)
Canada Packers, Ltd., (quar.)
Canada Permanent Mortgage Corp.
Jan.
Jan.
(quar.)
2 Dec.
2 Dec.
14
2 Dec.
2 Dec.
2 Dec.
-
Jan.
t.).
(part
Consolidated
Cigar
Share
Company
Consumers Gas Co.
Canadian Foreign Investments, pref.
Canadian Foreign Securities Co
Continental Telephone 7% preferred
2 Dec. 14
2 Dec. 20
Jan.
Jan.
Jan.
Canadian Industries, 7 % preferred (quar.)
Canadian Light & Power (s.-a.)
Canadian Oil Cos., preferred (quar.)
Jan.
Feb.
Canadian Pacific By., preferred (final)
Canadian Westinghouse Co. (quar.)
Jan.
15 Dec.
15 Dec.
31
26
2 Dec. 20
1
1 Jan.
1 Dec. 16
Jan.
Canadian Wineries Ltd. (year-end)
Canadian Wire bound Boxes, Ltd., class A
Cann Shoe (quar.)
19 Dec.
19
Jan.
22
10c
Jan.
2 Dec.
1 Dec.
68 He
50c
Jan.
75c
Jan.
c
(quar.)
Cannon Mills Co
Capital Administration Co., Ltd.—
Series A $3 cumulative preferred (quar.)
Carey (Philip) Mfg., 5% pref. (quar.)
6% preferred (quar.)
Carnation Co
16
1 Jan.
,
16
14
$6 preferred (quar.)
Carriers & General Corp. (quar.)
Extra
14
10
Jan.
2 Dec.
2 Dec.
2 Me
10c
Carolina Power & Light $7 preferred (quar.)__
2 Dec.
2 Dec.
Crown Drug Co.,
Crown Zellerbach
Dec. 30 Dec.
Dec. 30 Dec.
16
16
16
Jan.
16
30 Dec. 23
2 Dec. 20
1 Dec.
20
Jan.
2 Dec.
2 Dec.
20
23
Dec. 30 Dec.
17*
Jan.
Jan.
Dec.
Jan.
(quar.)
1 Dec.
Jan.
14
7, Dec. 14
Dec. 28 Dec. 16
2 Dec. 20
Jan.
2 Dec. 23
Jan.
Jan.
2 Dec. 23
(extra)
2 Dec.
23
Dec.
23
Dec.
Jan.
14
-
Deposited Bank Shares, series B-l
Detroit Edison Co. (final)
15
2 Dec.
20
Jan.
12
Jan.
1 Dec.
2 Dec.
16
Diamond Match Co., pref.
90c
Jan.
3 Dec.
20
Jan.
1 Dec.
17
Diamond Shoe Corp., 5% pref. (quar.)
$6 preferred (s.-a.)
Dixie-Vortex Co., class A (quar.)
Detroit River Tunnel Co. (s.-a.)
Devoe & Raynolds Co.,
7% preferred
15 Jan.
—
20
8
Dec. 20
Inc., class A and B
Dec. 20
Feb. 10
(quar.)
(semi-ann.)
Dec. 20
Dec. 20
Dec. 10
28 Dec. 19
Dixon (Joseph) Crucible Co
21 Mar. 31
20 Dec. 31
2 Dec. 14
Dome Mines, Ltd...
(Quarterly)
Dominion Coal Ltd.
Dec~.~27~
1 Dec.
Detroit-Hlllsdale & Southwestern (s.-a.).
Jan,
5
2 Dec.
'Jan.
Preferred (quar.)
Dec.
Dec. 31 Dec. 17
15 Dec. 31
Dec. 31 Dec. 18
2 Dec. 17
Jan.
30'Dec. 16
Debenture & Securities Corp. (Canada)—
Preferred (semi-annual)..
Delaware Railroad (s.-a.)
8
2|Dec. 13
Jan.
(quar.)
Dayton & Michigan Railroad, pref. (quar.)—
De Havilland Aircraft (Canada), 7% pref
De Long Hook & Eye (quar.)
De Pinna (A.) Co. class A (quar.)
i_
Jan.
Jan.
17,Feb.
21
15 Jan.
2
Mar, 31 Mar. 17
Dec. 31iDec. 14
8% preferred (quar.)
SIM
$234
pref. (quar.)
Jan.
tSli
Feb.
60c
Cayuga & Susquehanna BR
Celanese Corp. of American—
7% cumulative prior preferred (quar.)
7% cumulative 1st part, preferred (s.-a.)
Central Aguirre Assoc. (quar.)
Central Electric & Telephone Co. 6% pref. (qu.)
Central Hanover Bank & Trust Co. (quar.)
Central Illinois Light 4M % preferred (quar.)__
Central Insurance Co. of Bait, (year-end)
Central Maine Power Co. 7% preferred (quar.)
6% preferred (quar.)
H
Dec. 30 Dec. 20
Jan.
2 Dec. 24
class A
15c
Case, Lockwood & Brainard Co. (quar.)
14
Jan.
Jan.
-
$134
Carter (J. W.) Co
Carthage Mills, preferred A (quar.)
Preferred B (quar.)
14
2 Dec.
pref. (quar.)
Crucible Steel Co., 5% preferred
Crum & Foster (quar.)
Class A
__
31
31
Dec. 31 Dec.
Cream of Wheat Corp
Crown Central Petroleum Corp
Crown Cork International Corp.,
20
20 Jan.
13
10
2 Dec.
(quar.)
1 Dec.
Jan.
1 Dec.
10 Dec.
Davidson Boutell, preferred
Jan.
3l|Dec. 16
2 Dec.
Semi-annual
14
Jan.
14
13
13
2'Dec. 16
(year-end)
22
50c
15
10 Dec.
Co.
Insurance
1 Dec.
$134
SIM
SIM
$134
-
Preferred (quar.)
Carolina, Clinchfield & Ohio By. (quar.)
Jan.
Cuban Telephone Co. 6% pref. (quar.)
Curtis Publishing, prior pref. (initial)
Dec. 31 Dec. 20
Dec. 31 Dec. 20
2Dec.
Continental Can, $4.50 pref. (quar.)
Continental Gas & Electric, pref. (quar.).
Dec. 30 Dec.
$1M
$1M
2 Dec.
2 Dec.
Dec.
6M %_preferred (quar.)..
Coon (W. B.) Co. (quar.).
7% preferred (quar.)
Coronation Royalties. Ltd.
Corroon & Reynolds, $6pref. A__.
Cottrell (C. B.) & Sons Co. 6% pref. (quar.)
Courier-Post Co. 7% preferred
Jan.
Canadian General Electric (quar.)
Canadian Indemnity Co. (irregular)
Jan.
Continental Assurance Co. (Chicago) (qu.).
Continental Bank & Trust Co. (quar.)
Feb.
15 Jan.
Jan.
14
31 Dec. 31
2 Dec. 20
1 Dec. 15
15
Dec. 31 Nov. 30
„j.
13
13
Jan.
30
$4 M preferred (quar.)
10
Jan.
(quar.)
2 Dec.
Jan.
Consumers Power Co., $5 pref. (quar.)
31 Jan.
Dec.
Jan.
(Toronto) (quar.).
14
14
Continental
Jan.
Preferred (quar.)
Canadian Equity Trust Shares
Canadian Fire Insurance Co. (semi-aim.)
Feb.
2 Dec.
1 Jan.
14
SIM
SIM
Dec. 28 Dec. 21
Jan.
2 Dec. 21
17
17
17
2 Dec.
2 Dec.
14
14
15
Dec. 31 Nov. 30
31 Dec.
Jan.
M
2 Dec.
2 Dec.
Feb.
14
14
Jan.
15
Jan.
Jan.
Jan.
90c
Bonus
31 Dec.
Dec. 31 Dec.
(quar.)
1 Jan.
1 Feb,
Semi-annual
Dec.
Canadian Converters Co., Ltd
Canadian Cottons Ltd (quar.)
Feb.
Mar.
SIM
SIM
Consolidated Oil Corp
Consolidated Retail Stores (resumed)..
Preferred (quar.)
2 Dec.
2 Dec.
Dec.
Holders
When
Payable of Record
Corp.—
preferred (quar.).
7% cumulative preferred (quar.)
Consolidated Gas Electric Light & Power (Bait.)
Common (quar.)
4M% series B preferred (quar.)
4% series C preferred (quar.)
Consolidated Laundries, pref. (quar.).
Consolidated Machine Tool 1st pref..
Consolidated Mining & Smelting Co. (Can.), Ltd
6 M % cumulative prior
Jan.
Jan.
Extra
Case (J. I.) Co. 7%
16
Jan.
Canadian Celanese, Ltd., (quar.)
Preferred
2 Dec.
2 Dec.
Jan.
1st preferred (part.)
Preferred
16
10
10
2 Dec. 31
25 Dec. 31
15 Dec. 31
2 Dec.
Jan.
Canadian Canners. Ltd., (quar.)
Convertible preferred (quar.).
-
14
3
16
1 Dec. 27
2 Dec. 14
Feb.
Canada Southern Railway (s.-a.)
Canadian Breweries $3 preferred
Convertible preferred
1st preferred (quar.)
2 Dec. 15
15 Jan. 31
15 Jan. 31
75c
By. (s.-a.)
Campbell, Wyant & Cannon Foundry
Canada Bread Ltd., 1st pref. (quar.)
Preferred B
Jan.
25c
6234c
Sugar Estates (quar.)
California Packing Corp
Per
Name of
Payable of Record
Share
of Company
Holders
When
Per
Name
Calamba
3839
The Commercial & Financial Chronicle
151
preferred (quar.)
(semi-ann.)
2 Dec.
Dominion Fire Insurance Co.
31
Jan.
20
28 Dec.
27
Jan.
2 Dec.
10
Dominion Foundries & Steel Ltd. (quar.)
2 Dec.
20
Jan.
2 Dec.
10
Dominion Glass Ltd. (quar.)
2 Dec.
16
Jan.
2 Dec.
10
2 Dec.
16
Jan.
?6 dlv. series preferred (quar.)
% dlv. series preferred (quar.)
2 Dec.
Dec.
2 Dec.
10
Dominion Textile, Ltd. (quar.)
2 Dec. 31
Extra
Preferred (quar.)
2 Dec.
Central New York Power, pref. (quar.)
Feb.
1 Jan.
10
Central Patricia Gold Mines, Ltd. (quar.)
Jan.
2 Dec.
2 Dec.
12
Preferred (quar.)___
Dominion Woolens & Worsted, 6% non-cum.
12
Draper Corp.
Extra
Jan.
-
15 Dec.
25 Jan.
28
Jan.
1 Dec.
14
Jan.
2 Dec.
17
Jan.
1 Dec.
13
Central Republic Co
Chain Belt Co
Jan.
Champion Paper & Fibre, preferred (quar.)
Jan.
Chemical Bank & Trust (quar.)
Chesapeake & Ohio By. (quar.)
Preferred (quar.)
Chicago Daily News preferred (quar.)
Chicago Pneumatic Tool, $3 pref. (quar.)
Prior preferred (quar.)
Chicago Railway Equipment preferred
Chicago & Southern Air Lines, Inc., 7% pf. (qu.)
Chickasha Cotton Oil (special)
Christiana Securities 7% pref. (quar.)
Cincinnati Gas & Electnc preferred A (quar.)
Cine. New Orl. & Tex. Pac. By.
Jan.
1 Dec.
13
Jan.
2 Dec.
20
Jan.
2 Dec.
17
Jan.
2 Dec.
( Dec. 28 Dec.
17
18
1734c
25c
$1M
SIM
$1M
SIM
SIM
5% preferred (quar.)
5% preferred (quar.).
*.)•
5% preferred (quar
Cincinnati Postal Terminal & Realty Co.
SIM
634% preferred (quar.)
SI.12
Cincinnati & Suburban Bell Telep. (quar.)
75c
Citizens Wholesale Supply, pref. (quar.).
30c
City Ice & Fuel Co. common
SIM
City Investing Co., pref. (quar.)
SI 34
Clearfield & Mahoning BR (s.-a.)...
$5
Cleve. Cin. Chicago & St. Louis By. (s.-a.)
SIM
5% preferred (quar.)
Cleveland Electric Illuminating, pref. (quar.I.¬
$134
80c
Cleveland Graphite Bronze Co. (year-end)
1234c
Cleveland Union Stockyards Co. (year-end)
25c
Clinton Trust Co. (quar.)
SIM
Clinton Water Works Co. 7% preferred (quar.).
SIM
Cluett, Peabody & Co., Inc. pref. (quar.).
6234c
Coca-Cola Bottling Corp. (Del.) A & B (quar.).
SIM
Class A & B (extra)
40c
Cohn & Rosenberger, Inc
Colgate-Palmolive-Peet, preferred (quar.)
$ 1.06 M
50c
Collyer Insulated Wire
25c
Colonial Finance Co. (Lima. Ohio) (quar.)
Columbus & Southern Ohio Electric Co.—
SI.62
634% preferred (quar.)
1
SIM
6% preferred (quar.)
10c
Commercial Alcohols, Ltd., pref. (quar.).
75c
Commercial Creait Co. (quar.)
;i.06M
Preferred (quar.)
SI
Commercial Investment Trust Corp. (quar.)
$4M conv. preference (series of 1935) (quar.).
Commercial Nat'l Bank & Tr. Co. (N. Y.)—
—
.
(Quarterly)
Commodity Corp. (quar.)
Commonwealth & Southern Corp.. $6 pref
Commonwealth Telep. (Madison, Wis.)
6% preferred (quar.)
Commonwealth Water & Light Co. $7 pref. (qu.)
$6 preferred (quar.)
Concord Gas Co., preferred
Connecticut Fire Insurance Co. (quar.).
Extra
10
2 Dec. 23
Dec. 28 Dec. 16
Jan.
2 Dec. 20
Jan.
Jan.
2 Dec.
16
Mar.
1 Feb.
15
June
2 May
2 Aug.
15
15 '
Sept.
Jan.
15 Jan.
Jan.
2 Dec.
18
Jan.
2 Dec,
30
Dec. 31 Dec.
Jan.
2 Dec.
16
Jan.
Jan.
Jan.
Jan.
Dec.
2 Dec.
4
26
20
20
31 Jan.
31 Jan.
20
1 Dec.
7
31 Dec. 20
Dec. 30 Dec.
19
2 Dec.
19
Jan.
Jan.
15 Jan.
2
2 Dec. 20
Jan.
Dec. 28 Dec. 14
Dec. 28 Dec. 14
28 Dec.
Dec. 31 Dec.
17
28 Dec.
20
Dec.
Dec.
Jan.
6
1 Dec.
17
1 Jan.
15
16
Jan.
Jan.
2 Dec.
15 Dec. 31
Dec. 28 Dec.
Dec. 28 Dec.
Jan.
9
Jan.
1 Dec.
$2
10c
Jan.
2 Dec.
26
75c
Jan.
$5
$15
1 Dec.
9
10
10
SIM
SIM
SIM
t50c
2 Dec.
(quar.)
Dec. 30 Dec. 23
2 Dec.
13
Jan.
2 Dec.
15
Jan.
2 Dec.
11
Jan.
2 Dec.
11
Feb.
15 Jan.
31
Jan.
pref. (quar.)
Dunlop Tire & Rubber Goods Co., 5% pf. (s.-a.)
Duplan Silk Corp. preferred (quar.)
Du Pont (E. I.) de Nemours & Co.
S4.50 preferred (quar.)
Eagle Picher Lead, preferred (quar.)
Eason Oil Co., SIM cum. conv. pref. (quar.)
East Pennsylvania RR. guaranteed (quar.)
East Pennsylvania RR. Co. (semi-ann.)
East Tennessee Light & Power preferred (quar.) _
Eastern Gas & Fuel Assoc. 4 M % prior pref
Eastern Steel Products (year-end)
Eastern Steel Products, Ltd., 5% cum. pf. (qu.)
Eastman Kodak (quar.)
6% preferred (quar.)
Easy Washing Machiner, preferred
—
Engineers Public Service, $6 pref. (quar.)
S5M preferred (quar.)
$5 preferred (quar.)
Eversharp, inc., new 6% pref. (quar.)
New 5% preferred (quar.)
Excelsior Life Insurance Co. (Toronto) (quar.)..
Stock dividend payable in common stock
Falstaff Brewing, preferred (semi-ann.)
Family Loan Society, Inc (quar )
Cum. conv. preferred A & B (quar.)
FaraUone Packing Co. (quar.)
Farmers & Traders Life Insurance (quar.)
Faultless Rubber Co. (quar.)
Special *
Federal Bake Shops
Fidelity & Deposit Co.
SIM
Feb.
1 Dec.
27
Fidility Fund, Inc. (year-end)
Fidelity & Guaranty Fire Corp.
m.
(i
—
-—
18
1
2 Dec.
1 Dec.
12
$1
Feb.
1 Jan.
15
25c
Jan.
12 Dec.
16
iig
W
(Wash.. D. C.) (quar.)
6% preferred (quar.)
Fenton
14
Jan.
2 Dec.
Jan.
2 Dec.
5
Jan.
2 Dec.
20
5
Dec. 30 Dec. 24
Jan.
1 Dec. 10
1 Dec.
10
Jan.
1 Dec.
21
Feb.
1 Jan.
Jan.
6
1 Jan.
6
Dec. 30 Dec. 21
Feb.
Dec. 31 Dec. 23
Dec. 31 Dec. 23
Dec. 24
Dec.
Dec. 20
Jan.
50c
Jan.
$1.60
Jan.
50c
Dec.
50c
Jan.
Jan.
United Cleaning & Dyeing
7% pref.
(Md.) (extra)
(s.-a.)
2!
75c
33 1-3% Feb.
Jan.
35c
Jan.
56 Mc
Jan.
75c
Jan.
SIM
2 Dec.
20
2 Dec.
20
28 Dec. 13
2 Dec. 17
2 Dec. 20
15 Jan. 31
2 Dec. 31
2 Dec.
21
1 Dec.
26
26
1 Dec.
SIM
SIM
Jan.
2 Dec.
16
Jan.
Jan.
26c
Jan.
2 Dec.
2 Dec.
2 Dec.
16
SIM
16
16
25c
Apr.
1 Mar. 15
$1.44
Jan.
2 Dec.
30
$2
Jan.
2 Dec.
30
3c
Apr.
1 Mar. 18
40c
(N. J.) (quar.)
14
1 Jan.
Jan.
Jan.
10c
Preferred (quar.)
Federal Service Finance
Jan.
21 Dec. 31
21 Dec. 31
SIM
35c
25c
Employers Reinsurance (stock dlv.)
2 Dec.
Feb.
SIM
Jan.
S134
30c
Emporium Cap well Co. (quar.)
4 M % preferred (quar.)
Jan.
14
24
SIM
SIM
$2M
preferred (quar.)
Elmira & Williamsport RR., preferred (s.-a.)—
El Paso Natural Gas, common (quar.)
Emerson Drug Co. pref. (quar.)
Empire Trust Co. (quar.)
Dec. 31 Dec.
1 Dec.
15
5 Dec.
Prior
25c
2 Dec.
Jan.
2 Dec.
Jan.
Electrographic Corp. (extra)
Elgin Sweeper, preferred (quar.)
S3
75c
Jan.
75c
Jan.
Corp. $6 pref
Conn. & Passumpsic River BR. 6% preferred
Consolidated Aircraft Corp. $3 conv. pref. (.qu.)
Consolidated Baking Co. (quar.)
Consolidated Edison Co. of N. Y., pref. (quar.)
20c
13
14
10
Jan.
SIM
S 7 preferred
75c
25 Jan.
$134
37Mc
SIM
i?S
A (quar.)
(quar.).
$6 preferred (quar.)__
Electric Controller & Mfg. Co.
Connecticut Gas & Coke Securities pref. (qu.)_.
Connecticut General Life Insurance (quar.)
Connecticut Light & Power Co
2 Dec.
31 Dec. 16
2 Dec. 23
3c
Preferred (s.-a.)
Preferred (s.-a.)
Jan.
2
Ecuadorian Corp
Federal Insurance Co,
14
1 Dec. 20
Dun & Bradstreet, Inc., $6 pref. (quar.)
Dunean Mills 7%
Class A & B
30
20
2 Dec.
Extra
2
Dec. 31
30
2 Dec.
*
Electric Power & Light
14
2 Dec.
Extra
Endicott-Johnson
Feb.
2 Dec.
pf
Driver-Harris pref. (quar.)
Duke Power Co. pref. (quar.)
Elder Mfg. Co., 5% cum. part.
Electric Bond & Sn£
lare, $5 pref.
14
15 Dec. 31
Jan.
Jan.
1 Dec.
14
1 Dec.
14
37
lc
$234
Mar. 15 Feb. 28
2 Dec. 11
Jan.
25c
Jan.
Jan.
25c
Dec.
75c
75c
Dec.
25c
Dec.
35c
Jan.
75c
SIM
Jan.
Jan.
wJf
Jan.
Dec.
1 Dec.
16
1 Dec.
16
31 Dec. 14
31 Dec. 14
31 Dec. 14
2 Dec. 21
15 Dec. 31
15 Dec. 31
16 Jan. 14
31 Dec. 17
23c
Feb.
1 Dec. 30
50c
Jan.
2 Dec. 23
The Commercial & Financial Chronicle
3840
When
Holders
Payable of Record
Name of Company
40c
Semi-annual
Fifth Avenue Bank of N. Y. (quar.)
Dec. 31
Dec. 31
Jan.
80c
$0
25c
Fidelity-Phoenix Fire Insurance (year-end)—-
Jan.
Jan.
Jan.
Filene's (Wm.) Sons
$1.18)* Jan.
Preferred (quar.).---.-.—.........—
Dec.
15c
Filtrol Co. of California
$2 Jan.
Finance Co. of Penna. (quar.)..
......
$1 Jan.
Fireman's Fund Insurance (quar.).
$2)4 Jan,
First National Bank of Chicago (quar.)
87)4c Jan.
First National Bank (Toms River, N. J.) (qu.).
Dec.
First- National Bank of Jersey City (quar.)—Jan,
First National Bank of N. Y. (quar.)
Jan.
First National Stores (quar.)
Dec. 31
Fishman (M. H.) Co.,
50c
25c
35c
$1)4
10c
25c
Preferred (semi-annual)
....
—
Foster & Kleiser, preferred A (quar.)......—
Fostorla Pressed Steel
Foundation Co. (Canada) (quar.)
37^c
J25c
lc
lc
25c
50c
15c
25c
50c
15c
50c
Foundation Petroleum Ltd
Four-Star Petroleum
Fox (Peter) Brewing Co. (quar.)
Extra
F R Publishing Corp.
Extra
—
(quar.)
...
Franklin County Distilling Co., Inc., pref. (qu.)
Fruit of the Loom, Inc., preferred-—-----—
$5
$3
Fuller (Geo. A.) Co. (initial)..—-———
Jan,
31|Dec
26
„
2 Dec.
14
Jan.
Dec.
Jan.
Dec.
Dec.
Dec.
16
16
16
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Dec.
Jan.
Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec,
16
23
23
10
23
31
20
2
12
12
12
20
20
10
18
Galveston-Houston Co..
Gannett Co., Inc., pref. (quar.)
....
75c
(quar.^..
Garflnckel (J.-) A Co.. 6% conv.
Gatineau Power Co. (quar.)
pref. (quar.)—
»c
$1.38
$1H
5M% preferred (quar.)..
5% preferred (quar.)...
Gemmer Manufacturing Co., class
14
10
A (quar.)
24
23
Dec. 20
Jan.
Dec.
Nov.
Nov.
Jan.
20
14
30
30
Nov. 30
Jan.
Dec. 21
Jan.
Dec. 20
Dec.
75c
—
Dec.
Dec,
Dec.
Dec.
Dec.
General American Investors Co., Inc.—
$6 preferred (quar.)
General American
...—
Transportation. ... .
General Baking Go....——.
—
....
Dec,
Dec.
Dec.
Dec.
Jan.
........—
Preferred (quar.)...——.——
General Capital Corp....
General Discount Corp. (Atlanta)
—
pref. (qu.).—
General Fireproofing preferred (quar.).
General Foods Corp., preferred (quar.)—
—
Dec.
Jan.
Feb.
Jan.
General Mills, Inc., 5% pref. (quar.).....—...
General Outdoor Advertising Co. class A (quar.)
Class A (quar.)
Preferred (quar.).
General
General Tire 6c Rubber 0% preferred
General Water Gas 6c Electric Co
A (quar.)—
(Special)
87 He
$1K
40c
20c
40c
—-
—
Preferred (quar.)
Godchaux Sugar,
Class A
56 He
Inc., $7 pref. (quar.)—
—
Gold 6c Stock Telegraph
(quar.)
—
Goldblatt Bros, preferred (quar.)..——
Golden State Co., Ltd. (quar.).
...
elite
20c
Goodyear Tire 6c Rubber Co. (Canada) (quar.).
!63c
Preferred (quar.)...—
....
—
J62 >4c
Gorton Pew Fisheries (quar.)
75c
Grant (W. T.) Co. (quar.)-.-.---——
35c
Preferred (quar.)..—
25c
Great American Insurance Co. (N. Y.) (quar.)—
25c
Extra..———————
20c
Great Lakes Paper* Ltd., A 6c B cum. partic. pf_
t50c
Great Lakes Power Co. Ltd. ser. A pref. (qu.) ...
$15*
Great Lakes Steamship...—.
50c
...
Special....
Great West Saddlery Co. 6% 1st preferred....
x
.
U
Great Western Sugar...
50c
Preferred (quar J
.......
Great Western life Assurance (quar.)
Green (Daniel) Co. pref. (quar.)
Greenfield Gas Light
Greenfield Tap & Die Corp....
$1H
$3 X
........
Hp
75c
...
50c
$1)4 convertible preferred
Greening (B.) Wire Co., Ltd. (quar.)...
Greenwich Gas Co., part, pref, (quar.)
...
Greenwich Water System, Inc., 6% pref. (qu.)..
Greif Bros Cooperage Corp., class A
Class A (quar.)........Griggs, Cooper & Co. 7% pref. (quar.)
Group No. 1 Oil Co
$1)4
....
15c
31)*c
$1)4
t$2
80c
.............
Gruen Watch Co.—
Preferred C (quar.)
Guarantee Co.
or
North America
...
t75c
pref. (auar.)_......
Hackensack Water, preferred (quar.)..
Halifax Insurance (semi-ann.)
Haloid Co. (quar.)
$1)4
.....
—
$2 preferred (quar.)..
Hamilton United Theatres, Ltd., 7% preferredHanover Fire Insurance Co. (N. Y.) (quar.)...
Harbison-Walker Refractories, pref. (quar.)
Harding Carpets Ltd. (s.-a.)
Extra
.i
Harris. Hall 6c Co., Inc., pref. (quar.)
Harshaw Chemical Co. 7% pref. (quar.)
Hartford Electric Light (extra).—.......
Common (irregular)..........
....
...
...
Hartford Fire Insurance (quar.).—
Extra..
Hartford Times, Inc., 5)4 % pref. (quar.)
Harvard Brewing Co. 5% preferred (quar.)
—
Class B_.
Howey Gold Mine, Ltd. (year-end).
Hudson's Bay Co. 6% pref. (s.-a.)—
12
21
21
20
20
Dec, 10
.......
May
5
Dec.
17
17
10
31
Jan.
2 Dec. 14
Dec. 31 Dec. 20
1 Dec. 20
3 Dec. 17
Jan.
2
Jan.
Jan.
Jan.
....
Indianapolis Power 6c Light (quar.)
Indianapolis Water. 5% pref. A (quar.)
Ingersoll-Rand pref. (semi-ann.)
Insurance Co. of N. A.
Jan.
Imperial Tobacco of Canada (Interim)
Independent Pneumatic Tool..........
Indian Motocycle Co.............—
...
6 % preferred
Indiana General Service Co., 6% pref. (quar.)—
Indiana & Michigan Elec. Co., 7 % pref. (quar.)
_
6% preferred (quar.)
(semi-ann.)
Jan.
....
50c
50c
Preferred (quar,)--
$3
$1
$2
5%
......
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
2 Dec.
1 Dec. 20
2 Dec. 20
2
1 Jan,
Jan.
2 Dec. 10
Jan.
2 Dec. 10
Dec. 28 Dec. 12
2 Dec. 12
Jan.
1 Dec. 18
Jan.
1 Dec. 18
Jan.
Jan.
2 Dec. 31
2 Dec. 10
Jan.
Jan. 15 Dec. 15
2 Dec. 14
Jan.
2 Dec, 14
Jan.
Jan.
Jan.
A3 Ho
50c
25c
+$1)*
50c
niH
30c
$1)4
10c
10c
$13*
UH
.0458
.0458
50c
50C
685*c
$1H
2 Dec. 20
1 Dec. 12
1 Dec. 12
Jan.
Jan. 15 Dec. 20
Jan. 15 Dec. 20
Dec. 31 Dec. 21
Jan. 15 Dec. 31
Dec. 28 Dec. 21
Dec. 28 Dec. 21
Jan.
2 Dec. 26
Jan.
2 Dec. 14
2 Dec. 14
Jan.
Jan.
Jan.
2 Dec. 20
2 Dec. 18
Dec. 30 Dec.
Dec. 30
Dec. 30
2
Jan.
Jan.
2
Jan.
Dec.
Dec.
Dec.
Dec;
2 Dec.
Dec. 28 Dec.
Dec. 28 Dec.
Jan.
1 Jan.
16
23
23
16
14
11
23
23
1
Dec. 30 Dec. 10
2 Dec, 20
2 Dec. 20
Jan.
Jan.
Jan.
Jan.
Jan.
15 Dec. 31
15 Dec. 31
2 Dec.
6
3 Dec. 31
Dec. 28 Nov, 29
2 Dec. 20
Jan.
Dec. 31 Dec. 16
2 Dec. 10
Jan.
Dec. 31 Dec.
2 Dec.
Jan.
2 Dec.
Dec. 31 Nov.
Jan.
2 Dec.
Jan. 20 Jan.
Jan.
2 Dec.
Jan.
2 Dec.
Jan.
2 Dec.
Dec. 28 Dec.
Feb.
1 Jan.
Feb.
1 Jan.
Jan.
Jan.
2
Jan.
2
1
Feb.
Dec. 31
16
14
14
30
17
6
17
17
21
23
15
15
5
Dec.
Dec.
5
Jan. 15
Dec. 20
4
10
10
10
4
12*
9
15 Dec. 31
15 Dec. 31
2 Dec. 23
Dec. 23
Dec. 21
Dec. 21
Dec. 21
Jan. 15
International Paper & Power, 5%
Jan.
Jan.
Dec.
ik
Jan.
Feb.
Jan.
Jan.
Dec. 31
Jan.
Dec.
Dec. 11
Dec.
Dec. 20
Dec. 20
Dec. 14
m
—I
pref—.
Interstate Department Stores
Preferred (quar.)....
13
14
14
6
4
Jan.
Harvester (quar.)
Milling Co., 6% pref, (quar.)..
Nickel Co. of Canada, pref. (qu.).
Ocean Telegraph Co. (quar.).....
Paints (Canada) pref............
Jan.
Feb.
1 Dec.
2 Dec.
15
20
3734c
(quar.)
Dec.
$13*
5% preferred (quar.).
.....
International Power, Ltd., 7% preferred...
$1?* Jan.
International Products Corp. 6% pref. (s.-a.)-.
Jan.
International Shoe (quar.)
3734c Jan.
International Silver 7% pref. (quar.)..
Jan.*
International Telephone (Me.) pref. (s.-a.)....
Jan.
International Utilities Corp., $1 % preferred—t $1,813* Jan.
8734c Feb.
$3)4 prior preferred.
International vitamin Corp. (quar.)
734c Dec,
14
16
20
13
13
1 Dec. 11
2 Dec.
Jan.
Dec. 31 Dec.
Dec. 30 Dec.
2 Dec.
Jan.
Jan.
2 Dec.
Jan.
2 Dec.
Jan.
2 Dec.
2 Dec.
Jan.
Jan. 15 Jan.
Jan.
2 Dec.
2 Dec.
Jan.
International
International
International
International
International
Pr6f6rr6d
Dec.
Dec.
Dec. 31 Nov. 30
Jan.
1 Nov. 30
Dec, 31 Dec. 16
—
Fibre.............
5
Jan.
$4
...
$50
H
.
Hamilton Cotton, Ltd., $2 pref
■
(Que.) (quar.)-
Guaranty Trust Co. (quar.)
Guenther Publishing..
Guilford Realty Co. 6% preferred......
Gulf Power Co., $6
$15*
12)4c
37)4c
Extra
—
Household Fiance Corp. (quar.).
5% preferred..
—
Houston Oil Field Material Co., pref. (quar.)—
5
Jan.
Jan.
Jan.
—
Glens Falls Investment
Glidden Co. (interim).....
J.) (quar.)
Houdaille-Hershey Corp., class A (quar.)
Jan.
—
—
—
Hooker Electrochemical Co., 6% pref. (quar.)..
Horn & Hardart Baking (N.
Intercolonial Coal Co—
Extra..
Preferred (s.-a.)... —
International Business Machine stock
2 Dec.
Jan.
Jan.
2 Dec.
1 Dec,
Jan.
Dec. 31 Dec.
Dec. 30 Dec.
Dec. 30 Dec.
...
$3 preferred (quar.)
....—
—
Georgia Power Co. $6 preferred (quar.)
—
$5preferred (quar.)..
...........
Gibson Art Co. (quar.)-Gilbert (A. O.) Co., preferred (quar.)———
Gillette Safety Razor pref. (quar.).
Glens Falls Insurance Co. (quar.)
——
Honey Dew, Ltd
15 Feb.
May 15
Jan.
2
Jan.
2
2
Jan.
—
pref. (s.-a.).
General Telephone Corp., preferred (quar.)
General Time Instruments pref. (quar.)
_
Jan.
Jan.
Extra;...
Inter-Mountain Telephone Co. (quar.)—
15 Feb.
25 Dec. 31
2 Dec. 21
3 Dec. 20
2 Dec. 14
Jan.
Dec. 31 Dec. 20
2 Dec. 19
Jan.
Jan.
2 Dec. 23
Dec. 30 Dec. 23
Jan. 15 Dec. 31
Jan. 15 Dec. 31
Dec. 31 Dec. 10
Jan.
;
International Cellucotton Products
Feb.
(quar.).
Paint Corp. preferred (quar.)——
Printing Ink pref. (quar.)—
Railway Signal Co. pref. (quar.).——..
General Shoe Corp., cum.
„
Dec, 28 Dec. 14
Dec. 28 Dec. 14
Dec. 31 Dec. 16
Dec. 31 Dec. 10
—
—
May 15 May
Preferred
General
General
Extra———
Holly Development (quar,)
5
Feb.
July
Holmes (D. H.) C_. (guar.)--—.
Home Gas & Electric Co., 6% pref. (quar.)
Dec. 21
Dec. 21
Jan.
6
Feb.
Dec. 30 Dec. 24
2 Dec. 17
Jan.
1 June 17
1 Dec. 21
Jan.
1 Dec. 21
Jan.
Dec. 31 Dec. 20
—
Semi-annually
—
Hickok Oil Corp., prior preferred (quar.)
Preferred (quar.)—.
—
Hilton-Davis Chemical Co, conv. pref. (quar.).
Hinde & Dauch Paper..
Preferred (quar.).
—
--Hollinger Consolidated Gold Mines, Ltd———
Dec. 20
Jan. 10
Dec. 16
Jan.
General Instrument Corp. (quar.)..—-.
General Machinery Corp
——
Preferred (quar.)—
General Motors Corp. $5 preferred (quar.)
—
Hewitt Rubber Corp. (year-end)—
Hiberaia National Bank (N, O.) (s.-a.)
2 Dec. 21
Dec. 30 Dec. 13
Dec. 30 Dec. 13
Dec, 31 Dec. 20
—
Huron & Erie Mtge. Corp. (Ont.) (quar.).....
Hussman-Ligonier pref. (quar.)
Huston (Tom) Peanut Co., 7% preferred (s.-a.)
Hyde Park Brewers Assoc. (year-end).....—Hygrade Sylvania Corp.. preferred (final)
Illinois Central-Leased Line (special)..
Illinois Commercial Telephone Co. (Madison,
WiSi,) $6 preferred (quar.)...
——...
2 Dec.
Jan.
Preferred (quar.)
Hershey Creamery Co., 7% preferred (s.-a.)
24
20 Jan.
Feb.
Dec.
Dec.
—
....———
-———
Preferred (quar.) - - —
Henkel-Clauss Co. (year-end)
Hummel-Ross
Dec.
Jan.
Jan.
Jan.
Jan.
*ii
... ...
Gardner-Denver Co. (quar.)..
W.) (quar.)
Holders
2 Dec. 19
Jan.
Jan. 15
Jan. 25 Jan. "I"
2 Dec. 13*
Jan.
7
2 Dec.
Jan.
7
Jan.
2 Dec.
7
Jan.
2 Dec.
•
24
Jan.
$3 conv. stock
..............
4% preferred (quar.)....
.—
Fulton Trust Co. (quar.)
Preferred
Helme (Geo.
Extra..
When
1940
Payable of Record
Jan.
Hazel-Atlas Glass Co
18
14
Dec.
Dec.
Dec.
Dec.
Dec.
15.Dec.
m Jan.
Foote Bros. Gear & Machine (interim).......
—
JA
Dec.
Dec.
Jan.
Dec.
111*
preferred (quar.)..
Florence Stove Co....
.......—.......
Florida Power & Light $7 preferred——
Florshelm Shoe Co., class A.....
.......
Class B.......... J—........... ........
Food Machinery Corp
...-—Preferred (quar.)
—
—.—
Preferred (quar.)..—.......
16
Jan.
6
23
26
23
10
3
31
$H
Per
Share
Company
Hatfield-Campbell Creek Coal, pref. (quar.)—
Haverty Furniture Cos., pref. (quar.)_
Hawaiian Electric, 6% preferred (final)
Hayes Industries, Inc., (quar.)—
Jan,
........—
t
Name of
Dec. 28,
$$1XM
....
—
—
15c
Interstate Home Equipment
Interstate Hosiery Mills
....
Investment Foundation Ltd..
Iowa Electric $7 preferred A
Jan.
$1H
—
Feb.
20c
40c
634% preferred B.
Iowa Power 6c Light Co. 7% pref. (quar.)
6% preferred (quar.)..
Iowa Public Service Co. $7 1st pref. (quar.)
$634 preferred (quar.).
$6
1st preferred (quar.)..
Irving Trust Co. (quar.)..
...
_
-
Jan.
Dec.
Jan.
Jan.
$13*
$134
$13*
$134
$134
15c
Island Creek Coal
$134
Preferred (quar.)
Jamaica Public Service (quar.)
Dec.
Jan.
Jan.
Jersey Central Power & Light, 7% pref. (quar.)
6% preferred (quar.)
534% preferred (quar.)..
Johns-Manville Corp. 7% pref. (quar.)
...
Joliet & Chicago Railroad (quar.)
Joplin Water Works Co. 6% preferred (quar.)..
Julian 6c Kokenge (semi-ann.)...
Kahn's (E.) Sons (quar.)
.....
Preferred (quar.).
Kansas City Power 6c Light, pref. B (quar.)—.
Kansas City Title Insurance (initial)
Kansas Electric 6c Power 7% pref. (quar.).....
6% preferred (quar.),
Kansas Gas 6c Electric, 7% pref. (quar.)
Die
$6 preferred (quar.)
Kansas Pipe Line 6c Gas., preferred (quar.)..—
Kansas Power Co., $6 cum. pref. (quar.)
$7 cumul. pref. (quar.).—
;
Kansas Utilities Co., 7% pref. (quar.)...
Katz Drug Co., $4.50 preferred (quar.)
Kaufman (Chas. A.) Co., Ltd...—.
Kaufman Dept. Store
Kaynee Co., 7% pref. (quar.)
—
Kellogg Co.
Kellogg Switchboard 6c Supply
Preferred (quar.)
,
Kennedy's Inc.. $1.25 conv. pref. (quar.)..
Kentucky Utilities, 6% preferred (quar.)
Kerlyn Oil Co., class A (quar.)..
—
Keystone Public Service pref. (quar.)....
Kimberly-Clerk (quar.).
—
Preferred (quar.)
Kings County Lighting, 7% pref. (quar.)
6% preferred (quar.)..........
.....
5% preferred (quar.)..
Kinney (G. R.) Co., Inc., $5 prior preferred—
Kirsch Co., class A & B
Preferred (quar.)
Klein (D. Emil) Co. pref. (quar.)
—...
50c
$13*
2*8
50c
$13*
$134
$134
$13*
$13*
....
U
Dec. 31
Dec. 14
Dec. 12
Dec. 14
Jan.
6
Jan. 20
Dec. 19
Dec. 30
Jan. 16
Jan.
2
Dec. 23
Dec. 31
Dec. 14
Dec. 14
Dec. 14
Dec. 14
Dec. 20
Dec. 20
Dec. 20
Dec.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
.
3
2
Dec.
Dec.
Dec.
Dec.
Jan.
13*%
13*%
18
Jan.
Jan.
......
7% preferred A (quar.)...
7% preferredB (quar.)..
5% cum. preferred C (quar.)
Jamaica Water Supply Co. (quar.)
....
$5 preferred A (quar.)
Jamestown Telephone Corp., 6% 1st pref. (qu.)
5% preferred A (semi-annual)
Jarvis (W. B.) Co.
Jan.
Jan.
Jan.
...
25c
Jan.
$13*
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
10
20
26
20
Dec. 20
Dec. 20
Dec. 20
Dec. 14
Dec. 14
Dec. 15
Dec. 14
Dec. 21
Dec. 10
Dec. 10
Dec. 10
Dec. 10
Dec. 26
Jan.
2
Jan.
2
Dec. 20
Dec. 30
Dec.
14
Deq. 14
Jan.
Dec. 14
Dec. 14
Dec. 16
Dec. 16
Jan.
Dec. 14
Jan.
Jan.
..
......
Dec. 20
Jan.
Dec. 20
Dec. 20
Dec. 14
Dec. 21
Jan.
Jan.
Jan,
Jan.
—
....
Jan.
Dec.
75c
U3Hc
f4034c
6% cum. pref.(qu)
Dec.
10
Dec.
Dec. 27
Jan.
Dec. 20
Jan.
Jan.
7
Jan.
7
Dec. 31
Dec, 31
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
-
Dec.
Dec.
Dec.
Dec.
Dee.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan,
——
Jan.
Jan.
Jan.
-
——
Dec.
Jan.
Jan.
.—
6234c
iFeb.
10
16
10
10
16
16
16
23
21
21
20
Volume
The Commercial & Financial Chronicle
151
Per
Name oj Company
Share
Knapp-Monarch Co., $2.70 pref. (Initial)
Koppers Co., preferred (quar.)
KresgeDept. Stores 4% conv. 1st pref. (quar.)__
Kroger Grocery & Baking, 6% pref. (quar.)
7% preferred (quar.)
La Salle Extension University, pref. (quar.)
Lackawanna BR. of N. J. (quar.)
67 He
M
$1H
$1H
$1D
Per
Holders
When
Payable oj Record
Dec.
Moore Corp., Ltd.
21
2 Dec.
Jan.
2 Dec. 30
2 Dec. 20
Extra
Morristown Securities Corp
Mt. Diablo Oil Mining & Development Co.
23
Mountain States Telep. & Teleg. (quar.).
Mt. Zeballos Gold Mines, Ltd. (initial)__
Munsing (Paper Co., 1st pref. (quar.),
Murphy (G. C.)
5% pref. (quar.).
Mutual System, Inc.
8% preferred
Nachman Springfilled
Nashville & Decatur 7H% gtd. (s.-a.).
National Automotive Fibres
Jan.
National Battery, preferred
National Biscuit Co
Jan.
Jan.
2 Dec.
6
Jan.
2 Dec.
17
Jan.
2 Dec.
15
Class B
15c
Jan.
15 Dec. 31
15 Dec. 31
Preferred (quar.)
75c
Jan.
15 Dec.
Lawyers Trust Co. (quar.)
35c
Jan.
2 Dec.
Leath & Co.
40c
Dec.
28 Dec.
62 He
$1
25c
(quar.)
Lerner Stores Corp.
Preferred (quar.)
%IH
(quar.)
50c
.
$1H
$1H
Lexington Telephone Co., 6% pref. (quar.)
Liberty Loan Corp. A & B (quar.)
$3 H preferred (quar.)
Liech (Chas.) & Co. preferred (quar.)
Life & Casualty Ins. Co. of Tenn. (quar.)
Liggett & Myers Tobacco, pref. (quar.)
Link Belt Co. (quar.)
Preferred (quar.).
Preferred (quar
Lion Oil Refining Co. (quar.)
Liquid Carbonic Corp. (quar.)
30c
87Hc
1 Dec.
Jan.
2 Dec.
7 Dec.
Dec. 28 Dec.
20
16
Jan.
Jan.
Feb.
1 Jan.
Jan.
2 Dec.
Jan.
Jan.
1 Dec.
1 Dec.
Apr.
$1
2 Dec.
Mar.
25c
Dec. 31 Dec.
2 Dec.
Jan.
Jan.
$1
Navigation RR. & Coal (s.-a.)_
J1H
50c
$1
Extra
Long Isiand Safe Deposit Co. (semi-ann.)
Loose-Wiles Biscuit 5% pref. (quar.)
Lord & Taylor (quar.)
Louisville Gas & Electric (Ky.) 7% pref. (qu.)_6% preferred (quar.)
5% preferred (quar.)
Lunkenheimer Co., 6H % pref. (quar.)
Lynchburg & Abingdon Telegraph (s.-a.)
Lynn Gas & Electric (quar.)
MacAndrews & Forbes Co. (quar.)
50c
$1H
$2H
$1M
$1H
$1H
iir§
18
18
15 Dec. 13
Dec. 31 Dec. 21
Dec. 31 Dec. 20
Dec. 31 Dec. 20
Dec. 28 Dec.
1 Dec.
Jan.
2 Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
$1H
Dec.
50c
Jan.
50c
Extra
26
2 Dec.
Jan.
21
18
17
31
31
15 Dec. 31
2 Dec. 23
15 Dec.
15 Dec.
2 Dec.
14
31 Dec. 13
15 Dec. 31
15 Dec. 31
$1
Jan.
15 Dec.
15 Dec.
Jan.
15 Dec. 31
$1
(quar.)
McColl Frontenac Oil Co. 6% pref. (quar.)
Preferred (quar.)
McCrory Stores. 6% pref. (final)
Mclntyre Porcupine Mines, extra
McKee (A. G.) & Co., class B (quar.)
Class B (extra)
Jan.
$1
*$1
Preferred
Feb.
31
31
1
Jan.
2 Nov. 11
25c
Jan.
2 Dec.
2 Dec.
X$l.
50c
McManus Petroleum
Participating preferred (semi-ann.).
McQuay-Norrjs Mfg. (interim)
Mabbett (Geo.) & Sons, 7% 1st pref. (quar.)__
7% 2d pref. (quar.)..,
Mahoning Coal Railroad
PjT6f61T6(l (g
)
Manischewitz (B.) &fCo.^7% pref. (quar.)
Mansfield Tire & Rubber pref. (quar.)
Manufacturers Life Insurance (Tor.) (s.-a.)
Manufacturers Trust Co. (quar.)
Preferred (quar.)
Mansifeld Theatres, preferred
Mapes Consolidated Mfg. (quar.)
Marconi Internal'1 Marine Communications
Amer. dep. rec. ordinary registered (interim)__
Margay Oil Corp. (quar.)
Marine Midland Corp
Marion-Reserve Power Co., $5 pref. (quar.)
Marion Water Co., 7% pref. (quar.)
Marlin-Rockwell Corp
Marshall Field & Co. (year end)
...
Quarterly
6% pref. (quar.)
Marvens. Ltd., preferred (quar.)
Massachusetts Investors Trust
Jan.
30c
30c
50c
Jan.
$1H
%l%
$15
2 Dec.
Jan.
2 Dec.
(quar.)
Jan.
1 Dec.
Jan.
2 Dec.
14
$6
50c
50c
Jan.
Jan.
2 Dec.
2 Dec.
26
12
Jan.
15 Dec.
30
30 Dec.
1 Dec.
20
28 Dec.
10 Dec.
3
20
Jan.
Jan.
2 Dec.
13
1 Dec.
16
Jan.
2 Dec.
28 Dec.
11
Dec.
Jan.
Dec.
Jan.
Dec.
10
Preferred (quar.)
Niagara Alkali preferred (quar.)
Niagara Hudson Pow. Corp., 5% 1st pref. (qu.)
5% 2d series A & B preferred (quar.).
Niagara Wire Weaving Ltd. (quar.).
Noblitt-Sparks Industries.
North American Co. 6% pref. (quar.).
5H% preferred (quar.)
North American Rayon, prior preferred (quar.)
North & Judd Mfg. (quar.).
16
Dec. 31 Dec.
31 Jan.
21
Jan.
15
Dec. 31 Dec.
15
Jan.
20 Dec. 31
1 Dec. 31
2 Dec. 14
2 Dec.
North Penn Gas $7 prior pref.
North Star Oils preferred.
14
14
2 Dec.
24
10
Northwestern Telegraph
16
(quar.)
1 Dec. 14
3 Dec. 20
Feb.
1 Jan.
Jan.
2 Dec.
15
14
Jan.
Jan.
2 Dec.
2 Dec.
18
21
Jan.
2 Dec.
14
Otter Tail Power Co.
Jan.
2 Dec.
14
Jan.
2 Dec.
16
$4H dividend series
Pacelot Mfg. (s.-a.)
Jan.
2 Dec.
2
Jan.
Jan.
Jan.
Jan.
1 Nov. 29
1 Nov. 29
1 Nov. 29
21
2 Dec.
20
Jan.
Jan.
Jan.
Dec.
Dec. 26
15 Dec. 31
1 Dec.
16
31 Dec. 20
Jan.
1 Dec.
20
Jan.
1 Dec.
1 Dec.
14
14
Jan.
Jan.
Jan.
Jan.
Jan.
Tan.
Jan.
—
17
2 Dec. 16
1 Nov. 29
1 Nov. 29
Dec. 28 Dec.
Jan.
6% preferred (quar.)
Monarch Mills
20
1 Dec.
Dec.
1 Dec.
30 Dec.
2 Dec.
June
28 Dec.
Dec, 28 Dec.
Dec. 28 Dec.
5% preferred (quar
Montana Power Co.,
Montreal
Light, Heat & Power Consol. (quar.)_
(quar.)
Morris (Philip) & Co.
Morris & Essex RR
Dec.
Jan.
June
Dec.
Pacific Indemnity Co. (quar.).
Extra
Pacific Lighting Corp. preferred (quar.).
Pacific Public Service (guar.)
Pacific Telephone & Telegraph Co. (quar.)
Preferred (quar.)
Pacific Tin Consolidated.
14
14
14
Feb.
1 Jan
Jan.
15 Dec.
13
13
2 Dec.
13
Jan.
Jan.
Jan.
Jan.
31 Dec. 31
15 Dec. 27
llDec. 12
•
Apr. 21
22
Apr. 15 Apr.
1
Jan.
1 Dec.
Jan.
1 Dec.
10
14
Dec. 31 Dec.
16
Jan.
2 Dec.
Jan
2 Dec
16
20
Jan
2 Dec
20
Jan.
2 Dec.
Feb.
1 Dec.
16
16
Jan.
2 Dec.
14
Jan.
2 Dec.
14
Jan.
2 Dec.
14
Jan.
2 Dec.
Dec. 31 Dec.
11
15
2 Dec.
24
2 Dec.
24
Dec. 31 Dec. 20
2 Dec. 16
Jan.
2 Dec.
16
Dec. 28 Dec.
2 Dec.
18
12
Jan.
Jan.
Jan.
2 Dec.
13
13
Jan.
2 Dec.
6
Jan.
2 Dec.
21*
Jan.
$1H
31
2 Dec.
Jan.
$1H
2 Dec.
Jan.
2 Dec.
16
Dec. 28 Dec. 18
15
1 Jan.
Feb.
Jan.
2 Nov. 25
Feb.
1 Jan.
1 Jan.
15
15
Jan.
2 Dec.
30
Dec. 28 Dec.
2 Dec.
16
10
10
Feb.
Jan.
Jan.
2 Dec.
Jan.
1 Dec.
Dec. 28 Dec.
Dec. 28 Dec.
15 Dec.
2 Dec.
Jan.
Jan.
2 Dec.
Jan.
Page-Hersey Tubes, Ltd. (quar.).
5H% preferred (quar.)..
Pan-American Match Corp.
Paraffine Cos. pref. (quar.).
Park Street Trust Co. (Hartford) (s.-a.).
Parke, Davis & Co
Paterson & Hudson River Railroad (s.-a.)
23
19
19
31
16
20
31
15 Dec.
2 Dec. 20
2 Dec. 20
2 Dec. 16
2 Dec. 16
2 Dec. 14
2 Nov. 30
2 Dec. 17
2 Dec. 14
2 Dec. 14
2 Dec. 14
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
2 Dec.
2 Dec.
14
14
Jan.
2 Dec.
18
18
14
Jan.
Jan.
2 Dec.
Jan.
2 Dec.
Jan.
Jan.
2 Dec.
2 Dec.
14
14
Jan.
2 Dec.
16
Dec. 31 Dec. 23
2 Dec. 10
Jan.
2 Dec. 16
Jan.
6 Dec. 27
31 Dec. 14
14
14
Jan.
Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Dec. 30 Dec. 13
2 Dec. 13
Jan.
Dec. 30 Dec. 26
30c
Dec. 30 Dec. 26
Dec. 30 Dec. 16
1 Nov. 23
J25c
t$lH
Jan.
Jan.
1 Nov. 23
$1H
Jan.
1 Dec.
14
Dec.
31 Dec.
19
Dec.
31 Dec.
2 Dec.
14
Feb.
6H%
5% preferred (quar.)—
.
$6 preferred (quar.)
Montgomery Ward & Co
Class A (quar.)
Jan.
18
18
1 July
Jan.
Pacific Gas & Electric (quar.).
2 May 10
2 May 10
Montana-Dakota Utilities Co
(quar.).
preferred (quar.).
preferred (quar.).
16
14
14
2 Dec.
Jan.
(quar.).
Feb.
Jan.
Pacific Finance Co., 8%
2 Dec. J 0
2 Dec. 17
Jan.
6% preferred
Feb.
Pacific & Atlantic Telegraph Co. (s.-a.)
16
Monongahela West Penn Pub. Serv. pref. (qu.)_
Monroe Chemical Co. pref. (quar.)
Monsanto Chemical Co., $4.25 pref. A (s.-a.)
$4.25 preferred B (semi-ann.)
__
Jan.
(Minn.)-
Preferred A & B (s.-a.K
.2 Dec. 20
2 Dec. 20
1
Jan.
Jan.
Jan.
$6 preferred (quar.)
5H% cumulative preferred (quar.)..
Monarch Life Assurance Co. (Winnipeg)
Jan.
Dec.
Co. (s.-a.)
Mississippi Power & Light, $6 pref
Mississippi River Power prei. (quar.)
Mississippi Valley Public Service—
6% preferred B (quar.)
Missouri Edison Co., $7 pref. (quar.)
Missouri Portland Cement pref. (quar.)
Missouri Power & Light Co. $6 pref. (quar.) —
Mitchell (Robt.) Co., Ltd., pref. (quar.)
Mobile & Birmingham RR. preferred (semi-ann.)
Mock, Judson Voehringer pref. (quar.)
Modern Containers, Ltd. (quar.)
Jan.
Extra
Jan.
14
15
30 Oct. 20
2 Dec. 19
15 Dec. 31
30 Dec. 20*
1 Dec. 14
1 Jan. 17
1 Dec. 30
2 Dec. 16
15 Dec. 31
30 Dec. 19
7
15 Jan.
—
Mission Oil Co
Dec. 30 Dec.
Jan.
(<juar.)—
Oct.
Norwich & Worcester Railroad. 8% pref. (quar.)
Nova Scotia Light & Power ordinary (quar.)
Dec. 31 Dec. 20
Dec. 30 Dec. 20
...
Feb.
(quar.).
2 Dec.
6% preferred
14
2 Nov. 14
1 Jan. 22
May
Aug.
North Texas Co
Northern Central Railway (semi-annual).
Northwestern Electric. 7% pref. (quar.)..
28 Dec.
Dec. 23 Dec.
Metropolitan Edison $6 prior pref. (quar.)
$7 prior preferred (quar.)
$7 cum. preferred (quar.)
$6 cum. preierred (quar.)
$5 cum. preferred (quar.)
Michigan Seamless Tube
Mickelberry's Food Products, J?ref.
Midland Grocery Co., 6% pref. (s.-a
Miuland Oil Corp., $2 preferred
Midland Steel Products 8% pref. (quar.)
Millers Falls Co. (year-end)
Minneapolis Gas Light Co. (Del.) $5 partic.
units (quar.)
Minnesota Power & Light, 7% pref. (quar.)
Feb.
Extra
14 Nov. 28
Jan.
14
.12
30
1 Jan.
1 Jan.
Jan.
Co
(qu.)_New York Mutual Telephone Co. (s.-a.)._
New York Power & Light 7% pref. (quar.)—..
$6 preferred (quar.)
New York State Electric & Gas pref. (quar.)
New York Trust Co. (quar.)
Newport Electric Corp., 6% pref. (quar )
Newport News Shipbuilding & Dry Dock
20
30c
Dec.
Extra
Feb.
(qu.).
NY Pa NJ Utilities Co. (quar.).
Ogilvie Flour Mills (quar.).
Ohio Edison Co. $5 preferred (quar.).
$6 preferred (quar.).
$6.60 preferred (quar.).
$7 preferred (quar.)
$7.20 preferred (quar.).
Ohio Leather Co. 1st pref. (quar.).
2d preferred (quar.).
Ohio Public Service, 5% pref. (mo.).
pi
6% preferred (monthly).
7% preferred (monthly).
Ohio Service Holding Corp., $5 preferred.
Ohio Telephone Service 7% preferred (quar.)..
Old Colony Insurance Co. (quar.)
Old Dominion Fire Insurance (quar.).
Oliver Farm Equipment (initial),
Oklahoma Natural Gas Co. (quar.).
$5H conv. prior preferred (quar.).
Preferred (quar.)
Omnibus Corp. (quar.).
Preferred (quar.)
Orange & Rockland Elec. Co., 6% pref. (quar.).
5% preferred (quar.)
Ottawa Electric Railway (extra).
Ottawa Light Heat <fc Power (quar.).
5% preferred (quar.)
Merck & Co., preferred (quar.)
Mesta Machine Co
2 Dec.
2 Dec.
1 Dec
Jan.
Jan. 15 Dec.
Dec. 31 Dec.
1 Jan.
Feb.
New York & Honduras Rosarlo Mining
New York Lackawanna & Western Ry.
23
1 Dec. 21
15 Dec. 24
2 Nov. 20
15 Dec. 13
15 Dec. 31
Jan.
Jan.
(quar.).
Jan.
Preferred (quar.).
23
15 Dec. 31
1 Dec. 20
Jan.
Jan.
Jan.
Jan.
(semi-annual)
Jan.
New York Auction Co.
20
Dec. 30 Dec.
2 Dec.
Jan.
Memphis Natural Gas Co. (year-end)
Mengel Co. 5% first preferred
Mercantile Transport & Forwarding, Ltd.
6% cum. preferred (s.-a.)
Merchants Bank of N. Y. (quar.)
Jan.
New York & Harlem Railroad (s.-a.).
Preferred (semi-annual)
Jan.
Mead Johnson & Co. (quar.)
Extra
Jan.
Jan.
Jan.
20
16
20
1 Jan.
2 Dec. 21
15 Dec. 31
Jan.
Jan.
$1H
$1H
50c
Dec, 28 Dec.
Jan.
New Orleans Public Service.
Jan.
16
1 Feb. 15
15 Dec. 31
Feb.
pref. (quar.).
3 Dec. 26
3 Dec. 26
2 Dec. 20
Feb.
Massawippi Valley RR. (s.-a.)
20
20
Jan.
t$lH
(qu.)
Quarterly.
Quarterly.
Quarterly
National Fire Insurance (quar.).
National Fuel Gas (quar.)..
National Gas & Electric Corp.
National Grocers Co., Ltd., $1.50pref. (quar.).
National Lead Co. pref. B (quar.).
National Power & Light. $6 pref. (quar.).
National Standard Co. (quar.)
National Steel Car Corp., Ltd. (quar.).
National Steel Corp. (quar.)
Nay bob Gold Mines (initial) (quar.).
Quarterly
NeniCorp. (quar.).
Preferred (quar.)
Neilaon (Wm.), Ltd., 7% pref. (quar.).
New England Fire Insurance Co. (quar.).
New England Power Association 6% pref. (qu )
$2 preferred (quar )
New England Power Co. preferred (quar.).
Preferred (quar.)
New Hampshire Fire Insurance Co.
Special.
New Haven Water (semi-ann.).
New Jersey Water Co., 7% pref. (quar.).
New London Northern RR. Co. (quar.).
16
Jan.
25c
Mar.
Jan.
National Electric Welding Machine Co.
1 Feb.
1 Mar. 15
Jan.
Dec. 28 Dec.
.—
National Chemical & Mfg. (quar.).
National City Lines, $3 preferred (quar.).
$2 class A (quar.)
National Dairy Products, A & B pref. (quar.)__
13
10
7
$1*
Pipe Co. (increased mo.)
Loew's, Inc
National Casket Co.
20
25c
Medusa Portland Cement pref. A
20-
15 Dec. 31
Dec. 30 Dec. 20
1 Jan. 21
Feb.
Jan.
(qu.)
(quar.).
National Bond & Share Corp.
National Breweries, Ltd., (quar.).
Preferred (quar.)
Nat'l Candy Co., Inc., 7% 1st & 2d pref.
National Cash Register
3
15 Jan.
15c
Lock Joint
Preferred
Jan.
31
21
24
24
14
$1*
.
Extra
Little Schuylkill
Jan.
$1 H
25c
2 Dec. 24
17
20
12
17 He
50c
Quarterly
Lehigh Portland Cement pref.
Jan.
1 Jan.
2 Dec.
2 Dec.
37Hc
7
Jan.
7
2 Dec.
2 Dec. 30
Feb.
Lang (John A.) & Sons (quar.)
Langdndorf United Bakeries, class A (quar.)
Lehman Corp. (quar.)
Lenox Water (quar.)
Jan.
Jan.
Jan.
Lambert Co
7
2 Dec.
2 Dec.
Jan.
(quar.).
.
7% preferred A & B (quar.).
Jan.
31 Dec.
(year-end)
.
Holders
When
Payable of Record
Moore (Wm. R.) Dry Goods Co. (quar.L
Morrison Cafeterias Consol., Inc., 7% pref.
Jan.
Dec.
Lamaque Gold Mines Ltd
Share
Name of Company
28 Dec. 20
Jan.
80c
10c
Laclede Steel Co
3841
Jan.
15
1 Jan.
Feb.
15
15
1 Jan.
Feb.
Jan.
Jan.
19
1 Jan.
.
15 Dec. 31
2 Dec. 14
2 Dec.
14
15 Dec. 31
Dec. 28 Dec. 18
Dec. 31 Dec. 18
Jan.
Jan.
Dec.
Jan.
15 Dec. 31
28 Dec. 23
2 Dec. 16
2 Dec. 21
Dec. 30 Dec. 18
2
15 Jan.
2 Dec. 10
Jan.
2 Dec. 17
Jan.
2
Jan. 15 Jan.
Jan.
Jan.
The Commercial & Financial Chronicle
3842
When
Per
Name of Company
Share
Patterson-Sargent Co
Pat he
25c
30c
Film
Corp
preferred (quar.)
Payne Furnace & Supply, pref. A & B.
Peaslee-GauJbert Corp. pref. (quar.)
Peerless Casualty (New Haven) pref. (s-a)
Perm-Federal Corp., preferred (s.-a.)
Perm Traffic Co. (semi-annual)
Penna. Co. for Insur. on Lives & Granting Ann..
Peninsular Telephone (quar.)..
Preferred A (quar.)
Pennsylvania Edison Co., $5 pref. (quar.)
$2.80 preferred (quar.)
Pennasylvania Glass Sand Corp., pref. (final)..
Pennsylvania Power & Light $7 preferred (quar.)
$6 preferred (quar.)
$5 preferred (quar.)—
Pennsylvania Sugar Co. (quar.).
$7
$1X
conv.
t30c
SIX
S3
SIX
15c
40c
60c
35c
SIX
70c
SIX
SIX
m
37 He
$1
Pennsylvania Water & Power Co. (quar.)
Preferred
(quar.)
Peoples Gas Light k Coke (quar.)
Peoria Water Works, 7% pref. (quar.)
Perfect Circle Co. (quar.)
Perfection Stove (quar.)
%
Jan.
2 Dec. 20
Dec. 30 Dec. 10
2 Dec. 23
Jan.
Ian. 15 Jan.
2
Dec. 29 Dec, 23
1 Dec. 20
Jan.
Jan.
2 Dec. 20
Jan. 25 Jan. 10
2 Dec. 13
Jan.
25c
Pfaudler Co
25c
Pfeiffer Brewing Co. (quar.)
25c
Philadelphia Baltimore & Washington RE.(s.-a.)
S1H
Philadelphia Co., $6 preferred (quar.)
flH
$5 preferred (quar.)
SIX
Philadelphia Electric Power preferred (quar.)..
50c
38c
Philippine Long Distance Telephone
Phillips Packing Co., preferred (quar.)
$ 1.31H
Phoenix Insurance (Hartford) (quar.)
50c
Special
$1
Pick (Albert) Co
12Hc
Pickle Crow Gold Mine, Ltd., (quar.)
10c
Pilgrim Trust (Boston) (quar.)
$2
Pilot Full Fashion Mills, Inc. (quar.)
10c
6H % cum. preferred (semi-ann.)
65c
Pioneer Gold Mines of British Col.
JlOc
(quar.)
Pittsburgh Coke & Iron Co
25c
Pittsburgh Forgings
25c
Pittsburgh Fort Wayne St Chicago RR. (quar.).
SIX
Preferred (quar.)
SIX
Pittsburgh & North Adams RR. (B & A leased)
(8.-1.)
...
14
15
2-4-41
2 Dec. 10
2 Dec. 10
1
Jan.
2 Dec.
Jan.
2 Dec.
14
Jan.
2 Dec.
14
Mar. 15 Mar.
1
Jan.
Tan.
Tan.
Jan.
37 He
25c
*
1 Dec.
Feb.
Jan.
Jan.
Jan.
Jan.
Permutit Co
Extra
14
2 Dec.
16
2 Dec.
16
15 Dec. 21
2 Dec.
2 Dec.
11
16
Dec. 28 Dec. 20
Dec. 28 Dec. 20
Dec. 28 Dec. 20
2 Dec.
2 Dec.
14
14
Jan.
20 Dec. 31
Dec. 31 Dec. 16
Jan.
2 Dec.
23
Dec. 28 Dec. 16
1 Mar. 16
Apr,
Jan.
2 Nov. 30
Dec. 30 Dec. 20*
Dec. 30 Dec. 27
Jan.
2 Dec.
10
Jan.
7 Dec.
10
Jan.
2 Dec. 31
2 Dec. 14
Pond Creek Pocahontas
Port Huron Sulphite & Paper Co
Dec. 28 Dec. 20
Dec, 30 Dec. 23
Dec. 30 Dec. 23
Jan.
2 Dec. 14
Jan.
Dec. 14
Feb.
Dec. 31
Jan.
Jan.
Jan.
Public Service Co. (Okla.) 7% prior lien
(quar.).
6% prior lien (quar.)
Publication Corp. original pref.
(quar.)
Puget Sound Power & Light, $5 prior pref
Puget Sound Pulp & Timber Co., pref. (quar.)
...
Dec. 21
Dec.
Dec. 24
28 Dec. 18
Dec. 31 Dec.
Jan.
2 Dec.
"
Jan.
Jan.
Jan.
Jan.
2 Dec. 20
2 Dec. 20
2 Dec. 20
Jan.
2 Dec. 20
15 Dec. 13
Feb.
15 Jan.
Jan.
2 Jan.
15
2
Jan.
2 Jan.
2
Jan.
Jan.
2 Dec. 20
15 Dec. 20
Jan.
f|B£
Jan.
Ian.
Dec.
1 Dec.
87 He
Railroad Employees Corp.,
preferred (quar.)...
Railway & Light Securities Co.—
6% preferred (quar.)
Ralston Steel Oar 6% preferred
(quar.)
Rayonier, Inc., $2 preferred (quar.)
Ray-O-Vac Co. (quar.)
I-I-I
Extra
8% preferred (quar.).
Reading Co. (quar.)__.
2nd preferred (quar.)
Reading Gas (Penna) (s .-annual)
Real Estate Loan Co. of
Canada, Ltd. (s.-a.).__
Reece Folding Machine
Reed Drug
__II_I_'
Class A (quar.)
I_„IIIIII
Reed Prentice Corp., preferred
(quar.)_II"I"
Reliable Stores Corp., common
(quar.)._
5% convertible preferred (quar.)
III
Reliance Mfg. Co. pref. (quar.)
Remington Rand, Inc. (interim)
Preferred (quar.)
Rensselaer & Saratoga RR.
(s.-a.)
III J
Republic Investors Fund, Inc. (quar.) .Till
6% preferred A & B (quar.)
III
Republic Steel Corp. 6% Pref. (quar.)
6% prior preferred (quar.)
II.
Reynolds Metals Co., 5H % cum. conv. pf.(qu.)
Rice-Stix Dry Goods Co. 1st and 2d
pref. (quar.)
Rich's. Inc., 6H% pref.
(quar.)
RIchman Bros, (quar.)
Richmond Fredericksburg & Potomac
RR.
7% gtd. preferred (s.-a.)
6% guaranteed preferred (s.-a.)
„
Jan.
tlU
10
10
1 Dec.
13
20 Dec. 31
Feb.
1 Dec. 23
Dec.
30 Deo. 20
Jan.
Jan.
2 Dec. 20
2 Dec. 13
31 Dec.
16
Dec.
31 Dec.
Dec. 31 Dec.
16
Feb.
Dec.
Jan.
13 Jan.
9 Dec.
16
16
19
Jan.
2 Dec.
9
Jan.
2 Dec.
17
7c
Dec.
28 Dec.
18
10c
Dec.
30 Dec.
16
SXc
10
if?
Skenandoa
50c
50c
7% pref. (final)
6% preferred (final)
_
7% preferred
Jan.
2 Dec.
Jan.
1 Dec. 20
1 Dec. 20
Dec,
28 Dec. 21
Jan.
1 Dec.
17
35c
Jan.
1 Dec.
14
55c
S3
Jan.
1 Dec.
Jan.
1
SIX
Jan.
12Hc
Jan.
23c
Feb.
25 Jan.
Jan.
2 Dec. 13
15 Dec. 31
4c
Jan.
SIX
Jan.
t$3X
Jan.
Southern Natural Gas Co
10c
Dec. 31 Dec. 16
15 Dec. 31
Dec. 28 Dec.
7
15c
Jan.
$1H
SIX
SIX
SIX
SIX
Jan.
Jan.
Jan.
14
20
2 Dec.
14
Springfield Gas & Electric Co. $7 pref. (quar.)_„
Square D Co. 5% pref. (quar.)
Squibb (E. R.) & Sons, $5 preferred (quar.)
Staley (A. E.) Mfg. Co., 7% preferred (s.-a.)_.
Standard Brands, Inc., (quar.)
—
Extra
Preferred (quar.)
Standard Fuel Co., preferred
Standard Oil (Ohio) $5 pref. (quar.)
Standard Screw 6% preferred (s.-a.)
Standard Wholesale Phosphate & Acid Wks.(qu)
Stanley Works, preferred (quar.)
Starrett (L. S.) Co
Stearns (Frederick) & Co
Preferred (quar.)
Stecher-Traung Lithograph (quar.)
1 Dec. 20
2 Dec.
S1K
Jan.
SIX
15c
m
Extra
Preferred (quar.)
U3Xc
Strawbridge & Clothier 7 % pref
14
15 Dec. 31
2 Dec.
14
5
15 Jan. 31
Dec. 30 Dec. 18
Dec. 28 Dec. 26
Feb.
Dec. 28 Dec. 26
Dec. 31 Dec. 21
Dec.
31 Dec. 21
Dec. 31 Dec. 14
2 Dec. 20
Jan.
Jan.
Feb.
Feb.
2 Dec. 20
1 Jan.
7
1 Jan.
1 Jan.
7
7
Dec.
Stix, Baer & Fuller, pref. (quar.)
Sun Life Assurance (Can.)
(quar.)
Sundstrand Machine Tool
43Xc
t$3X
Sunray Oil Corp., preferred (quar.)
Superheater Co. (quar.)
Superior Oil Corp new common (special)
Old unexchanged common
(special)
Superior Water Light & Power 7% pref. (quar.)
Supersilk Hosiery Mills, Ltd., 5% pref. (s.-a.)-.
Sussex RR. (s.-a.)
Swift & Co. (quar.)
8ylvanite Gold Mines (quar.)
68Xc
12He
50c
10c
3 l-3c
SIX
S2X
5c
25c
50c
25c
Taylorcraft Aviation, pref. A (initial)
Teck-Hughes Gold Mines (quar.)
Telluride Power Co.,
7% preferred (quar.)
Tennessee Corp., common
(resumed)
Texas Corp. (quar.)
Texas Electric Service
preferred (quar.)
May
May
Apr. 30
Apr. 30
Texon Oil & Land
Thatcher Mfg. Co., $3.60
SIX
Six
Jan.
Dec. 20
Jan.
Dec.
Jan.
Nov. 19
Jan.
Jan.
10
37Hc
Mar
Feb.
20
Jan.
Dec.
Thayers Ltd., preferred
Thompson Products, Inc., pref. (quar.)
Tide Water Associated Oil
pref. (quar.)
Tip Top Tailors, Ltd. (quar.).
7% preferred (quar.)
Title & Mtge. Guarantee Co., Ltd.
(year-end)
Todd Shipyards Corp__
Toledo Edison Co., 7% pref. (mo.)
6 % preferred (monthly)
5% preferred (monthly)
Toledo Shipbuilding
(quar.)
Torrington Co, (quar.)
Torrington Water Co. (quar.)...
Towle Mfg. Co.
(quar.)
Towne Securities Corp., 7% cumul.
pref
Trade Bank & Trust (N. Y.) (quar.)
31 Dec.
1 Dec.
14
10c
68Hc
16
Dec. 28 Dec. 23
1 Dec. 14
Jan.
Jan.
15 Jan.
4
Dec. 28 Dec. 14
Dec. 28 Dec. 14
2 Dec. 16
Jan.
Jan.
SIX
62 He
Taggart Corp., $2H preferred (quar.)
Talcott (James) Inc
5H% participating preference (quar.)
Tamblyn (G.), Ltd. (quar.)..
Dec.
Jan.
Jan.
Jan.
50c
...
.
14
50c
5c
Tacony-Palmyra Bridge (quar.)
30 Dec.
30c
Extra
12
16
2 Dec.
Mar. 15 Mar.
Feo.
Dec.
Dec.
14
$3
50c
Jan.
Jan.
9
Mar. 15 Feb.
$i!l
40c
9
2 Dec.
Jan.
Jan.
$1
(quar.)
6% prfeferred (quar.)
Steel Co. of Canada
(quar.)
2 Dec. 31
1 Jan. 15
Jan.
30c
5% pref. (quar.)
14
Jan.
Jan.
SIX
12 He
Stedman Bros., Ltd.
Feb.
2 Dec.
10c
10c
31Hc
Extra
Jan.
13
13
31
3H%
Preferred (quar.)
Taunton Gas Light (quar.)
Jan.
31 Dec.
2 Dec.
15
12
SIX
15 Dec. 31
15 Jan. 31
15 Dec. 20
Jan.
Feb.
15 Jan.
Dec.
Dec. 20
Dec.
5
Dec. 23
Jan.
Jan.
Jan.
Feb.
Dec.
15' Dec. 20
15 Dec. 20
15 Dec. 31
Jan.
Jan.
Jan.
5
Jan.
SIX
«1H
SIX
SIX
SIX
Jan.
20
35c
18
__
1 Dec.
SIX
six
SIX
SIX
Dec.
Jan.
_
Jan.
SIX
10
Jan.
5
Jan.
5% cumulative preferred (quar.)
Southwestern Life Ins. Co. (Dallas) (quar.)
Southwestern Light & Power, $6 pref. (quar.)_.
14
10
lo
15
2 Dec.
2 Dec.
Jan.
Dec.
10
Dec.
Jan,
Jan.
Dec. 31 Dec.
Jan. 15 Dec.
Dec.
Dec. 21
Dec. 20
Dec.17
4
25c
Dec.
Jan.
1 Dec.
Dec. 30 Dec. 20
Jan.
2 Dec. 16
Jan. 15 Jan.
2
25c
Dec.
Jan.
Jan.
SIX
Special
Jan.
Rome & Clinton RR
Rubinstein (Helena) class A
(quar.).._"III_II
Ryan Consolidated Petroleum
"
Sabin Robbins Paper, 7% pref.
15
Southern New England Telephone
Southwestern Gas & Electric Co.—
Jan.
Jan.
Jan.
13
30 Dec. 27
Dec. 30 Dec. 27
37Hc
37c H
t20c
tS IX
6% preferred A (quar.)
$4
10c
15c
15
Dec. 20
Dec. 20
2 Dec.
2 Dec.
10
25
Dec.
37 He
SIX
Jan.
16
25c
34 He
(quar.)
Preferred (quar.)
II""
14
Dec. 20
12Hc
mx
Southern Canada Power (quar.)
Preferred (quar.)
2 Dec. 21
21
20
1 Dec.
20 Jan.
2%
Original preferred (quar.)
5H% series C preferred (quar.)
Southern California Gas, 6% pref.
Jan.
*8
14
2 Dec. 14
Dec. 28 Dec. 23
Dec. 28 Dec. 23
Dec. 28 Dec. 23
25c
;
Extra
Class A (quar.)
Extra
2 Dec. 21
2 Dec.
Southern Calif. Edison Co., Ltd.—
16
Jan.
14
14
Jan.
South Porto Rico Sugar Co
Preferred (quar.)
Southern Bleachery & Print Works, Inc.—
20
75c
10
2 Dec.
SIX
27Hc
SIX
SIX
SIX
South Carolina Power Co. $6 preferred (quar.).
South Pittsburgh Water Co., 4H% pf. (quar.)_
1 Mar. 22
1 Mar. 22
14
20
Rayon Corp.—
2 Dec.
14
1 Jan.
2 Dec.
Dec. 31 Dec.
62c
65c
Preferred A and prior pref. (quar.)
Dec. 30 Dec.
17*
Feb.
Jan.
Jan.
15c
Smith (Howard) Paper Mill,
pref. (quar.)
Snyder Tool & Engineering (Initial)
Sonotone Corp.,
preferred (quar.)
South Carolina Elec. & Gas Co., $6 pref. (quar.)
Apr.
Apr.
Dec.
Jan.
Dec.
Dec. 30 Dec.
Feb.
1 Dec. 19
28 Dec. 18
1 Jan. 20
25c
Jan.
Jan.
Dec.
Jan.
25c
(quar.)
II
Safeway Stores, Inc., preferred
St. Croix Paper, pref.
(semi-annual)
I__
St. Joseph Ry., Lt., Heat & Pow. Co.
pfd. (qu.)
2 Dec.
Jan.
Extra
12Hc
37Hc
SIX
Jan.
10
Jan.
(quar.)
87 He
20c
2 Dec.
25c
50c
(~qu.)__I
Rochester & Genessee Valley RR..I
I
Rochester Telephone,
6H% pref. (quar.)
Quarterly
Roeser & Pendleton. Inc.
(quar.)_.!_.II!
20c
50c
10
_
Jan.
50c
50c
50c
50c
25c
16
Feb. 28 Feb.
1
Feb.
1 Jan. 15
Feb. 25 Jan. 25
Jan. 27 Dec. 20*
Jan.
1 Dec. 13
SIX
SIX
SIX
37Hc
11
15
Jan. 15 Dec. 31
Dec. 30 Dec. 20
Jan.
25c
20c
conv. 1st pref. (quar.)
Jan.
Jan.
30c
20c
B preferred (quar.)
Richmond Water Works
Corp. 6% pref.
Risdon Mfg., 7%
pref. (quar.)
Riverside Silk Mills, class A
(quar.)
Rochester Button Co. (quar.)__
Preferred (quar.)
SIX
SIX
SIX
six
Dec. 31
Dec. 23
Dec. 31
Dec. 31
Dec. 21
SIX
SIX
SIX
six
_.
Pure Oil Co., 5% preferred
(quar.)
Rath Packing (year-end)
Dec. 31
Jan.
Jan.
Jan.
5H% preferred (quar.)
5H% preferred
6% preferred (.quar.)
Quaker Oats Co. 6% pref. (quar.)
Quarterly Income Shares, nc
Quebec Power Co
Radio Corp. of America
14
Jan.
Procter & Gamble Co., pref. (ouar.)
Prosperity Co.. Inc., pref. (quar.)
Providence & Worcester RR. (quar.)
Provincial Paper Co. Ltd. 7 % pref.
(quar.)
Prudential Investors $6 prer.
(quar.)...
Common
Public National Bank & Trust Co. (N.
37Hc
Y.) (qu.)
Public Service Co. of Colorado,
7% pref. (mo.). 58 1-3 c
6% preferred (monthly)
50c
5% preferred (monthly)
41 2-3 c
Public Service Co. (N. J.), 6
50c
% pref. (monthly)..
6% preferred (mo.)
50c
|3H cum.
1 Dec.
20,Dec. 31
15,Dec. 31
10
10
Jan.
Jan.
Scruggs-Vandervoort-Barney, Inc
3H% preference (s.-a.)
6% 1st preferred (s.-a.)
7% 2nd preferred (s.-a.)
Seaboard Finance Corp
$2 convertible preferred (quar.)
$2 preferred (quar.)
Securities Holding Corp. $6 non-cum. pref
Seiberling Rubber prior pref. (quar.)
Selected American Shares. Inc
Jan.
21
2 Dec.
2 Dec.
$1
SIX
(quar.)
Selected Industries. Inc., $5H prior stock (qu.)_
Seven-Up Bottling Co. (quar.)
Preferred (semi-annual)
Shamrock Oil & Gas Corp., 6% pref. (s.-a.)
Sharon Steel Corp. pref. (quar.)
Shatterproof Glass Corp. (quar.)
Shawinigan Water & Power Co. (quar.)
Shawmut Assoc. (Boston)
Sheep Creek Gold Mines, Ltd. (quar.)
Shell Union Oil Corp., preferred (quar.)
Sherwin-Williams of Canada, Ltd., 7% pref
Signode Steel Strapping
Jan.
2 Dec.
Jan.
pref.(quar.)
preferred (quar.)
Preferred A
Jan.
SIX
14
Jan.
Extra
Price Bros. & Co., Ltd., 5H%
preferred
cum.
15
2 Dec. 23
Dec. 30 Dec. 24
Dec. 31 Dec. 14
Jan.
3
20
Jan.
Jan.
Corp. of Canada (Interim)..
6% preferred (quar.)
6% partic. preferred (quar.)
Preferred Accident Insurance Co.
(extra)
Preston East Dome Mines (quar.)
$4
Jan.
Jan.
2
2
15
SIX
SIX
—
10 Dec.
10
Dec. 28 Dec. 23
Jan.
1 Dec. 14
15 Jan.
2 Dec.
2 Dec.
Jls1
(quar.)
Schwitzer-Cummins Co_
Tan.
2
Jan.
25c
(qu.)-_
Dec. 31 Dec.
2 Dec.
Tan.
2 Dec.
Jan.
1 Dec.
2
15 Jan.
Jan.
Santa Cruz Portland Cement Co
Savannah Electric & Power, 7H % deb B
20
Jan.
Jan.
$1H
SIX
37Hc
SIX
3% second preferred (s.-a.)
Scott Paper Co., $4H cum.
Holders
Payable of Record
$3
St. Paul Union Stockyards Co. (quar.)
San Antonio Public Service, pref. (quar.)
Scranton Electric Co. $6 preferred
When
1940
25c
(s.-a.)
St. Louis National Stockyards
8% debenture A (quar.)
7% debenture C (quar.)
6H% debenture D (quar.)
Schenley Distillers, preferred
28.
t50c
St. Lawrence Corp. 4% pref. (quar.)
St. Lawrence Paper Mills Co. 6% preferred
St. Louis Bridge, 6% 1st pref.
2 Dec.
Plough, Inc
Plymouth Cordage Co. (quar.)
Plymouth Rubber Co., Inc., 7% pref. (quar.)
Power
Share
Name of Company
Ian.
Planters Nut & Chocolate (quar.)....
4% non-cum. preferred (par-end)
Porto Rico Power Co., 7% pref. (quar.)
Potash Co. of America
Per
Holders
Payable of Record
Jan.
Dec.
2 Dec.
13
2 Dec.
1 Dec.
12
2
Dec. 28 Nov.
Dec. 28 Nov.
6
Dec. 30 Dec. 16
Dec. 30 Dec. 16
Dec. 30 Dec. 16
Dec. 30 Dec. 16
Feb.
1 Dec. 18
Jan.
2 Dec. 16
Jan.
1 Dec. 16
Jan.
1 Dec. 16
10c
$l'd
50c
SIX
10c
90c
preferred (quar.)
$1
>4
$1H
15c
—
SIX
$2
S2X
58 l-3c
50c
41 2-3c
50c
40c
50c
2 Dec.
2 Dec.
12
Jan.
20.8c
Jan.
Jan.
20c
2 Dec.
14
Jan.
Jan.
1 Dec.
16
1 Dec.
6
12
Jan.
2 Dec. 14
Mar. 12 Feb. 24
2 Dec.
Jan.
6
Jan.
2 Dec. 14
Dec. 30 Dec. 10
Feb. 15 Jan. 31
Jan.
1 Dec. 24
1 Dec. 21
Jan.
2 Dec. 10
Jan.
Jan.
2 Dec. 20
Jan.
2 Dec. 20
2 Dec. 31
Jan.
Dec. 30 Dec. 23
Jan.
2 Dec. 14
Jan.
2 Dec.
14
Jan.
2 Dec.
14
21
Dec. 28 Dec.
Jan.
2 Dec. 18
Dec. 31 Dec. 20
15 Jan.
8
Dec. 28 Dec. 20
SIX
SIX
Jan.
15c
Feb.
l'Jan.
21
Volume
The Commercial & Financial Chronicle
151
,
Per
Name of
Share
Company
Traders Finance Corp., Ltd., preferred A (qr.)_
Preferred B (quar.)
Transue & Williams Steel Forgings Corp
Travelers Insurance (quar.)_
tUH
-
$4
SIM
$i K
Tri-Continental Corp. $6 cum. pref. (quar.)
Tubize Chatillon Co., 7% pref., (quar.)
Tuckett Tobacco Co., 7 % pref.: (quar.)
Tunnel RE. of St. Louis (s.-a.).
Twin State Gas & Electric prior lien (quar.)
Udylite Corp
-
S1ll
$IH
10c
„
Underwriters Trust (N. Y.)
Union Carbide & Carbon Corp
Union Investment Co., preferred (quar.)
Union Pacific KR
$1
75c
!
95c
—
Union Premier Food Stores (quar.)
Union Stockyards Co. of Omaha (quar.)
Union Twist Drill Co
United Bond & Share Ltd. (quar.)
United Chemicals $3 part, preferred
15c
t$3
United Fruit Co
.■
United Fuel Investments, Ltd., 6% pref. (qu.)_
United Illuminating Co. (year-end)
_
.
United Loan Industrial Bank (B'klyn, N. Y.)
United Milk Products
SI
-
(quar.)
7% preferred (semi-ann.)
Gypsum Co. (quar.)
7% preferred (quar.)_
United States Hoffman Machine, pref. (qu.)
United States Playing Card
(quar.)
2 Nov. 30
Dec. 28 Dec. 16
Dec. 31 Dec. 21
Dec. 28 Dec. 20
Jan. 15 Dec. 31
Dec. 31 Dec. 23
15 Dec. 19
2 Dec. 20
Dec. 28 Dec. 14
2 Dec. 20
Jan.
Jan.
Jan.
Jan.
Jan.
2 Dec. 11
2 Dec. 11
10 Dec. 20
2 Dec. 20
6 Dec. 17
Jan.
2 Dec. 20
2 Dec. 20
25c
SI
87 He
na
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
15 Dec. 12
15 Dec. 27
2
15 Jan.
Dec. 28 Dec.
Feb.
1 Jan.
Jan.
2 Dec.
1
Dec." 2
2,693,000
379,573,000
265,782,000
379,573,000
265,782,000
427,377,000
352,100,000*
645,355,000
645,355.000
773,477,000
648,170,000
—-
Total U. 8. Government securities
direct and guaranteed———.
Total bills and securities
648,289,000
Due from foreign banks
Federal Reserve notes of other banks..
Uncollected items———.
778,195,000
2,025,000
17,000
17,000
17,000
4,426,000
221,168,000
9,721,000
13,292,000
2,234,000
253,326,000
9,721,000
13,080,000
3,830,000
192,149,000
8,867,000
18,840,000
....
Bank premises.—
Other assets
—
Total assets.
10593,963,000 10639,533,000 8,144,441,000
LiabUUies—
1,573,086,000 1,562,232,000 1,263,235,000
7,393,928,000 7,366,275,000 6,096,382,000
276,808,000
215,090,000
171,180,000
641,521,000
144,730,000
612,667,000
451,788,000
178,743,000
489,773,000
Foreign
Other deposits.
Total deposits.
8,711,458,000 8,736,392,000 6,591,035,000
211,828,000
166,965,000
180,156,000
2,116,000
1,583,000
1,737,000
10466,437,000 10512,035,000 8,023,351,000
61,091,000
53,326,000
7,109,000
15,972,000
51,094,000
53,320,000
7,109,000
15,997,000
50,957,000
52,463,000
7,457,000
10,213,000
Jan.
SIM
Jan.
Jan.
50c
20c
S3 M
SIM
SIM
94.3%
20 Jan. 10
Jan.
2 Dec. 21
Dec. 30 Dec. 21
2 Dec. 21
Jan.
2 Dec. 21
Jan.
1 Dec. 16
Jan.
Dec. 31 Dec. 23
Jan.
Jan.
Commitments
to
make
vances
industrial
94.3%
90.9%
701,000
704,000
1,803,000
ad¬
——
t "Other cash" does not Include Federal reserve notes or a bank's own Federal
Reserve bank notes.
x
These
certificates given by the United States Treasury for the gold
are
over from the
taken
Reserve banks when the dollar was, on Jan. 31, 1934. devalued from
100 cents to 59.00 cents,
these certificates being
worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
2 Dec. 31
2 Dec. 28
2 Dec. 28
2 Dec.
1 Dec.
2 Dec
18
Dec. 28 Dec. 16
1 Dec. 26
2 Dec. 14
Dec. 31 Dec. 16
Jan.
Jan.
2 Dec. 21
Dec. 30 Dec. 13
15 Dec. 20
Jan.
2 Dec. 14
York City
Weekly Return of the New
Clearing House
14
16
Jan.
;
Total liabilities and capital accounts— 10593,963,000 10639,533,000 8,144,441,000
1
Jan.
Jan.
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
STATEMENT
MEMBERS
OF
OF THE
NEW
HOUSE
YORK CLEARING
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY, DEC. 26,
1940
Jan.
Jan.
2 Dec. 10
Jan. 15 Dec. 20
Jan. 15 Dec. 20
Dec. 30 Dec. 19
Jan. 15 Dec. 31
.—
Jan.
Jan.
Jan.
2 Dec.
15 Jan.
20
10
14
11
12
10
Dec. 28 Dec. 20
1 Jan.
10
Feb.
Jan.
2 Dec. 14
Jan.
Jan.
2 Dec.
2 Dec.
Jan.
Wheeling Steel Corp. 6% preferred (quar.)
$5 prior preferred (quar.)
—
Whitaker Paper Co. pref. (quar.)-—White Rock Mineral Springs 1st pref. (quar )—
2nd preferred (quar )
——
—
Whitman (Wm.) & Co., preferred (quar.)
Wichita Union Stockyards 6% pref. (s.-a.)Wichita Water Co. 7% preferred (quar.)-Wieboldt Stores, Inc., $5 prior pref. (quar.) —
6% preferred (quar.)—
Wilcox Gay Corp. (year-end) - —
Will Sc Baumer Candle Co., Inc. (quar.)---——
Preferred (quar.)
—
Wilsil, Ltd. (quar.)
Wilson Products, 1m . (extra)-
2 Dec.
1 Dec.
28 Dec
Jan.
Dec
Dec
Jan.
Jan.
Jan.
Jan.
Jan.
14
13
13
14
26
28 Dec. 26
1 Dec. 14
15 Jan. 10
2
15 Jan.
1 Dec.
1
Dec.
18
18
6 Dec. 16
3
Feb. 14 Feb.
Jan.
2 Dec. 20
Jan.
2 Dec. 14
Dec. 28 Dec. 20
Jan.
-
Electric Power—
Jan,
31 Jan.
2 Dec.
2 Dec.
28 Dec.
2 Nov.
2 Nov.
20 Dec.
1 Jan.
1 Feb.
1 Mar.
28 Dec.
2 Dec.
1 Dec.
2 Dec.
Jan.
2 Dec.
Jan.
Dec.
Woodley Petroleum Co. (quar.)
Wright-Hargreaves Mines, Ltd-
Jan.
Jan.
—
—
Jan.
Feb.
Mar.
Wrigley (Wm.) Jr. (monthly) -Monthly
Monthly
-—-—
Apr.
Dec.
—
Jan.
(Monthly)—-———
Jan.
Wurlitzer (Rudolph) pref. (quar.)
Yale & Towne Mfg. Co—
.
——
Yellow Truck & Coach 7% class B pref. (quar.)Yosemite Portland Cement Corp., $4 non-cum.
SIM
SIM
—-—
Youngs town Sheet & Tube Co., preferred (quar.)
15
12
12
Jan.
Jan.
Jan.
1 Dec.
Net Demand
Time
Undivided
Deposits,
Profits
Average
Deposits,
Average
Surplus and
Capital
'
Members
$
Title Guar & Trust Co..
6.000.000
Marine Midland Tr Co-
5,000,000
12,600,000
7,000,000
7,000,000
217,079,000
13,977,000
615,328,000
20,773,000
69,711,900 02,571,626,000
775,607,000
57,837,800
185,796,000 52,220,803,000
40,151,100
749,430,000
73,554,900 Cl,163,659,000
322,851.000
21,193,100
108,927,600
803,003.000
714,639,000
53,435,000
4,470,000
65,800,000
136,804,500 dZ,228,055,000
4,116,000
60,214.000
82,445.800 el,250,571,000
1,481,300
17,283,000
9,473,100
134,949,000
28,009,000
438,663.000
8,002,900
132,173,000
10,382,700
96,090,000
518,618.000
937,003,900 15,677.723,000
Chem Bank A Trust Co.
6.000,000
20,000.000
77,500.000
20.000,000
Guaranty Trust CoManufacturers Trust Co
90.000,000
41,748,000
Cent Hanover BkATr Co
21,000,000
15,000.000
10,000.000
50,000,000
Bank of New York-
Bank of Manhattan Co.
National City Bank—
Corn Exch Bank Tr Co.
First National Bank
Irving Trust Co——
Continental Bk A Tr Co.
Chase National BankFifth Avenue Bank
Bankers Trust Co-
New York Trust Co.—
Comm'l Nat Bk A Tr Co
Public Nat Bk A Tr Co-
Totals.
4,000,000
100,270,000
500,000
25,000,000
17,240,000
37,741,000
181,625.000
6,828,000
79.008,000
113,140,000
54,941,000
29,115,000
803,000
6,732,000
1,082,000
-
42/,675,000
3,789,000
64,627,000
2,363,000
3,087,000
38,064,000
2,049.000
53,143,000
730,804,000
official reports: National, Sept. 30, 1940; State, Sept. 30, 1940; trust
companies, Sept. 30, 1940.
Includes deposits in foreign branches as follows: a 1293,443,000 (latest available
date); b 566,133,000 (latest available date); c 53,050,000 (Dec. 26); d 577,787,000
(latest available date); e $21,937,000 (Dec. 18).
♦As
per
19
Stock
20
20
2
20
20
20
20
20
* Below
and
Bond
Averages
the
daily closing averages of representative
stocks and bonds listed on the New York Stoclc Exchange
as compiled by Dow, Jones & Co.:
/"
are
v
Bonds
Stocki
20
4
10
1 Dec. 20
1 Nov. 30
of non-residents of Canada
dividend will be made.
20
15
Total
10
First
Second
10
RaU-
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
20
10
30
Indus¬
11
dividend,
t On account of accumulated dividends.
Payable in Canadian funds, and in the case
deduction of a tax of 5% of the amount of such
*
Clearing House
Date
5c
-—
*
2 Dec. 22
Jan.
Jan.
Jan.
—
—
-
1,166,000
1,768,000
Other capital accounts.
1§"
—
i
435,000
2,258,000
1,048,000
1,767,000
——
12
19
19
S4M cum. pref. (initial quar.)
Transfer books not clewed for this
Notes
20
2
1 Apr.
1 July
Wetherill Finance Co. (quar.)
Preferred (quar.) —
-----———
*
Bonds--——
1 Feb.
1 Jan.
Young (J. S.) Co. (quar.)
Preferred (quar.)_
622,000
544,000
anteed:
2 Dec. 21
Feb.
—
532,000
516,000
Total bills discounted
Industrial advances————
U. 8 Govt, securities, direct and i
Jan.
Corp. (quar.)
-—-—
direct and guaranteed——
Other bills discounted
Total liabilities.—.
2 Dec.
2 Dec.
2 Dec.
preferred-
obligations
Capital Accountt—
Capital paid In
Surplus (Section 7)—
Surplus (Section 13-b).
Jan.
Jan.
Extra.-----
Govt,
2 Dec.
Westgate-Greenland Oil Co. (monthly) —
Westmoreland, Inc. (quar.)
Westmoreland Water Co., $6 preferred—Weston (George), Ltd. (quar.)
Interim
S.
Jan.
Jan.
1 Jan.
7% preferred (semi-annual)
Extra---
U.
Dec. 30
Dec. 31
2
Jan.
May
Aug.
Western Tablet & Stationery pref. (quar.)-
stock)
by
2 Dec. 20
West Virginia Pulp & Paper—
Extra--
Secured
24
Jan.
Jan.
Feb.
Western Grocers, Ltd. (quar.)
Preferred (quar.)
6% preferred (cash or common
9,697,169,000 9,712,866,000 7,142,543,000
Bills discounted:
13
17
2 Dec.
West Penn Electric, class A (quar.)
West Penn Power pref. (quar.)
West Texas Utilities, $6 preferred (quar.)
Wiser Oil Co. (quar.)
Total reserves-————
1,619,000
68,458,000
3
25c
Wellington Fund Inc
Wells Fargo Bank (San Francisco) (quar.)
5
1,241,000
52,857,000
1,241,000
48,729,000
U. 8. Treasure
15 Jan.
S3M
SIM
SIM
Wayne Pump Co
$
9,647,199,000 9,658,768,000 7,072,466.006
Deposits—Memb
2 Dec. 16
2 Dec. 23
3-1-41
9
U7&
*7m
Washington Title Insurance Co. (quar.).,
6% non-cum. preferred A (quar.)
Waukesha Motor Co. (quar.)
Wayne Knitting Mills pref. (s.-a.)_
Wisconsin
on hand and due from
United States Treasury.*
Redemption fund—F. R. notes
Other cash f
2
Jan.
50c
40c
(semf-ann.)
18,1940 Dec. 27,1939
Gold certificates
2
Jan.
Jan.
Mar.
SIM
SIM
SIM
37 Mc
37 Mc
37Mc
SIM
Inc., 6% preferred
Dec.
$
2 Dec. 20
2 Dec. 20
3
15 Jan.
SIM
$1
Disney Productions, pref. (quar.)
Extra--
Dec. 24, 1940
Assets—
17
15
$2M
.
Westvaco Chlorine Products
date last year:
Mar.
62Mc
"
West Jersey & Seashore RR. (s.-a.)_
West Kootenay Power & Light pref. (quar.)
West New Brighton Bank (Staten Island)
1 Dec.
Apr. 15 Apr.
July 15 July
Jan.
82
SIM
+30c
SIM
SIM
6 Dec.
7
Dec. 31 Dec.
2
2 Dec.
Jan.
1 Jan. 17
Feb.
Jan.
1 Dec. 16
Dec. 31 Dec. 14
810
-
York
following shows the condition of the Federal Reserve
Bank of New York at the close of business Dec. 24, 1940,
in comparison with the
previous week and the corresponding
15 Dec. 31
50c
$1
Western Pipe & Steel Co. of California
Jan.
Jan.
Jan.
17Mc
17Mc
(quar.)
Upper Michigan Power & Light Co. 6% pf. (qu.)
Utah-Idaho Sugar class A
I
Utah Power & Light $7 preferred
$6 preferred
Utica Knitting Co., 5% prior pref. (quar.)
Valley Mould & iron pref. (quar.)
Valley RR. Co. (s.-a.).—
Valve Bag Co., 6% preferred (quar.)
Van Camp Milk pref. (quar.)-Vapor Car Heating Co., Inc. 7% pref. (quar.)—
Viau Ltd. 5% preferred (quar.)
VIctor-Monaghan Co., 7% pref. (quar.).—
Virginian Ry. preferred (quar.)
Preferred (quar.).
Preferred (quar
r.).
Vulcan Detinning Co., 7% pref. (quar.)
W a basso Cotton Co. (quar.)
Wagner Baking Corp
-,
7% preferred (quar.)__
—
2nd preferred (quar.)
Ware River Railroad
6
1 Dec.
2 Dec. 24
S15
Preferred
Walworth Co.,
Jari.
Jan.
Jan.
Jan.
SIM
Preferred (quar.)---—
Universal Cyclops Steel--Universal Leaf Tobacco (quar.)
Walt
1 Jan. 15
2 Dec. 23
Jan.
50c
United States Trust Co. (N. Y.) (quar.)
Extra
'
United Stockyards Corp. conv. pref. (quar.)-;
New
The
1 Dec. 15
2 Dec. 16
Feb.
Jan.
50c
62 Mc
SIM
68Mc
United States Potash Co., common
U. S. Smelting, Refining & Mining Co., common
Preferred (quar.)
United States Sugar Corp., pref. (quar.)
Preferred (quar.)
-
'
Jan.
Jan.
Jan.
50c
-
.
-
1 Dec. 20
2 Dec. 20
15 Dec. 31
$2M
SI M
United States Gauge Co
Preferred
Jan.
Jan.
Jan.
25c
-
U. S. Elec. Lt. & Pow. Shares, Inc., voting shs—
United States Fidelity & Guaranty Co—
U. S.
2 Dec. 14
2 Dec. 14
Dec. 30 Dec. 23
Dec. 30 Dec. 16
Jan.
Jan.
37Mc
lMc
—
Condition of the Federal Reserve Bank of
Payable of Record
50c
$1M
S2M
common
$3 participating preferredUnited New Jersey Railroad & Canal (quar.)
United Printers & Publishers $2 pref. (quar.)
United Shoe Machinery (quar.)
Preferred
SI
75c
$2
Holders
When
3843
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Dec. 27-
129.51
Dec. 26-
129.02
Dec. 24-
27.58
19.75
43.13
108.36
94.66
48.99
109.79
90.45
27.32
19.54
42.89
108.38
94.73
48.88
109.76
90.44
H OLIDA Y
HOLI DAY
Dec. 25.
128.89
Total
27.20
19.01
42.84
108.35
94.76
48.81
109.79
90.43
Dec. 23-
128.41
27.10
19.54
42.68
108.34
94.84
48.90
109.92
90.50
Dec. 21-
128.89
27.17
19.59
42.82
108.47
94.91
48.96
109.94
90.57
I
The Commercial & Financial Chronicle
3g44
Dec. 28, 1940
Federal Reserve System
Weekly Return of the Member Banks of the
System, giving the principal
Following is the weekly statement issued by the Board of Governors of the Federal Reserve
resources and liabilities of the reporting member banks in 101 leading cities from which
weekly returns are obtained.
items of
week behind those for the Reserve banks themselves.
The comments of the Board of Governors of
the figures for the latest week appear in our department of "Current Events and Discussions "
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
These
figures
always
are
the Federal Reserve
a
System
upon
of May 19, 1937. various changes were made in the breakdown of loans as reported In this statement, which were
Federal Reserve Bank of New York on April 20, 1937, as follows:
,
.
.
„
.
.
form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
Commencing with the statement
described in an announcement of the
The changes in the report
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in
amounts of
securities.
purpose of purchasing or carrying
New York City and those located
bank purchased or discounted with 'acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper," instead of in "all other^toans," as formerly.
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural loans
and other loans,
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published in the May 29,1937 issue of the
Chronicle, page 3590.
Provision has been made also to include "acceptances of own
outside New York City.
,
WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
ASSETS AND LIABILITIES OF
„
,
CITIES BY DISTRICTS ON DEC. 18. 1940 (In Million! of Dollars)
i
Loans—total
Open market paper
Loans to brokers and dealers In secure.
$
$
8
$
1,972
747
713
427
723
586
2,371
3,465
751
298
374
3,631
1,077
751
479
375
218
341
310
1,001
321
2,0 U
234
311
137
197
657
219
114
203
211
368
65
96
34
8
11
4
36
10
3
21
1
14
9
45
4
2
4
5
12
11
65
13
7
10
13
40
34
131
12
31
24
386
558
406
24
17
17
221
33
23
14
1,228
80
193
50
181
48
40
securities
Loans to banks
26
4
4
26
1
1
1
2
1
3
210
83
117
142
68
17
3
2
318
16
carrying
Real estate loans...
.................
1,744
Treasury bills.............
139
494
759
Other loans
%
1,217
467
Other loans for purchasing or
$
%
S
San Fran.
Dallas
Minneap. Ran. City
St. Louis
11,155
1,239
303
—
Commercial, Indus, and agrlcul. loans
$
Chicago
652
25,532
9,341
5,001
Loans and Investments—total
Atlanta
%
Cleveland Richmond
PhUa.
%
%
%
ASSETS
New York
Boston
Total
Federal Reserve Districts—
27
303
103
58
1
......
------
72
56
180
28
80
39
6
2,093
41
1,178
29
150
150
43
283
37
21
53
38
70
6,956
345
3,060
343
637
175
112
1,091
144
117
96
99
737
2,734
3,649
11,673
57
90
137
53
63
276
64
29
79
42
195
117
1,649
1,500
276
280
68
119
586
115
42
126
58
362
629
6,766
504
743
231
143
1,456
257
118
206
146
474
17
90
14
7
18
13
27
Treasury notes........
United States bonds
Obligations guar, by U. S. Govt....
Other securities
Reserve with Federal Reserve
Bank..
....
577
150
129
27
58
3,426
238
244
234
378
253
196
642
191
128
295
.284
343
1,185
74
421
78
91
37
49
72
22
16
21
31
273
22,279
1,410
11,037
1,065
1,568
576
449
2,969
535
334
554
519
5,405
Cash In vault
27
230
1,087
259
738
200
190
999
191
116
145
135
1,263
1,115
476
14
55
41
44
36
40
136
12
2
13
30
8,972
384
3,967
458
-487
349
330
1,343
395
174
440
280
...—
Balances with domestlo banks...
Other assets—net
.....
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks...............—
611
21
668
Foreign banks
1
5
9
2
'
------
------
......
------
17
1
......
1
------
53
365
♦
......
1
1
766
Borrowings
23
320
16
20
34
12
24
6
8
4
5
294
3,826
247
1,638
216
384
100
95
411
96
61
107
90
381
.....
Other liabilities
Capital accounts
'
------
— — — —
----
-
------
------
-
------
...
Weekly Return of the Board of Governors of the Federal Reserve System
following was issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Dec. 26,
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions."
The
COMBINED RESOURCES AND
LIABILITIES OF THE FEDERAL RESERVE
Dec.
Three Ciphers (000) Omitted
24,
1940
$
ASSETS
Dec. 18,
1940
$
Dec.
11,
Dec.
Nov.
4,
Nov. 20,
1940
Nov.
1940
13,
Oct. 30.
1940
*
$
Nov. 6,
1940
S
$
$
$
$
27,
1940
1940
1940
BANKS AT THE CLOSE OF BUSINESS DEC. 24, 1940
.
Dec. 27,
1939
$
15,173,794
19,491,799
19,393,798
19,324,301
19,280.299
10,672
9,395
10,073
9,903
274,483
304,688
9,894
308,168
309,787
341,290
269,328
19,910.817
19,880,778
19,856,186
19,807,159
19,711,860
19,643,483
19,631,662
15,453,025
1,810
2,539
2,257
2,529
1,585
2,550
1,209
1,207
2,899
951
949
1,044
1,515
2,626
3,293
3,542
2,955
6,536
4,200
4,349
4,786
4,135
3,835
4,106
4,244
4,491
3,999
8,051
7*598
7,433
7,492
7,569
7,616
7,912
8,215
8,161
8,193
11,113
1,284,600
on
19,546,295
11,153
298,738
1,284,600
1,284,600
899,500
899,500
1,295,900
899,500
1,299,700
904,500
1,314,700
899,500
Gold otfs.
916,600
1,330,000
924,100
1,377,700
949.600
1,379,200
953,600
1,356,197
1,133,225
2,184,100
2,195,898
2,184,100
2,184,100
2,196,378
2,195,400
2,207,104
2,204,200
2,215,651
2,231,300
2,243,318
2,254,100
2,266,559
2,327,300
2,195,882
2,339,952
2,332,800
2,344,992
2,508,586
47
47
47
47
47
47
47
47
47
47
26,542
22,893
21,465
23,608
21,678
23,784
20.970
788,713
41,248
876,632
942,969
696,906
787,478
41,274
55,851
55,374
41,274
55,145
41,258
55,364
19,754
759,353
41,306
23,045.482
23,041,638
22,797,980
5,629,576
13,979,418
465,268
1,122,101
558,413
19,594,780
19,680,782
11,228
228,561
Other cash *
Total reserves
19,629,780
11,515
11,515
269,522
19,920,013
1,799
2,401
Redemption fund (Federal Reserve notes)
19,660,781
11,228
248,004
19,920,571
hand and due from U. 3. Treas.z.
Bills discounted:
t
Secured
by
U.
8. Government obligations,
direct and guaranteed...
Other bills discounted....
...
Total bills discounted
Industrial advances
United States Government securities, direct and
guaranteed:
Bonds
Notes
Total
,
U.
S.
Govt
securities,
direct
and
guaranteed
Total bills and securities
Due from foreign banks
....
Federal Reserve notes of other banks
914,424
41,188
46,931
Bank
Total assets
1,024,464
785,658
41,221
41,220
46,545
59,047
23.251,065
23,014 632
22,979,362
22,981,304
5,964,938
13,837,243
481,494
1,111,262
5,883,575
13.804,436
5,819,333
14,152,454
5,773,207
14,153,573
5,703,129
14,291,954
5,669,742
5,642,700
254,916
198,606
14,126,719
309,577
14,051,798
570,452
1,140,085
562,138
235,468
1,105,580
600,207
premises
Other assets
20,661
773,326
41,193
56,253
23,145,601
Uncollected Items
1,132,478
575.976
1,153,293
532,137
1,152,579
596,171
1,125,150
562,736
16,030,206
773,925
5,437
16,077,111
914,266
5,129
16,075,309
741,558
16,116,943
4,972
16,185,046
818,146
4,656
16.143.535
7,761
16,175,990
727,957
5,088
2,489,422
28,164
42,164
55,534
59,494
22,852,648
18,878,958
5,548,874
4,977,654
11,493,118
LIABILITIES
Federal Reserve .notes In actual circulation
Deposits—Member banks'
reserve
account
united States Treasurer—General account..
Foreign
"
Other deposits
Total deposits
Deferred
availability Items
....
Other liabilities, Incl. accrued dividends
Total liabilities
CAPITAL
581,807
714,660
14,176,535
375,707
1,091,831
646,014
407,840
567,597
269,961
16,211,670
723,645
12,816,933
4,935
16,125,200
675,244
4,331
5,057
5,575
22,677,590
22,674,880
22.434,351
22,489,246
18,528,122
137.719
151.720
26,839
22,800,081
22,643,961
22,609,782
22,612,164
138,267
138,213
137,775
137,750
151,720
137,944
151,720
137,890
151,720
26,839
54,269
151,720
26,839
53,131
151,720
151,720
26,839
26,839
51,583
22,774,506
403.851
883,710
727,960
ACCOUNTS
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
26,839
54,212
26,839
54,168
52,806
137,720
137,678
135,494
151,720
149,152
26,839
47,165
27,264
50,480
151,720
26,839
47,350
22.852.648
18,878,958
38,926
23,145,601
23,251,065
23,014,632
22,979,362
22,981,304
23,045.482
23,041,638
22,797,980
90.6%
6,253
90.7%
90.9%
90.8%
90.6%
90.5%
90.3%
90.2%
86.8%
6,304
6,429
6,505
90.8%
7,106
7,114
7,269
7,288
7,351
9,220
1-15 days bills discounted
2,059
2,111
2,614
2,055
1,690
933
1,312
1,816
1,444
1,807
16-30 days bills discounted
467
503
424
320
366
1,188
500
243
264
31-60 days bills discounted
810
762
788
781
705
730
960
1,004
1,022
1,598
476
639
746
3,787
996
789
523
629
3,999
8,051
Total liabilities and capital accounts..
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined..
Commitments to make industrial advances
Maturity Distribution of Bills and
Short-Term Securities
61-90 days bills discounted
224
229
251
262
259
316
Over 90 days bills discounted
640
744
709
717
815
939
Total bills discounted
I
4,200
4,349
4,786
4,135
3.835
4,106
4,244
4,491
230
Volume
The Commercial & Financial Chronicle
151
3845
Weekly Returns of the Board of Governors of the Federal Reserve System (Concludeds
Three Ciphers
(000) Omitted
Dec. 18,
Dec. 11,
Dec. 4,
1940
1940
1940
1940
$
5
Dec.
24,
Nov.
27.
Nov. 20
1940
Nov. 6,
Nov. 13,
1940
Oct.
1940
1940
Dec. 27,
1939
30,
1940
Maturity Distribution of Bills and Short-Term
Securities
1-15 days Industrial
10-80 days Industrial
31-00 days Industrial
61-90 days Industrial
(Concluded)
advances
$
$
$
1
$
f
$
$
1,477
1,518
1,314
1,316
1,244
1,399
1,411
1,467
1,313
196
213
341
321
186
188
120
108
257
190
110
95
276
302
490
573
515
618
343
205
156
86
76
82
103
165
296
305
473
266
5,659
5,521
5,485
5,548
5,593
5,587
5,873
5,763
5,807
8,409
7,598
7,433
7,492
7,569
7.616
7,912
8,215
8,161
8,193
11,113
advances..
advanoes
advances—............
Over 90 days Industrial advances............
Total Industrial advances...
U. S. Govt, securities, direct and guaranteed:
1-16 days..............................
.
2,043
16-30 days......................
31-60 days...
.....................
::::::
2,184,100
2,195,400
2,204,266
2,2 3l"300
2,254,166
2,327", 300
2,232"800
2,4~8~9~422
2,184,100
2,184,100
2,184,100
2,195,400
2,204,200
2.231,300
2,254,100
2,327,300
2,232,800
2,489,422
6,247,538
282,436
6,190,277
6,135,348
316,015
6,064,953
291,746
5,996,665
293,536
5,962,586
292,844
5,935,887
306,702
293,187
5,891,395
261,819
5,837,873
288,999
5,282,206
304,552
5,883,575
5,819,333
5,773,207
5,703429
5,669,742
5,642,700
5,629,576
5,548.874
4,977,654
6,364,500
6,302,500
6,261,500
3,045
3,459
6,176,500
2,770
6,095,500
2,458
6,070,500
2,719
6.034,000
2.772
5,987,500
2,912
2,976
6,946,500
2,342
5,371,000
2,236
6,305,545
6,264,959
6,179,270
6,097,958
6,073,219
6,036,772
5.990.476
5,948,842
5,373,236
......
Over 90 days.
Total U. 8. Government securities, direct
and guaranteed
....
74"8o6
6,367,412
......
2,109,300
5,965,102
...
74" 8oo
2,109,300
61-90 days
.......
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank..........
In actual circulation.
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
band and due from U. 8. Treas...
By eligible paper....
....................
Total collateral..................
•"Other cash" does not include Federal Reserve notes.
x
cents
These
on
certificates given by the United States Treasury for
.the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 69.06
Jan. 31, 1934, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury under pro¬
are
visions of the Gold Reserve Act of 1934.
BANKS AT CLOSE OF BUSINESS DEC. 24,
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
Three
194°
Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
PhUa.
ASSETS
*
%
S
S
Cleveland Richmond
I
Atlanta
It. Louis Minneap. Kan. City
Chicago
%
Dallas
$
S
%
I
%
%
San Fran
S
Gold
certificates on hand and due
from United States Treasury...... 19,680,782
1,141,014 9,647,199 1,035,785 1,315,790
741
1,183
11,228
1,241
1,279
15,561
228,561
13,778
48,729
21,704
555,368
1,861
15,732
386,744 2,913,856
1,333
27,999
190
359
433
521
1,417
12,995
5,548
13,433
12,194
27,115
19,920,571 1.163,997 9,697,169 1,052,529 1,330,309
572,961
401,187 2,943,188
520,752
322,071
437,753
Redemption fund—Fed. Res. notes..
Other cash •
..................
Total reserves........
.......
670
13,773
507,567
423,887
316,164
279,869 1,157,539
'
292,584 1,186,071
Bills discounted:
,
Secured by U. 8. Govt,
bllgatlons,
direct and guaranteed
Other bills discounted....
Total bills discounted..
585
304
150
220
2
15
50
129
108
4
516
4,200
532
288
162
41
36
157
78
160
854
40
69
1,048
592
312
261
38
172
128
289
962
44
69
227
80
279
561
36,611
25,636
62,958
44,085
49,948
34,974
107,400
76,209
2,401
1,799
Industrial advances....
U. S. Govt, securities, direct & guar.:
7,598
Total
2,091
239
781
334
265
107,638
128,649
68,168
265,783
75,369
90,082
47,732
49,278
34,506
140,651
102,688
55,508
38,868
2,184,100
156,781
645,355
183,007
218,731
115,900
83,784
249,339
94,376
02,247
107,043
84,922
182,615
2,195,898
..
U.
1,767
92,213
64,568
379,572
899,500
.....
974
1,284,600
...
Bonds................
Notes..
285
158,040
648,170
185,690
219,282
116,942
84,156
249,776
94,504
62,763
108,085
85,245
183,245
.
Govt,
S.
securities,
direct and guaranteed
*
Total bills and securities
...
Due from foreign banks........
Fed. Rea. notes of other banks
Uncollected items
Bank premises
Other
assets.........
47
Total assets......
18
5
4
2
2
0
1
1
1
4
687
1,237
61,672
2,307
51,654
2,428
1,805
762
21,006
1,369
1,365
38,000
4,503
3,863
130,762
3,328
4,986
1,990
9,721
13,291
3,479
38,043
1,991
1,713
801
2,838
3,120
2,275
106,648
5,400
5,181
2,213
80,337
4,426
221,168
41,188
46,931
.....
3
26,542
914,424
35,213
1,108
2,502
54,677
2,858
4,239
530,571 3,335,909
673,411
409,375
691,028
3,837
74,644
2,781
23,145.601 1,409,022 10593963 1,309,473 1,669,099
.......
2,579
-
772,022
see a
3,065
2,419
2,134
417,332 1,433,406
LIABILITIES
F. R. notes In actual circulation.....
5,964,938
482,878 1,573,086
415,952
551,356
287,881
199,199 1,205,993
222,681
159,730
211,113
98,261
496,808
13,837,243
746,901 7,393,928
16,801
215,090
888,484
345,337
24,697
18,419
33,277
176,721
24,260
17,026
6,995
5,484
284,948
16,090
22,443
12,456
236,607
14,470
5,177
237,021 1,738,708
17,972
71,080
27,086
92,867
4,900
3,750
341,171
489,773
681,438
15,212
75,841
31,808
2,217
760,019
25,733
50,523
23,759
827,642 8,711,458
804,299
990,227
402,210
286,979 1,906,405
392,453
223,491
336,537
276,471
872,034
<54,545
91,894
65,634
30,755
115,595
40,403
10,339
32,918
30,537
36,742
496
618
178
185
052
159
187
186
189
343
22,774,506 1,383,434 10466437 1,275,292 1,634,095
755,903
517,118 3,288.645
661,096
399,747
580,754
14,294
22,824
1,429
4,186
4,709
2,970
713
2,322
4,458
3,613
1,142
1,961
Deposits:
Member bank
reserve account.....
U. s. Treasurer—General account.
Foreign
.....
481,494
1,111,262
............
Other deposits..................
Total deposits
600,207
16,030,206
Deferred availability Items
Other liabilities, lnel. accrued diva...
773,925
5,437
.....
Total liabilities.
612,667
55,126
8,814
;1,
72,407
180,156
1,737
507
71,972
5,074
21,070
23,217
23,217
/
'
405,458 1,405,927
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts...........
Commitments to
•
138,267
151,720
26,839
9,335
51,094
53,326
7,109
15,997
5,363
5,247
3,246
2,263
8,717
2,282
3,152
1,001
2,499
23,145,601 1,409,022 10593963 1,309,473 1,669,099
make Indus, advs...
244'
701
6,253'
1.025
7-84
772,022
530,571 3,335,909
073,411
409,375
591,928
518
24
424
50
2,874
2,974
a
11,881
14,198
4,393
3,709
Total
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank....
circulation....—
Boston
$
Treasury....
Total collateral
RESERVE NOTE
PhUa.
STATEMENT
Chicago
164,848
4,998
220,025
11,751
8,912
107,525
9,264
557,765
60,957
5,905.102
482,878 1,573,086
415,952
551,356
287,881
199,199 1,265,993
222,725
159,850
211,113
98,201
496,808
0,364,500
510,000 1,675,000
440,000
575,000
315,000
220,000 1,310,000
244,000
165,500
225,000
111,000
574,000
100
250
915
244,100
165,750
225,915
111,000
574,000
285
643
510,285 1,075,643
440,499
220
499
315,220
575,000
Bid
220,000 1,310,000
Quotations for U. S. Treasury Notes—Friday, Dec. 27
Figures after decimal point represent one or more 32ds of a point.
Jan. 29 1941
...
Feb.
...
5 1941
0.06%
0.00%
0.06%
0.06%
0.06%
Natl Defense Series
Feb. 13 1941
Feb. 19 1941.—
Feb. 26 1941.....
:::::
Mar.
5 1941
Mar. 12 1941
Mar. 19 1941
,
United
States
York Stock
Government
Mar. 20 1941
Securities
Exchange—See following
page.
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
on
the
Int.
Int.
Asked
Maturity
15 1941
$
216,842 1,296,716
30,723
17,043
234,476
12,021
Asked
\ 0.06%
Jan. 22 1941..
San Fran.
%
299,902
Treasury Bills—Friday, Dec. 27
Bid
•
Jan.
Dallas
$
S
%
570,158
18,802
0,367,410
United States
8 1941
St. Louis Minneap. Kan. City
$
$
$
$
Atlanta
S
Cleveland Richmond
Rates quoted are for discount at
purchase.
Jan.
2,444
431,213
15,261
2,912
2 1941
4
hand and due
from United States
Eligible paper
Jan.
3,605
417,332 1,433,496
498,593 1,649,475
15,715
76,389
held by agent as security
for notes Issued to banks:
on
1,206
2,463
282,436
6,247,538
Collateral
Gold certificates
New York
$
S
538
Less than S500.
FEDERAL
Three Ciphers (000) Omitted
Federal Reserve Bank of—
5,725
11,619
10,224
2,121
4,171
3,974
35
$4,269
10,405
"Other cash" does not Include Federal Reserve notes,
In actual
4,093
14,197
14,323
1,007
5,477
...............
Mar. 16 1941...
June 151941...
Deo.
16 1941
Mar. 15 1942...
Sept. 15 1942
mmmmm
Deo.
16 1942...
June 15 1943...
Bate
Asked
Bid
101.20
Sept. 15 1943
1 H%
1 H%
101.18
101.21
101.23
Deo.
1H%
1 H%
2%
1 H%
IH%
101.29
101.31
Mar. 15 1944...
15 1943...
Transactions
1%
1H%
Bid
102.6
102.23
102.6
Asked
102.8
102.25
102.8
102.22
102.24
June 151944..*
*§%
101.11
101.13
103.30
104
Sept. 151944
1%
102.13
102.15
103.27
103.29
Mar. 151946...
102.16
102.18
Nat. Defense Nts
Dec.
New
Rate
Maturity
at
the
New
15,1945
York
H%
101.6
101.8
H%
100.14
102.16
Stock
Daily, Weekly and Yearly—See page 3861.
Exchange,
Dec.
1940
28,
3846
York Stock Exchange
Stock and Bond Sales—New
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen
Pages—Page One
No
the only transactions of the day,
disregarded In the day's range, unless they are
for the year.
NOTICE—Cash and deferred delivery sales are
account Is taken of such sales in computing the range
the New York Stock Exchange
Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after.decimal point represent one or more %2ds of a point.
United States Government Securities on
Below
we
furnish
Dec. 21
21
Bond Prices Dec.
Daily Record of U. S.
122.1
mmmm
mmmm
+ ^
m'm
Total sales in 11,000 units...
m
mm
m
m-m*
[High
iLow.
113.30
113.31
113.30
113.30
113.31
113.30
[Close
113.30
113.31
113.30
20
2
11
mmmm
I
101*27
mmmm
(Close
m
m
m m
101.27
101.25
1
2
m
m
■
Low.
mrn~m
mmmm
mm
108.13
mrn m m
108.13
mm
Low
Close
.
108.13
mmmm
[High
-
10 9". 15
109.15
Total sales in $1,000 units...
102.22
102.22
Low.
mmmm
m mm
m
■
mmmm
mm m m
'mm
mm
m m
•
mm
m
mmmm
HOLI¬
Close
107.8
Total sales in $1,000 units...
*1
mm
m
112*13
[High
-j Low.
mmmm
I
1
1
1
1
1
I
»
lit
1
112.13
t
I
t
•
I
t
1
t
1
»
113*13
113.12
113.14
113.12
113.14
(Close
4
i
*1
Total sales in $1,000 units...
111.6
111.12
111.10
111.12
111.4
111.10
111.10
111.12
111.10
111.10
111.12
6
5
1
110.6
110.3
mmmm
110.3
110.2
'
5
111.5
111.5
m
m
mmmm
2
mmmm
m
m
m
mmmm
mm
mm
110.12
[High
mm m m
mmmm
mmmm'
m
1
103.8
103.8
103.8
Close
103.8
103.8
19
103.18
[High
■
Low.
103.18
[Close
103.18
lUs. 1945-47
110.12
—
Low.
(Close
Total sales in $1,000 unils...
108.4
103.8
Total sales in $1,000 units...
*1
mmmm
mm
108.4
108.3
Low.
2Us, 1942-44
111.10
mmmm
mm
108.3
108.5
High
111.10
■mmmm
mm
108.4
108.5
Total sales in $1,000 units...
111.10
mmmm
mmmm
mm
mm
108.3
Low.
3s, series A, 1944-52
108.5
mmmm
"
m
50
10
Total sales in $1,000 units...
Home Owners' Loan
[High
mmmm
■mmmm
2
111.5
Close
mmmm
110.2
110.3
103.7
103.7
Close
110.2
-mmmm
"■■mmmm
110.1
110.3
High
Low-
Low.
Close
2 Us, 1942-47
111.25
6
2
103.7
[High
111.25
111.0
j Low
3s. 1942-47—
111.25
Total sales in $1,000 units
110.12
■
mmmm
mm m
1
Total sates in $1,000 units...
{mmmm
110*27
110.20
[High
110*30
mmmm
110.20
■■mmmm
110.27
mmmm
110.20
.■mmmm
110.27
110.30
mmmm
*
110.30
(Close
Total sales in $1,000 units...
j Low.
1
5
1
mmmm
Odd lot sales,
High
t Low-
mm
'4*
m
mmmm
Close
mmmm
Total sales in $1,000 units...
110.19
110.19
110.25
mmmm
110.25
mmmm
mm
110.19
■■'mmmm
111.2
111.2
includes
table
only
Treasury 3Us ,1943-1947
of coupon
sales
were:
...108
-
to 108
113.10 to 113.10
10 Treasury 3s. 1951-1955
20 Home Owners 3s, 1944-1952..
108.3
-
to 108.3
mmmm
111.14
111.6
mmmm
United States Treasury Bills—See previous page.
United States Treasury Notes, &c.—See previous page.
111.13
111.6
111.13
4
mmmm
2
above
Transactions in registered bonds
mmmm
111.6
.-mmmm
10
m m
mmmm
5
mmmm
111.2
Close
Total sales in $1,000 units...
mm
110.25
mmmm
10
mmmm
High
Low.
■
J Cash sale.
t Deferred delivery sale
Note—The
bonds,.
'
mm
'
2 Us. 1960-65
2
113.13
Total sales in $1,000 units...
Us. 1958-63
*1
113.10
Low.
1956-59
108.11
$1,000 units...
fHlgh
1
Close
2 US,
108.11
108.11
113.10
'
•
108.11
108.11
Close
113.10
1
*
Us, 1951-54
108.11
Low.
113.9
Close
2
High
3s, 1944-49
11*3*14
11*3*12
Low.
•
2
[High
113.10
Total sales in $1,000 units...
2 Us, 1948-51
104.16
6
—
[High
2HB. 1945-47
104.13
113". 9"
113.9
[High
104.3
[Close
Total sales in
Total sales in $1,000 units...
■
(Close
Total sales in $1,000 units...
II
....
mmmm'
Total sales in $1,000 unils...
2Us. 1955-60
104.16
Low.
i
1
»
I
l
l
I
I
112.13
(Close
Low.
104.16
104.13
Total sales in $1,000 units.
1
Low
»
1
104.13
104.3
3 Us, 1944-64
I
1
DAY
104.3
Low
Federal Farm Mortgage
II
107.10
High
....
113.3
m
107.10
106.24
HOLI¬
Total sales in $1,000 units...
28, 1953-55-.
113.3
mmmm
106.24
Low.
Close
mmmm
107.10
106.24
[High
2a, 1948-50
113.3
____
2
2
10/ .8
1
mmmm
DAY
106.12
5
[High
mmmm
113
OJ.0SC
•
106.9
28, 1947
mmm*
113
113
113
106.4
..
108.15
m'm
109.16
113* *
6
Total sales in $1,000 units...
,1951-55
Low.
106.12
107.8
109.16
mmmm'
mmmm
m
106.16
106.9
Low.
109.16
mt0,m
mmmm
,106.9
106.4
Gios6
108.15
■
''
mm m
mm
m
106.4
Total sales in $1,000 units
108.15
m
6
[High
2UB, 1954-56
mmmm
[High
(High
1
mmmm
'
mmmm
mmmm
■■mmmm
Total sales in $1,000 units...
3fl, 1946-48
106.18
Total sales in $1,000 units...
'rnrnmm
7
m m m
mmmm
113
CI0S6
U»
'
2
109.15
[High
106.12
Low.
195^-53
/
'
6
-
-jI Low.
106.18
[Close
2Us.
108.2
108.2
mmmm
mmmm
mmmm
mmmm
106.18
106.12
102*22
mmmm
Ol0S6
1
106.12
[High
1
1
11-
108.19
Close
:
mmmm
109.19
Total sales in $1,000 units...
mmmm
.
Total sales in $1,000 units.
3 Us. 1949-52
22
108.19
Low.
108.2
mmmm
■
■
108.19
1
(Close
108.22
mm
mmmm
'mmmm
mm
....
[High
3 Us, 1946-49
m'm
r
108.22
108.14
108.14
Low.
•
[High
''
Total sales in $1,000 units...
[High
1
2 Us, 1950-52
'(Close
3Us, 1944-46
I
2 Us, 1949-53
101.25
Low.
Total sales in $1,000 units...
1
108.14
(High
101*25
101.27
mmmm
[High
3 Us. 1943-45
•
—-
•{ Low.
■
1
1948
Total sales in $1,000 units...
Total sales in $1,000 units...
3Us, 1941
110.25
Total sales in $1,000 units...
11t1
[High
3Hs. 1943-47
110.25
Close
1111
Total sales in $1,000 units...
3 Us, 1941-43
Low
2 Us,
mmmm-
[High
j Low.
I Close
3 Us, 1946-56
110.25
(High
mmmm
$1,000 units...
Total sales in
Close
Total sales in $1,000 units..
6
mmmm
4a, 1944-54
26 Dec. 27
Low.
122.4
■
12
m —
Dec. 21 Dec. 23 Dec. 24 Dec. 25 Dec.
High
2 Us, 1945
122.4
#
mmmm
•
Close
Daily Record, of U. S. Bond Prices
Treasury
122.4
122.1
Low.
4^8. 1947-52
24 Dec. 25 Dec. 26 Dec. 27
Dec. 23 Dec.
122.1
High
Treasury
the transactions m Treasury, Home
daily record of
a
4
New York Stock Record
AND
HIGH
SALE
PRICES—PER
NOT PER
SHARE,
Monday
Tuesday
Wednesday
Dec. 21
Dec. 23
Dec. 24
Dec, 25
Thursday
Dec. 26
$ per share
$ per share
$ per share
$ per share
S per share
*4934
50i8
49%
50'4
*11914 12212 ♦119U 122iz
43
*37
43
*3658
*50
*50
6114
51%
534
5%
658
534
*21%
2214
*2U2
22%
*15
16
1534
16
40lg
393g
397g
*h
%
*63
58
69i2
*63
5
5ig
5
40
*%
%
934
8%
*20
2318
162
*10i8
♦12ig
74%
5-%
39-%
*%
*65
9
8%
20
20
23%
20%
23%
20%
23i8
*1034
*16
9i2
878
95s
Exchange
y
8i4
814
*8%
Closed—
*1934
203s
2338
20
20
23l4
243g
11%
35%
*17
1714
1%
*17
23
2334
Christmas
-
16234 163%
Day
163
10
10%
10
10
12%
12%
7%
12i8
7%
78
75%
75%
*73i2
12i4
7*8
75I4
3634
35%
36
35%
,17%
*17%
17%
1%
1%
1%
3519
6,700
l?i2
*1'8
1712
1%
17
"
3634
17
1%
118
300
17
15
15
15
15
45%
443g
45
16
443s
1514
5812
45
15-38
59-3s
2,500
67g
714
5,600
42l2
43l2
15%
15%
15%
1538
58
59
591*
59
7%
43%
41
*
73S
4312
7%
*41
7%
7%
41
Bid and asked prices, no sales on this day
77
7
718
59-is
714
4312
4312
t "In receivership
a
Def
Corp.
5U% pf A without
10
war.
300
500
3,600
2,300
delivery
100
$2.50 prior conv pref.No par
Alghny Lud St." Corp__Ntf par
All eg & West Ry
6% gtd-.lOO
Jan
78 Mar 11
Feb
88
6U
Dec
10
Jar
h July
5>4 Aug
2
Sepl
7
24
May 21
15i2May 21
61
June 22
18
8
June
26i2May 10
Apr
23i8 Sepl
28% Jar
52
May
79
Nov 27
1234 Apr 16
182
14
Apr
4%May 21
55
May 28
79
Allis-Chalmers Mfg.—.No par
Alpha Portland Cem._Vo par
2134Mav 22
417a Jan
Amerada Corp
No par
Am Agrlc Chem (Dd>—No par
Am A In in 08 Inc
10
American Bank Note
10
...
6<%,
n
ligMay
9i2May
38i2May
12i8May
41«4 Jan
15
28
23
22
12
16*4 Apr 23
93g Jan 2
18
Dec 10
4
Nov 26
9
Apr 22
2*8 Jan
18
r
Cash sale,
Apr
10
Apr
9is
Apr
6
Apr
Apr
48%
Apr
1U June
19%
12>4
12
50
16
Apr
26
June
9
3
x
Ex-div.
Ex-rlght.
Jan
9*4 Sept
40ij
Jar
74i8 Sepl
24i8 Sepl
4
50
Jar
3% Sepl
Apr
5
1234 Apr
Jar
Aug
21
Jan
Tnna 1 fi
Sepl
Aug
Apr 15
June 10
llag
71
28
75
6
69
Sepl
117$ Ocl
2001s Sepl
14% Sepl
151s Sepl
54is Apr
21
5K
0
6'4
15Hs Apr
58is Apr
50
y referred
New stock,
June 10
9
Jan 25
10
11
20i8 Sepl
4is Sept
No par
100
5
Fet
14
Jan
No par
June
68
Dec 10
12is
Allied Mills Co Inc..
50
Jar
Sepl
H4 8epl
8
3
4
Mar 26
Allied Stores Corp
1
68
Jan
Mai
8
135i2June 10
87|May 15
Amalgam Leather Co Inc
6% conv prefen ed
27is
45%
>4
Apr
Ocl
Ills Sepl
Jan
634June 11
preferred
56i8
25
157s 8ept
19% Jan
58%
Sept
D« Jan
14% Jan
38June
1
5%
19
4
534June 10
4i4May 21
4
Allied Chemiea. A Dyo.No par
Allied Kid Co
5
140
15
714
1,100
1,600
3634
57%
*41
May 21
May 21
300
4434
4434
7
3,000
7514
58
45%
60
Address-Multgr
Allen Industries Inc
75U
45i2
15U
1514
*15
*10%
in8
1633s 164
10i8
Ids
12i4
12i2
6,500
*4412
17
900
12,000
7is
7
17
*57
lllg
3 63I2
7%
*15
*15
27% Apr
700
9
*73
*73
*1034
12%
*1%
5
12%June 15
36%June 10
3sMay 23
Allegheny Corp
_No par
5U % Pi A with $30 war. 100
23ig
36i2
No par
Alabama A Vicksburg Ry .100
Alaska Juneau Gold Mln
1C
741;
518
%
49i2 No<
Adams-M tills corp
7,200
5,100
478
Apr
33%
40% Apr
61s Aug
Tl", 700
*65
7Hs Sepl
149is Sepl
3Hs Mar
Air Reduction Ino
No par
Atr Way El Appliance..No
par
»1«
Apr
Jan
100
5%
Apr
120
Nov
10,600
%
53
8
Feb
9
10%June
shan
70i4 Feb 14
147
60
i*
518
May 22
Highest
share $ per
4U May 28
4038
*65
30
per
34%May 25
%
Stock
May 22
$
share
No par
153g
74%
4914 Dec 17
110
per
No par
25
Steel
3934
22
36
""800
$
»ha*e
per
Co
Acme
%
7412
*2134
%
Year 1939
Lowest
Adams Express
4034
9%
8%
78
8,500
*l2
9%
7
Abraham A Straus
""206
634
100
16
934
12lg
No par
4 U % conv preferred
4018
9l2
*8is
IOI4
1212
6
Abbott Laboratories
%
934
•.«.
50
16%,
40%
*2134
%
*73
50
Par
22
1534
22%
5%
*ld2
11%
161% 162
*10%
10%
Shares
6%
22%
16%
%
1112
162l2
$ per share
Range for Pretiou,
Highest
Lowest
40
538
5%
9
Week
1,700
534
%
*75i2
1*8
51%
*16%
Ranoe Since Jan. 1
On Basis of 100-£fcar« Lots
EXCHANGE
50-'%
49%
43
51%
5%
*2134
%
714
78i4
V'g
*3634
STOCKS
NEW YORK STOCK
the
CENT
Friday
Dec. 27
.
*119% 12212 *ll95s 122i2
*3634
43
*3634
43
*49
51i2
50U
SOU
49%
120
*16
*74
*1012
49%
120
Sales
for
LOW
Saturday
Dee
Sepl
47
De,
17»4
Ja
00
Ja
t Called tor redemption
Volume
LOW
AND
New York Stock
151
HIGH
SALE
Record—Continued—Page
Monday
PRICES—PER
[{Tuesday
SHARE,
NOT PER
8TOCK8
NEW YORK STOCK
the
CENT
Friday
Thursday
Wednesday
Sales
for
Saturday
Dec. 21
Dec. 23
Dec. 24
Dec. 25
Dec. 26
Dec. 27
$ per share
$ per share
$ per share
S per share
Ranye Since Jan. 1
Shares
On Basis of
Week
$ per share
*6%
67g
65g
6%
634
7
37i4
3714
3612 3712
36%
367g
♦1285s 131
*128% 131
*1285s 131
1%
H2
13g
lSg
13g
13g
86
863s
8634
865g
857g 865s
7%
36
36% 37
*128%
*128% 131
13s
1%
l3g
85%
85% 86
182
182
182%
29% 2934
29%
59% 5934
60%
21
20% 20%
114%
*112% 115
119
120%
11834
•
♦181
184
*181
18334 *181
2812
287S
283s
2834
60
60
2034
207,
59%
20%
59%
203g
♦100
183%
283s
587g
203s
29%
5984
20%
105
*110
115
*110
115
♦II8I4 119
*118
120%
>118
119
12
*10
12
*10
12
*8
*10
8%
5
8ig
5
10
5U
10
♦75
*75
79l2
*1%
*3%
h
1^4
1%
334
3%
7*
*8
8%
5%
934
34
14%
234
117S
1214
38%
38%
334
334
334
38
334
*27l2
30
*273s
51
51
51
♦lSg
17g
2134
*21%
3%
♦1214
*49
1%
21%
3%
13%
35s
1314
50
155s
♦88
12
278
18
*49
1534
5
22%
3%
13%
3714
63g
♦155
2%
50
4512
37%
65g
45
36%
162
1478
6912
6
7l2
3914
42
6%
*155
15
70
6i8
77g
397g
155
52
*148
151
51%
*148
10
10
12
*12
4234
159
51%
149%
26
10
12%
1314
7434
13
13%
74
74
1434
*14
166
1655s 166
14%
167
734
734
4038
40
41%
*154
10
5
5
53g
8%
8%
54
7
98%
8%
631£
8%
54%
7%
54%
7%
*51
5
6%
*95
26%
26%
257g
55
7h
53%
26%
3314
333*
14i2
32
32%
14%
*11134
14%
*12%
*155
Stock
Closed—
*11134
*12
13%
17g
*27%
178
30
49%
*40
*40
,60
2834
' 29ig
277g
28%
*8%
*814
834
478
512
*80l4 100
6U
60
834
♦
5%
57g
*80% 100
6*2
6%
6%
*79
83
*79
83
*85
88
*85
90
*3412
*34%
36%
9334
36'2
9334
93
10%
165*
16%
*6012
13i8
15'%
*15
24
61%
13%
15%
1834
2414
*109
110%
109
*17
7
150
26
13
9%
13
13%
73
73
*13%
14
165% 166%
67%
69%
151
5%
634
96
8%
55%
7%
*51
152
434
4934
*40
27%
834
57S
*8%
*5%
*80%
6%
634
60
28%
834
534
100
634
*79
83
2634
3234
34,400
13%
*40
27%
57
*48%
7
71
*68
49
70%
117
*113
116%
*6%
*2%
*15%
4%
1634
1612
4%
7
234
16%
4%
4834
6% preferred
Am Type Founders Ino
7
4834
69
Andes Copper Mining..
Archer Danjef* MldJ'd.Nc par
400
6,600
$0
100
2,000
"V, loo
Associated
"""216
17%
57%
13%
1534
17%
24%
111%
7%
49
22,000
2,600
4,800
200
7,400
200
8,300
234
2%
15%
15%
4%
15%
10,600
17%
18%
3%
11,400
13,600
4%
4%
4%
4%
4%
4%
4% conv
Atlas Corp
434
4%
4%
434
5
1,400
26
25%
9%
25%
9%
434
25%
8'g
*29
*7%
£29%
30%
8
29%
7%
7
*28%
8
8%
8%
8%
23%
25
24%
25%
26
26
25%
25%
*113% 115
*113% 115
22% 22%
*22%
2234
*106% 111
*106% 111
*102% 131
102% 111
32% 32% *31
*119
125
120% 121%
784
7%
*7%
7%
*10%
*10%
33
33%
33%
33%
20
20%
1934 20%
*31%
I22"
77g
33%
33%
20
20
30%
*18
125s
*80
•
120
77g
*31%
32%
120% 120%
734
734
*10%
3234
33%
*1934
20
33%
1978
20
56%
57
*56
30%
30%
84%
85%
130% 130%
*56
30%
84%
24
84%
1834
1834
Q
Q
19
*18%
19
12%
*12%
13%
*1234
91
*80
85
*80
Bid and asked
9%
19
15
Atlas Tack Corp.;.
No par
No par
on this
day
100
140
23% Feb 23
9
1
153% Oct
6% Nov 14
12% Jan
4
83% June 11
8
May 21
101% Apr 15
25%May 21
4%May 22
61% Dec 9
8% Nov 14
54% Dec 27
32
Apr 9
12%May 21
107
8
June
4
May 21
la4June 17
23
June
6
97%June
0
May 21
May 21
58% Jan 4
12
30
Def. delivery,
28%
Barker
Brothers
Apr
Apr
Apr
Apr
35% Feb 27
111% Dec 11
7% Apr 22
64% Apr 22
21
Apr
97
May
68
4-%May 22
Aug 29
84
49%May 22
95
29%June 18
82
May 23
45
Apr 20
4334 Apr
4
11
Apr
4
9% Jan
4
9
July 23
Jan 11
Dec
9
Dec
Apr
1%
Apr
3%
3384
50
7% Sept
5% Apr
73
5%
70
41
Apr
30
Apr
8
90
21
Jan
0
534
Aug
2084 0ept
9%June 5
l8%May 21
22% Apr 20
27%May
9%
Aug
20
8%June
102
7
June 24
May
7
43%June
5
67
May 23
112%June 11
4
May 21
1% Feb 7
Dec 27
8%May 21
May 15
May 21
100
25
lll%June 10
18%May 21
111
61
18% Sept
Feb 14
110% June
Apr
9% July
48% Aug
43%
Aug
71
June
127
Jan
4%
Apr
8
Sept
2
Apr
37s
10
Nov
30%
6% Mar
4
4
82% Mar
4
8% Mar
Bendlx
.5
Aviation.,
pfdS2 50div ser'38No par
No par
Bethlehem Steel (Del).No par
7% preferred . /.
.100
Bigelow-Sanf Corp Ino. No par
Black A Decker MIg CoN) par
Blaw-Knox Co
No par
5
Bliss A Laughlin Inc...
10
Nov 26
24%May 28
17%May 22
49%June
22%May
63%May
109%May
14
May
15
May
534May
l3%May
25
21
23
22
21
15
15
21
14
Bloom I nvdale Brothers. No par
11
May
100
54
June 27
Rlumcnthal A On ncef-.
n
New nock
r
.
-
Cash sale,
s Ex-dlv.
t>
Jan
9% Nov
Aug
21% Sept
3%
Aug
884
Jan
11% Sept
Dec
30%
Jan
Dec
87%
Jan
10%
Aug
21%
Jan
Apr
13
Jan
24%
Apr
33
Feb
11%
Aug
19%
Jan
6
8% Jan
30% Dec 13
J*n
Jan
Aug
49
16% Apr
13%
8ept
3%
9%
484 Sept
4
25% Dec 27
80% Apr 17
115b Mar 12
105
29%May 14
May 22
7%June 11
Apr
50
116
May 28
102
Oct
Apr
7
Jan 10
June 17
20
Jan
Sept
80% May 13
12434
102
No par
Belgian Nat Ry* part pref....
24%
Mar
104%
Dec
978 Mar 19
105
Beech Creek RR......—.50
Jan
71
No par
$5 preferred w w—
427s
30%
No par
—
Jan
Sept
Apr
35% AL- 10
112% Apr 22
Beatrice Creamery
Jan
5
Deo
7%June 10
23% Dec 23
40%May 2)
1
Jan
Apr
15
4
Bayuk Cigan, Ino
Apr
31 «4 Sept
*4934
20
Corp.
Bath Iron Works
Aug
Mar
Mar 20
100% Mar
25%
8«4
64% Dec 13
23% Jan 3
22% Apr 20
,_N<» par
.........5
Apr
Aug
13%
65
60
.....
5*4% preferred
Apr
Apr
Apr
4
Jan
Barnsdall Of) Co
Apr
Oct
Sept
24
52%
..100
10
preferred
Pr
100
3%
25
Conv 5%
Barber Asphalt Corp
Apr
4% 8ept
"8%
78
11%
Beidlng-Hemlnway...
1,400
1,700
2,900
132
Jan
Beech-Nut Packing Co
1,000
73
75%
14%
...100
4% preferred
Bangor A Aroostook.......50
400
"
148
Jan
400
10,966
Apr
15% Apr
75% Mar
137„ Deo
20*4
Preferred x-warrenta.No par
50
9
Apr
35
Apr
22% Mar
102
May 21
Aug
8
8
113% Aug 23
15% Nov 12
4% Apr 10
41%
22%May 21
6% May 22
3% May 22
96% Jan 12
13
Apr 23
Oct
20%
8%
8
10C
100
a
1
3
19% May 10
0% Jan 2
23,400
t In receivership,
9
25% Aug
35% Apr
127% Sept
69% Apr
14% Apr 12
17% Jan 5
9134 Apr
Sept
12%May 23
234May 15
3%May 15
434 Dec 24
—
85%
13034
25
18%
15
Jan
Deo
9
8% Apr 15
84%
*80
Feb
Apr
10»4
Aug 16
Brat A Co
9
41% Dec 13
54
Apr 11
155% Dec 20
70
Apr
Apr
117» June
50
May 21
1st preferred
"""466
Nov
Nov
Mar
Feb 23
152%May
Apr
8% Sept
140
Sept
4
4C
900
28
10
Beneficial Indus Loan..No par
19%
2%May 21
5% May 21
3%
32
Jan
10% Jan
163
Mar
Oct
21% Sept
-_Nc par
1,200
24%
4
112
54
Mar 13
June
Deo
63% Jan
18%
74%
12%
11%
Apr
Apr
22%
of Del (The).3
Baldwin Loco Works v t c... 13
Ba'tlmore A Ohio
100
$5 prior A
Aviation Corp.
1,400
57
19%
834
18%
*1234
19%
9%
19
13%
100
30%
130
*80
100
prices: no sale
85%
60
No par
5% conv preferred
30%
*56
18%
834
*18%
*1234
24%
1834
30%
129% 129%
2434 25%
130% 130%
25%
57
30%
30%
8534
18%
9%
*18%
9
*56
56%
25
29%
.
....
3278
30%
8434
85%
*129% 13034
26%
*25%
19
*18%
9
*7%
*10%
*1014
*55
120
8,800
16,200
7
*28%
"
*73s
6%
*28%
4,100
1,100
9%
pref series A...100
...5
0% preferred
100
9%
7
30%
29%
8%
83g
8%
83g
23%
24%
23% 24
25%
25%
2534
2534
*25% 25%
115
*113
*113% 115
*113% 115
22
2234
2234
22%
*2234
23%
*106% 1C8
106% 106%
*10612 111
*104% 108
*102% 110
*104% 110
*31
7
25%
7
8%
*119
25
.
Atlas Powder...
3,600
5
25%
9
25
Atlantic Refining
50
4%
9%
1
...100
7
5
18
9%May 22
5% preferred
Mar
5% Jan
89% Apr 15
39%May 21
At; G A W 1 SS Lines
Mar 19
26
175% Mar 12
Atlantic Coast L ne RR...100
Austin Nichols—
300
4%
934
100
.....
Mar 20
May 28
Fe..l00
5% preferrred......... 100
50
478
9%
100
..100
Investments Co-No par
5% preferred
500
200
1
Dry Goods
Atch Topeka A Santa
800
5-%
26
100
6% 1st preferred
7% 2d preferred
Assoc
5%
934
8%
No par
Aug
11
2%
66% Dec 24
6834 Dec 17
4
100
Aug
Feb 23
35
...
13
93
130
Jan
41
3
70% Deo 7
ll%May 21
145
Apr
14% Jan
3«4 8ept
3
Jan
33%
...5
Artloom Corp.1
300
414
27
gtdlOO
fit 'lllnols
Armstrong Cork Co
No par
Arnold Constable Corp
5
100
17%
3%
4%
95s
May 25
Apr
Apr 27
19%May 21
9% May 22
11
May 18
1234May 28
prior pref_..No par
7% preferred.
3%.
*26
conv
7% preferred
"5.766
5
ArmourACo(Del)pf7%
Armour A Co
3,000
69
3%
20
A P W Paper C fine
*2%
3
par
500
2«4
17
49% Deo 26
May 21
*2%
15%
4%
3%
May 28
May 21
6%
3%
684 Dec 27
5
May 21
23
May 15
30%May 21
18
*6%
1634
1
June 12
9%May 15
21
2% Mar
Dec 27
121
July
20
4in
3
100
Preferred
3
1
Mar 29
25
Anaconda W A Cable..No
3
17%
No par
600
116% 116%
4%
1734
3%
No par
Apr
255s
4ia4
1%
Apr 22
3% Jan
AncborHock Glass Corp. 12 50
$5 dlv preferred
No par
6%
434
17%
..10
Am Water Wks A Elec.No par
Apr
147.
May
48 U May
139
Apr
12
57
__
122
Apr
92
20% June
2
May
3434May 21
28%May 21
4'4May 21
135
Feb
2% Sept
4®4 May
10
22% Jan
l'4May
1234May
90
5% Sept
6% Apr
61
Dec
4
8
6% Jan 6
13% Aug 24
June 10
6%
16
100
June
12% Sept
41%May
10 May
38
May
10
Apr
Aug
1%
35
35
634
*6%
*2%
*15%
4%
25
3
Jan
Aug
Dec
5
6
66% Apr
378 Apr
1% Dec
18
May
15 prior conv pref
25
Anaconda Copper Mining..50
""loo
28%
58
4834
Common olara B__"
45%May
29C
8%
8%
5%
5%
*80% 100
6%
634
80%
80%
13%
13%
13%
*15%
1634
1534
17
*17%
1734
24% 2434
24%
*108% 111
*108%
113
Amer Telep A Teleg Co..-100
25
60
£57
48%
Am Sumatra Tobaooo..No par
May
May
May
440
May
9
12%
7% jan
24% Jan
9%May
share
Aug
38
2%May
8
Apr
Sept
50%May 3
6% Apr 23
1084May
23
5
Apr 18
Mar 25
Mar 8
Apr 16
2% Jan 8
28% Jan 8
800
*11134
*12%
13%
*1%
2%
27%
28%
*109% 110%
4%
434
50% 51
13%
*68
17
26%
3234
13%
60%
48%
100
Amer Zinc Lead A Smelt
600
13%
70
412
200
2,700
3,300
60
117
*15'g
3,000
14,500
Preferred
American Tobacco
400
7%
13%
15%
18%
24%
*68
.
'6,400
54%
60%
*113
7
27g
700
2,900
uar
American Sugar Refining.. 100
56%
7%
17
70
*614
*2i2
200
3,800
53
17%
117
100
55%
9334
*67
25
6% preferred
2,900
17
*113
American Snuff
8%
*92%
7
..100
Jfi 1st preferred
American Woolen
17%
7
Preferred.
140
5%
16%
247g
Amer Ship Building Co. No par
Amer Smelting A Refg.No par
500
7
98%
13%
4914
1,900
conv
No par
1634
109
American Seating Co..No par
4*4%
American Stove Co
9334
7
25
preferred
100
American Safety Raisor._18.50
8,300
30%
9334
24%
American Rolling Mill
600
92
109
No par
1,970
3,900
12%
13%
*89
7%
No par
No
*34%
9234
109
16 preferred
15 preferred
Am Rad A Stand San'y.No par
Preferred
100
American Stores
36%
7
100
1,400
92
243g
No par
Amer Steel Foundries..No par
*87
16%
Amer Metal Co Ltd
2,000
*34%
18%
Amer Mach A Fd* Co.No par
Amer Mach A Metals._N# par
4,600
36%
925g
*17
100
26%
10
88
*15
Preferred
50%
151
*34%
92%
*17
par
1
8%
7%
434
N
Amer Invest Co of 111
3,500
69%
70
*14934 152
55i;
50
100
5% conv preferred
50
American Locomotive..No par
3,500
8,400
8%
12%
pref
Amer Internat Corp
non cum
6% preferred
165% 166%
6734
68%
5%
634
6%
Amer Power A Light...No par
1,000
*96
American Home Products... 1
American Ice
No par
American News Co....No par
73%
13%
13
50
12,900
40%
43%
60
7
*48i2
12%
72%
5%
6%
96
134
134
*2734 29%
10934 10934
83
*12
14
*11134
12%
*80% 100
9%
53%
26%
33%
28%
88
6934
14
60
6%
68
26%
32%
14%
*79
50
50%
conv preferred
"""170
155
26
26%
27%
*8%
5%
154
150
32%
*40
40%
42%
155%
*148
55%
7%
26
734
3934
42%
26
Day
*12%
13%
*134
2
*134
2
2834
2834
*2734
29
110
110
*109% 110%
4%
4%
4%
434
47
48
4734
48
*10914 llOig
4%
4%
*48l2
49
6%
8
39%
42%
53
*31%
*14%
*11134
5"200
6,800
1434
6634
534
155
Christmas
8%
7%
~
15
68
5%
734
15%
69%
5%
*7%
Exchange
152%
5%
5%
634
67g
*95
98%
55
50
60,600
1434
*151
*51
13%
500
6%
6%
634
*155
162
162
66%
14
8%
4,700
4,800
6%
13%
*14
*51
3
334
900
400
69%
153
13%
*49
1,400
1,100
6%
2%
667g
153
3%
28
5034
134
22%
2%
16534 166%
6834
334
12%
*11%
69%
*22
91
12
69
1%
22%
16
13%
74%
69
51
13%
127g
13
28%
50
12
*73
66%
67g
3
9%
67%
98%
American Hide A Leather... 1
10
67
6%
98i2
1,7G0
17%
18
17% 18%
*110% 119% *110% 119%
24
24
*23% 24%
2%
2%
2%
2%
44%
44%
43% 44%
3534 36%
36%
37%
51
51%
149% 149%
2.534
26
152
152
3%
2,700
2,900
42%
159
67*4
687g
23
*2%
162
6%
10
'
*155
6
4158
10
12%
153s
*154
Amer Hawaiian 88 Co
16%
92
12%
6978
25%
*67
162
1478
734
39%
4,400
15%
91%
12%
634
69
6
r
38%
3%
*27%
5034
1%
100
4
Apr
per
57«4 Sept
30% Aug
13% Apr
109%
8% Jan
l%May
38
16%
9
934 Apr
3%June
84 Dec
38%
83%
150
4
Feb 23
15%
91%
3%
0%
No par
125
Hiohest
share $
3% Aug
3184 Apr
Nov
Sept
No par\
No par
3%
3
per
140%May
May
17 2d preferred A
16 preferred
115
8
%7 preferred
900
23% Jan
75
2,200
8 934
3634
658
15
263s
12
36
634
70
6%
734
40%
26'g
1314
7434
*14l2
37
Amer European Sees ...No par
Amer A For d Power
No par
4
Nov 15
13
2,100
15%
2%
4538
147g
52
f
45
American Crystal Sugar
10
6% 1st preferred
100
American Encaustic Tiling... 1
Deo
33%May 10
65
May
5%May
4% May
4,900
*49
25%
2%
4434
258
69%
42%
155
25
25%
American Colortype Co
10
Am Comm'l Alcohol Corp__20
3
3
234 July 18
110% Jan 29
9
234
12%
*13
12%
3
17%
2%
190
No par
Am Coal Co of Allegh Co NJ25
>%6
1%
*21%
3%
1534
88%
25
24l2
2%
4512
5% cony preferred
American Chicle
Lowest
$
June 28
185
,
14%'
51
15s
♦IIOI4 1197s *110% 1197g *110% 1197g
24
Am Chain A Cable Ino.No par
34
51
.
100
Oct
Dec
May
18 May
34
May
13% May
100 May
112
May
2%
12%
5034
1734
No par
Preferred
1%
85%
14%
51
17%
18
American Car A Fdy
135
May
164
2%
12%
29
3
190
»ie
29
*278
-
Preferred
128
14%
3%
*27%
334
12%
*278
173s
200
9%May
4534 Jan
%
1178
387g
88
Moo
5%June
May
28
234
*11%
38%
3
89%
12%
400
"
$ per share
14%
14%
15%
100
114%
119%
1,200
%
14%
*49
2,200
20
1%
1534
21%
1,500
3%
Amer Cable A Radio Corp__l
American Can
25
2,600
6,900
1%
13%
4,800
5
4%
50
30%
61
Hiyhest
$ per share
American Bosch Corn
1
Am Brake 8hoe A Fdy.No par
5 H% conv pref
100
Ran ye for Previous
Year 1939
100-SAffrs Lou
Lowest
Par
200
9%
1%
*21%
3%
*12%
7,500
77%
1%
3%
5
*3%
1%
"2",600
9%
1%
38%
131
138
85%
182%
77%
9%
79
4%
234
1134
37%
838
83s
it
155s
88%
12%
88%
12%
278
*75
3-%
*273s
1%
22
334
8%
5
*9%
9%
79
15s
2%
12%
38%
12
8%
1,300
3,000
7%
12
*10
*3%
1478
3
9%
1,i«
15
3
12
5%
*75
15
*10
8%
5
79%
1%
3%
7
7%
3847
EXCHANGE
$ per share
,
2
15%"
Apr
'Nov
109%
Oct
l.'5% Nov
17
Apr
98
Apr
28
July
107% Nov
May
7
32% Oct
3
2784 8ept
jan2 >
1047a Sept
7% Apr
12*%
9%
Oct
Nov
73%
33*4
Oct
127
9% Apr
67% Apr
36% Apr
9
2
9
22% Mar 13
60«4
39
Jan 18
3
Jan
93% Nov
134
22% Apr
11%
9
Nov 20
34% Jan
6
4
Jan
4
23% Jan
3
10
3
96
Br-rlgnts
Apr
Nov 23
52
16%
177g
48%
32
Apr
Nov
Aug
Jan
Apr
22%
Deo
Apr
66
Deo
Sept
60% June
99% Apr
157s
32
Apr
57% Mar
100
Sept
120% Sept
3 284
Oct
24 %
Oct
Apr
IV °4
Jan
22
Dec
36%
13%
Deo
23% Mar
14
8%
1*
Apr
A
or
57
t Galled for redemption
Oot
Dee
hjfw
—
,
'
1
llf fYY! (1/1 ft
jC/v 4 9 /** H ft i i
OtUUTUALJJ
J
JYL UTtAMAy
Dec. 21
Dec. 23
17%
17%
29
29%
*52
£22%
18%
19
18%
18%
18%
18%
*7$
35%
1%
%
35%
18%
19%
34
*4%
12%
23%
4%
4%
4%
18%
34
35%
4%
12%
1134
11%
11%
24
2334
*38%
40
*38%
*42%
2%
35%
43
43
2%
2%
3,000
Bond Stores Inc
18%
19%
18%
18%
9,200
Borden Co (The)
1834
84
19%
11,100
*35%
35%
24
34
•
36
*3434
• „•
,
%
4%
4%
1184
12%
24%
11%
24%
24%
24%
200
Brlggs A 8 tr atton
300
Bristol-Myers Co
2%
1,200
6
6
6
11,800
5,800
30
30
22
22
*21%
500
300
4%
5
5
5
5
11%
12
63
*62
63
62
62
6%
31%
32%
32%
2,100
17
17
41% Apr
1% Apr
73$ Apr
63
Aug
2
Jan
13% Apr
31% Jan
30% Aug
1% Jan
7
4,000
32
32
31%
32%
2,000
BulJard Co
32%
33
33
3234
3234
600
18
May 23
21
May 21
17%
173$
17%
17%
17%
17%
7%
734
7%
7%
7%
7%
7%
7%
7%
7%
2,200
17,000
2%
2%
2%
234
2%
14%
2%
2%
15%
2%
2%
700
Burroughs Add Mach ..No par
Bush Terminal
1
15%
240
Bush Term Bldg dep 7
15%
*13%
15%
5
*13%
*4.%
4%
*18%
334
4%
1334
434
18%
18%
19
18%
*3%
3%
9%
334
78%
3%
*334
334
9%
*77
77
*11%
17%
11%
11%
11%
11
17%
17%
17%'
17%
*61
54
7834
800
600
11
11
17%
17%
A Zinc
5
By erg Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co .....No par
California Packing....No par
2,400
51%
51%
4%May21
l7%May 28
2%May 24
100
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
3,200
6%
14%
6%
634
6%
634
6%
684
6%
6%
3,600
Calumet A Hecla Cons Cop..6
143$
1 500
Campbell W A C Fdy_.No par
12
7,800
Canada Dry Ginger Ale
40
10
53
*51
14%
14%
12%
12
40
38%
12%
38%
3%
3%
3%
37%
3%
39%
37%
37%
*39%
92
*9034
*14%
12%
*38%
3%
37%
*3%
39%
*90%
42
39%
39%
92
91%
91%
3
5384
*29%
30%
2
2
5
5
*1%
*93
4»
1%
5%
2%
•
*93
100%
29%
30%
4%
4%
4%
*19%
*41%
41%
*
*%6
%6
14%
14%
14%
15
4134
42
42
42
42
50%
50%
5034
51
500
5034
%•
*
11
75%
73%
7434
9%
9%
9%
9%
*94%
95%
95
95
*45
50
45%
45%
*2%
234
37%
145
7334
9%
9%
73%
9%
134
134
4,700
29%
10
74%
9%
73%
73%
24,000
9%
1.800
270
95%
95
*94%
95%
*45
50
*45
50
300
3
3
3
1,800
36%
3634
37
800
36
37%
37%
*
145
*
77
*82
8434
*82%
145
*1111
77
m
50
32%
82
—
500
32%
82%
*81%
84%
50
60
*48%
50
*48%
50
*48%
50
28%
29
28%
29
28%
2834
27%
28%
27%
28
8,600
32%
32%
32
32%
31%
32%
3134
32
3184
323$
2,900
105% 105%
*61
62%
*144
145
145
145
*144
104% 105%
*61
62%
11
1034
*48%
61%
62
*61
11%
102%
109.1?
29
29%
28%
10%
10%
28%
*111% 111%
28%
29
104%
2,500
62%
100
6,700
11%
11
11
*101% 102% *101% 1021? *102
28%
143
104
*61
104% 104%
61%
100
143
145
145
146
104% 104%
-
11%
11%
1091?
*in9.3o
1021?
100
28%
28%
2,400
29
180
112
111% *110
19
19
*18%
*18%
110
111% 111% *111% 112
18%
1,100
18%
18%
%
%
%
«16
34
34
34
U16
%
34
930
1%
1%
1%
1%
1%
134
134
134
134
134
*1%
134
1%
1%
*1%
134
*1%
134
*1%
134
*20%
21
*20
20%
4%
*75%
4lo
76
73
74
74%
74%
*5%
6
*22%
23%
28%
28%
*103% 104
*20%
20
4%
76
73%
*75
5%
*2134
28
104
'
•4
•
-
i
' :
■
800
2038
21
20%
4%
76
20%
20%
20%
20
20%
20%
20%
19%
20%
1934
20
4%
4%
7434
4%
4%
7434
4%
40,200
75
7434
*72
73%
70
72
75
75%
*75%
7534
600
534
5%
5%
2434
1,200
76
73%
*72
76%
76
5%
23%
28%
104
73%
76
5%
584
5%
23%
2834
*103% 106%
3434
35%
108% 108%
10%
10%
10%
10%
84
34
34
49%
S4
4934
34
34
13i«
49%
50%
50%
5034
50%
51
29
29%
28%
29%
29
29%
2834
29%
-
/'
'•
500
12,300
Apr
17
10084 Dec 14
2% Jan 3
7% Apr
10
Apr
Oct
147$ May
Jan
97% June
8
July
6
Jan 30
2%
15
Nov 14
140
Apr
Apr
May
68
133
74'4 Nov 15
Clev Graph Bronze Co (The).l
Clev A Pitts RR Co 7 % gtd.50
May 21
74
May 16
Special gtd 4% stock
50
Climax Molybdenum..No par
46%May 16
48
25%May 22
25%May 21
131
May 22
145
No par
99%May 21
No par
56
May 24
Colgate-Palmolive-Peet No par
$4.25 preferred.
.No par
94
Collins A Alkman
10%May 21
Cluett Peabody A Co..No par
Preferred
100
10%May 21
June 10
...
No par
108
6% conv preferred
100
Colo Fuel A Iron Corp .No par
Colorado A Southern
100
May 23
12%May 21
»i« Dec 17
1% Dec 18
1% Oct 24
100
100
May 21
$2.75 conv preferred.No par
Commercial Credit
10
1434May 24
273$June 10
100
95
June 13
June 10
Comm'l Invest Trust..No par
32
200
$4.26 conv pf ser '35.No par
97
8
Commonw'lth A Sou..No par
2834
29%
15,500
$6 preferred series
June
4
May 21
llig Dec 27
No par
Commonwealth Edison Co..25
42
May 21
25%June 10
Oct
Mar
34% June
21% Apr
45% May
60%
4
38
Dec
Dec
4
125
Sept
135
Mar
131
Mar 30
105
Sept
133
63
Feb 27
68
Jan
20
Feb 21
11% Apr
_^=
t In receivership
a
Def. del'very.
n
New stook.
r
Cash sale,
x
Ex-div.
v
Jan
62% Dec
18
Dec
126% Dec 26
35% Apr
8
112% Feb 10
24
May 10
434 Apr
5% Apr
5
Apr
4
4
4
20%
100
Apr
37%
Oct
Apr
llli, Dec
11% Apr
247$ Sept
8% Sept
2*4 Aug
37$ Sept
3% Aug
9% Sept
8% Sept
263$ Mar 12
14
Apr
26% Mar 12
14
Apr
5%
74%
62%
Apr
9
Feb
Jan
91
Mar
Jan
83
Feb
Apr
96
Oct
Dec
15%
Jan
7% Apr
79
8
8
Jan 26
4
8% Mar 15
26
48
Dec 11
Jan
3
108% Feb 21
56
Apr 8
73
6%
15% Dec
38*4
Apr
98%
Oct
42
Apr
Mar
6
10334 Sept
10% Apr
5
8% Aug
113
1% Dec
253s Dec
25% Dec
30% Mar
57
Jan
109% Aug
60
Jan
110% June
10
2%
Sept
Feb
134June 28
8
45*4
Jan
72% Aug
8
£25%
Apr
32%
73% Jan
33
Apr
'.i
♦Bid and asked prices; no sales on this day.
Jan
1
45t$ Apr
'
^
Feb
78
41% Apr
98«4 Apr
3%May 21
Feb
39
Jan
May 29
71
Co.No par
Pictures.. —No par
69
115
Apr
42
93% Apr
100
Oct
Oct
Feb
20%
Mar 26
4%May 22
67%May 28
59 June 3
May 21
Mar
43g
341,
10678 Sept
Sept
Columbia Gas A Elec
16
68
May
69
Columb Br'd Sys Inc cl A.2.50
ClassB.
.2.50
No par
Sept
140
2
83% Dec
16
6% preferred series A...100
40% Sept
4% Apr 20
40% Apr 18
114% Jan 10
43% Mar 8
3,300
Jan
9
Feb
9
May 21
7,300
13%
79
124
100
82,500
9% Mar
15% Sept
94%
Nov
*60
84
Apr
4% Dec
41
Sept 16
10%
7g Sept
17$ Jan
1% Sept
% 'Aug
Apr
May 21
51%
60% Nov
% Aug
Apr
24
»18
Jan
39% Sept
53%
No par
50%
Oct
20%
25
Sept 26
4)4 % conv preferred
Sept
4% Sept
% June
June 19
Columbian Carbon
4
14
Apr
10
26
Columbia
95% June
Apr
30% Aug
44
Aug
Ex-rlghts.
t Called for
,
47% Sept
34
May 15
5% preferred
Oct
29% Sept
91% Apr 8
14% Jan 26
2
4% 2d preferred..
Jan
21%
53%May 28
8% Oct 28
par
4% 1st preferred
30
Apr
9%
15% Dec 13
427$ Dec 13
51% Deo 13
3$ Jan 9
«4 Apr 3
% Jan 3
11% Mar 28
16% Apr 15
6% Mar 25
44
Coca-Cola Co (The)
Class A
Aug
13s Sept
1% Aug
2% Jan 24
12% Jan 4
85
preferred
Deo
6%
Dec 10
44
Jan
105
£3% Dec
27
Apr
85'4 Oct
60
100
20,100
3084 Apr 18
29% Mar 23
47$ Apr 3
15$ Aug 28
Aug 16
Commercial Solvents ..No par
10%
98
108
150
24
24
*23%
28
2834
28%
28%
*103% 106% *103% 106%
35
34%
35
34%
107% 107%
*10734 110
24
275$
1,600
9
100
1,000
43$
*75
35
36%
35%
35%
*107% 110
*107% 110
10%
10-%
1038
10%
131(
18%
May
Clev El Ilium $4.50 pf.No par
20
19%
106
5
CCC A St Louis Ry Co.
570
19%
Jan
22% Sept
98
Clark Equipment..
5%
60
33
33
«.«.«*
jan
13
47%
....100
100
6)4% preferred
City Investing Co
City Stores
:
1.
113% 113% *113% 115
84
*48
*____
77
*125
145
*.».-.
77
2%
527,
Sept
June
5% Aug
20
25
.5
No
14% sept
07g Oct
Sept
32
Sept
7%May 21
9
May 21
No par
113% Aug
12% Sept
96
7
Apr 10
18
8%May 15
23%May 21
41 May 22
%«Nov 13
%e Dec 14
%«Nov 27
10
Chrysler Corp
City Ice A Fuel
3*4 June
4
0%May 21
100
No par
Chile Copper Co
Apr
103% Sept
2
%May 15
% Dec 18
Chllds Co
Jan
Oct
84%June 17
6% preferred
23s
Apr 22
Mar
Apr
38s4 Deo
17%May 22
Chlckasha Cotton Oil
Jan
72% Mar
30% Sept
5% Jan
99% June 22
preferred...No par
Dec
Aug
Oct
22
100
Mar
Apr
May 28
15
Mar
Sept
18%
22
tChlc A East 111 Ry 6% pf.100
IChlc Great West 4% pf..l00
Chicago Mail Order Co
6
Chicago Pneumat Tool.No par
conv
Apr
Sept
41% Jan 10
8% Feb 15
30%May 28
S3
Apr
4
94%
122%
04%
30%
1097$
19%
68
1
Mar
100
15%May 21
Pr pf (S2.50) cum dlv No par
JChlc Rock Isl A Pacific... 100
7% preferred
100
Sept
85% July
33
Sept
3% Apr
3% Apr
85% June
6
2% Oct 15
Sept 4
10%June 10
2% Oct 15
Preferred series A
£43
77s Aug
3
9
5
1134May 10
May 21
^Chesapeake Corp
No par
Chesapeake A Ohio Ry...—25
Chicago Yellow Cab
*25%
26%
3«$
114%
57$
Aug 15
5
100
50
2%
72
No par
600
1®4
9
June 15
1% Dec 19
Cham Pap A Fib Co 6 % pf. 100
1,300
9%
11
95
2%
85
*82
116
*9
*10%
*45
33
33
2,400
29%
*25
113% 113% *113% 115
*32
33%
*32% 34
*113% 115
%6
%6
%»
9%
1%
134
%6
"%6
%C
11
11
29%
74%
*
95
145
85
%»
*8
9%
134
37
*
""%«
11
*25%
1%
37
%6
%0
%6
*8
74%
*
%6
%6
8%
26
3
14%
1,200
3,500
1,000
11%
26
—
7
8%
28
*
6%
%
%e
*26
*._
6%
11%
2%
2,600
6%
*50
50%
12
2%
*36%
500
%
4134
41%
1%
1%
%
13%
*11%
1%
1%
1%
•'
48
l%May 15
June 12
Sept
Apr
84
Jan
8
13% Apr
4
June
6%
41% Sept
Apr
38%
12i, Feb 15
17
July
110
May 21
106
47
1378 Apr
23$ July
63% Aug
6
No par
Common
35
77
4
May
Apr
3% Sept
9
8
Dec
3% Sept
29% Sept
4% May
4
1
Jan
10% Sept
1784 Jan
208$ Jan
Apr
12
Dec 27
121
105%May 22
100
6% prior preferred
9%
6
3
Jan
177,
% Feb
478 Aog
66% Jan 4
35% Apr 29
3%May 22
300
100
100
100
*99
4234
4I84
7%
7
7%
%fl
%
9%
*8%
42%
3,000
15,100
1%
%
14%
*%6
%6
%6
10
1%
%
*1%
19
;
41%
3% Nov
75
22%May 24
Chain Belt Co....
7
Dec 20
126
1
Checker Cab Mfg
2%
2%
2%
May
92
Cerro de Pasco Copper. No par
1,000
17
*1534
17
1%
%
1%
7%
13%
41%
50%
300
30% Dec
3234May
42%May 15
20 May 21
4
Certaln-teed Products..
Apr 17
45
88
710
21
2%
*9834 100
100
3534
21
41%
41%
*1%
%
50%
%e
41%
100
43
*50%
2%
34%
2%
2%
4%
4%
104%
104% *103
19%
19
18%
19
*1534
17
*1534
2%
14%
*
19%
17
9,400
2,000
30
29%
July
1
3
Century Ribbon Mills.No par
Preferred
100
100
3
20%
*103
104%
19
20
*1534
5%
100%
34%
20%
*103
103
103
43$
34%
21
*20
I84
5
*93
100%
29%
4%
35
343$
20%
20%
8'
14
35
34%
29%
4%
20
*2%
3
*93
30
28%
484
1,000
900
1%
5%
5
100%
3034
134
*2%
2,400
2%
2%
63
Apr
89%May 23
June 10
Central Vloleta Sugar Co
18%
18
Sept
48% Mar
0
100
100
1,600
.20
*113
113
134
2%
*4%
*7%
2%
410
3,300
30
13
21
21
18
3
Dec 23
22%May 21
2
May 24
Caterpillar Tractor
No par
Celanese Corp of Amer_Aro par
7 % prior preferred
100
Celotex Corp
No par
6% preferred
100
Central Aguirre Assoc. Wo par
Central Foundry Co
1
Central 111 Lt 4«% pref__100
^Central RR of New Jersey 100
1,300
66
*59%
1734
2%
17%
113
5%
3%
30%
34% 34%
21
*20%
*102% 104%
19%
19%
17
*15%
234
*2%
41% 4134
100% 100%
1%
*1%
%
%
65
Case (J I) Co
Preferred
7,300
11934 11934
7
7%
7
1%
538
*93
100%
6%
~ —
5%
270
*11934 120
*59%
*2%
3%
*2%
2
2634
27
2%
*113
113
113
500
2,100
125% 126
4834 4934
26%
26%
125
49%
17%
*2%
234
*2%
2%
17%
1734
17%
17%
17%
2%
*112%
2%
52
103$ Nov
847g Nov
6% Mar
40% Jan
36% Aug
75%June
5
1
100
Carpenter Steel Co
Carriers A General Corp
300
52%
2%
2%
49
70
91%
30
Jan
2384 Mar
6% Sept
Ap.
40
3
Sept
9%
Apr
25% Apr
11% Aug
13% Apr
23$May 22
29%May 28
Capital Admin class A
1
$3 preferred A
10
Carolina Clinch A Ohio Ry 100
90
42
91%
53%
125
65
65
66
*63
66
2%
Day
1,400
30
53%
3
53%
125
*121
*120% 125
49
49%
49%
49%
49% 4934
*27
27%
27
27
26% 26%
119% 120
11934 11934
*119% 120
6%
6%
6%
6%
6%
6%
*62
*38%
700
3
3
31
*29%
*2%
53%
123
123
9034
Christmas
2%
53%
2%
53
38%
Closed—
31
37
3634
38%
9034
*3
784 sept
2% June
4
9
34
25
Jan
20
Apr
1878
3
May 21
11% Dec 27
July 1"
Apr
678
Nov 13
15% Jan
207$ Feb
52% Mar
17, Feb
8% Feb
19% Apr
23% Apr
May 21
June
1
0% Mar
1334 Jan
4%May 21
May 21
No par
Cannon Mills
11
3
6
82
11
6
Canadian Pacific Ry
203$ Deo
I884 Jan
May 21
1
1
Canada Southern Ry Co..100
15,100
33$
3%
37%
3%
37%
Exchange
3%
11%
*38
3%
3%
37%
*3%
30%
3
63%
Stock
3%
*37
12
40
*38
1
14
14%
1134
12
40
3%
53
14
14%
143$
1134
*36
3%
3
30
*29
*51
54
*51
30
34% Mar
14
6%
Jan
6% Nov
11% Apr
May 22
60% July 25
Jan
55%
Apr
15% Aug
9
60
8
21% Apr
39
5% preferred
Callahan Zino-Lead
3
Jan
1061, Aug
29% Apr
Sept
5
0%May 22
Apr
Apr
4
22
23
7% Jan 4
23% Apr 3
May 21
5%May 21
30
6% conv preferred
60
17%
17%
7% Dec 23
2
% pf .100
10
Butte Copper
300
11%
*11
11%
18
1,000
9%
7834
9%
7834
9%
93$
93$
77
384
Butler Bros..
1,300
19%
334
19
19
1834
434
4%
434
434
v;,;;
19%
334
934
7834
*9%
7834
9%
*76
4%
.
15
13%
15
10
35% Nov
21% Jan
12% Jan
5% Apr
1634 Oct
12%May 22
1
Burlington Mills Corp
Sept
25% Nov
Apr
Oct 31
36
17%May 21
41
Apr
94%
5
7234 Nov 14
8% Nov 9
Jan 19
20
15% Deo
7
6% Jan
3% May 22
Jan
Jan
9%
Dec 10
119
May 28
3
*2%
Bulova Watch
37% Apr 30
29% Apr 6
1234Nov 26
0%May 23'
No par
No par
No par
Budd Wheel
32
32%
14%
5
97
31%
32%
17%
31%
May 23
38
No par
100
7% preferred..
370
3134
7
Aug
100
7% preferred...
Budd (E G) Mfg
10
7
6%
6%
31%
32%
41
.5
Bucyrus-Erle Co
5,000
116%
116% *115
484
4%
4%
434
64
62%
62%
62%
7%
7%
7
7%
5
*61%
157$
317,
Apr
Bruns-Balke-Collender. No par
*115
115
115
30
22%
11%
12
11%
11%
II84
116% *113% 116%
1234
2984
Jan
47g sept
3434 Oct
7*4 Feb
31
1234 Dac 24
27 May 21
14'4May 21
22%
Aug
32
41% Nov 13
53% Apr 6
4% Nov 1
24% Sept 11
25% Jan 4
*684 Nov 26
12
*29
21%
Deo
22
5% Sept
784 Aug
Bklyn-Manh
29%
22%
1234
12%
13%
30%
24
Jan
16% Apr
Transit--No par
Brooklyn Union Gas
No par
Brown Shoe Co.
No par
13
Jan
1834 Apr
1% Apr
191, Apr
13% Apr 29
5
13
Jan
121,
16%
26% Nov 12
Brooklyn A Queens Tr.No par
6
6
1234
No par
3834
42%
3834
43
51
Mar 16
7
28% Jan
121% Dec
63% Dec
Sept
100% Sept
May 21
8
Brlggs Manufacturing .No par
2%
3984
43
6
May 22
4% Dec 26
6,400
16
Jan
34*4
16*4 Aug
9
Nov
13%May 22
27 May 22
Bridgeport Brass Co J--No par
42%
3934
43%
2%
6
3
2,900
'
2%
40
*43
6
% Dec
26
2%
*38%
2%
12%May 21
100
5
Brewing Corp of America
500
4%
4%
June 10
17
—.15
__
6
Bearing Co
Bower Roller
600
:
34
123% Jan 3
70% Mar 20
29% Apr 25
24% Mar 27
25% Jan 3
2% Jan 4
3834Nov 15
61%May22
19
May 22
1
Borg-Warner Corp
Boston A Maine RR
3,600
1134
43%
*21
11%
11%
*113
22%
40
2%
Class B
170
53
22%
18%
*'•
:
35%
4%
1134
24%
24
24%
}
'
■
t
A—No par
No par
Bon Ami Co class
20
.
52%
13
31%
22
22
35%
1934May 22
99 May 23
109% 109%
S pet share S per share
28% Apr 16
1234 Aug 16
5
53
30%
13%
13
*30
%
6
6
6
19
6
Bohn Aluminum A Brass
22%
"
18%
Boeing Airplane Co
1,100
18%
2234
Highest
f per share
6,600
22%
53
24%
19
Par
Highest
Lowest
Lowest
$ per share
Week
53
52
23%
Range for Previous
Year 1939
Lots
On Basis of lOO-Shars
1940
28
pYf!R A
Shares
29%
29%
*109% 111
*109% 111
52
24
23%
NBW YORK STOCK
fjsp
1/14/
% per share
17%
17%
1 per share
$ per share
173$
29%
STOCKS
for
%AAAA>\f
$
Dec. 27
Dec. 26
17%
*109% 111
*10912 H4
53
*52
WLTlMSUUy
Dec. 25
share
ver
A
29
29%
29
29%
2912
%
I ver share
17
17%
S ver share
17
17
W
IMsQWJLy
Dec. 24
Whiirsft/iii
JL /£«•/ QUAXy
Range Since Jan. 1
Sales
PER CENT
SALE PRICES—PER SHARE, NOT
AND HIGH
LOW
Dec.
New York Stock Record—Continued—Page 3
'
3848
redemption
Dec
:>
Volume
LOW
AND
New York Stock
151
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
Sales
CENT
STOCKS
for
Saturday
Monday
Tuesday
Dec. 21
Dec. 23
Dec. 24
{ per share
*3
S
share
per
4
3
15%
15%
24
24%
15%
24%
*11%
11%
11
*93
96
*93%
*92%
6%
21%
96
*92%
7
6%
22
21%
106%
106% 106%
*%
%
*7%
2%
5%
7%
$ per share
3
3
1%
1
1
1
4
33/
17%
106
15
15
7%
7%
%
%
*17
6%
38%
3%
18%
*21%
*18%
22%
55%
48%
55%
48%
43%
43
181
18%
182
*4%
4%
%
%
17%
18
105% 105%
18%
18%
*4
4%
*25%
26
45
*44
Shares
16%
9434
12%
7
19
*17
6%
3834
7
39%
3%
18%
21%
35g
18%
*78%
37%
110
%
*17
38%
3%
18%
7%
80
7
39%
3%
19
3834
3%
4
183S
21%
18%
*55
14%
14%
9Q34
25%
.13%
14%
*24
24%
1%
*43
29%
8%
27%
1%
48%
29%
7%
28%
2
4%
73%
13%
*24%
1%
*45
30
8%
27%
*70
80
*70
80
*70
47%
*43%
19%
*3%
17%
*6%
47%
*43%
19%
*3%
*17%
19%
4
18%
7
113% *113
19%
19%
27%
27%
*17%
11
18
19%
27%
*17%
11%
11
2%
2%
2%
*%«
%
19%
4
17%
7
7
113% *113
*114% 116%
13%
14
115
29%
*41
42
8
8
18%
85%
18%
18%
85%
*85%
*8%
9%
*28%
41%
*8
9
8%
18%
87%
9%
*33
35
34
34
*19%
15%
20
15%
19%
15%
75%
19%
15%
76
76
76
*135% 136
21%
21%
135
135
*41%
*8
34
33%
*4%
34%
31
40
*110% 110%
6%
6%
65
*63
*29
110
*63%
72%
*75
%
%
%
%
%
%
80
65
i«
*71%
116
15
29%
41%
8%
18%
136
34%
*45
3%
113%
20%
2734
2078
2778
18%
18
18
11%
2%
11%
11
11%
2%
5,600
11,500
%6
200
2%
*
%6
£114
2%
*
114
14%
*29
41%
*8
41%
8%
18%
*85%
18%
87%
10
9
6%
35
35
20%
21
7534
76
135% 136
21%
21%
*6%
934
*117
934
9%
*117
164% 165
*123% 12334
116% 116%
3434
4%
117
35
4%
132% 133%
*180%
31
31
27%
27%
27%
30
30%
29%
39%
39%
30%
29%
40%
75
72
85
*79
45%
4534
19%
19%
19%
6%
*6
8,800
16,400
1,800
1,000
2,700
400
90
67
500
13,«
"9" 000
%
3,100
%
3%
*3
3%
"l'ioo
7%
7%
29%
738
2934
1,100
3,100
%
*%
"16
300
46
%
6%
46%
19%
19%
*6
*6
46%
19%
No par
6%
46%
20
12%
1
No par
__1
Rolling Mills
6
113
25%June 10
3
May 16
—5
3
Electric Boat
Elec A Mus Ind Am shares.__
Electric Power A Light. No par
$7 preferred
No par
$6 preferred
No par
Elec Storage Battery—No par
3
El Paso Natural Gas
Endlcott Johnson
Corp
50
35
6% preferred
100
Engineers Public Service
1
$5 preferred
No par
102
preferred
preferred
No par
No par
$5yi
66
84
Equitable Office Bldg—No par
4% 1st preferred
4% 2d preferred
100
—60
Eureka Vacuum Cleaner
6
Evans Products Co———6
3
Ex-CeU-O Corp
Exchange Buffet Corp.No par
Fairbanks Co 8% pref
100
Fairbanks Morse A Co. No par
Mar
%May 15
67% Aug
2% Deo
7
6
5
May 21
20% Jan 15
% Oct 24
3%June 10
29%June 5
17%May 21
11
May 23
98%
96
98
25
24
24%
*13%
13%
*13
1334
*13
13%
*12%
13%
3%
3%
%
4
4
3%
378
378
1~,3<)6
Federal Motor Truck. _Ne par
®I6
*1«
1938
*97%
*11%
19%
19%
98%
1,500
2,000
Federated Dept Stores .No par
15
9834
100
79
June
..1
Fidel Phen Flra Ins N Y.$2.50
10
May 21
*11%
38
*
38
11%
37%
19%
11%
38
"16
37%
®16
%
19%
*97%
1934
12
11
11%
11
11
800
38
3784
38
37%
38
3,600
Bid and asked prices; no ~ales on this day.
{ In receivership,
a
preferred
Federal-Mogul Corp
1938
*97
$6
Federal Mln A Smelt Co
100
Def. delivery,
Federal Water Bert
No par
2
6
A-No par
4Yt.% conv preferred
Ferro Enamel oorp
n
New stock,
r
Cash sale.
85
June 10
16
July 24
12% Aug 27
2% May 15
*uMay 22
May 28
6
27%May 21
1 Ex-dlv.
y
Deo
2% July
Jan
110
Jan
32% Aug
13
41%
Apr
Jan
40%
Feb
Apr
Apr
37% Mar
Apr
94
17% Deo
Deo
62% Sept
62
96
June
2% Aug
3
Apr
48
9
Aug
Aug
26
Deo
4
35% Oct 28
11% Mar 8
Oct
4
5% Mar
7
18% Nov 12
8% Apr 4
114
3% Sept
4
May
Nov 22
Jan
8% Sept
13
9
38
Jan
13% Apr
3% Aug
14% Sept
4%
103
Apr
Sept
7
Nov
June
17% Mar
10% Sept
11284 Deo
1584
Apr
25%
23
Apr
27% July
19% Apr
11% Apr
18% Deo
23% Jan
12% Aug
3% Sept
% Deo
28
6% Jan
% Jan
103
125% Jan
23% Jan 10
18
Apr
Sept
36% Apr 10
43% Feb 3
10% Feb 21
20% Nov 12
8684 Apr 6
14% Apr 9
28
Apr
38
Feb 29
3684 Sept
5% Aug
13>4 Sept
66
Sept
984 May
30
Mar
24% Apr 23
10
237S Jan 10
20% Sept
94%May 10
55
171
Apr
9
30
Apr 24
10
Dec
Apr
116% Nov
Apr
188% Sept
124% Aug
118% Feb
2
112
Sept
111% Sept
2
Dec 10
Apr
9
17% Jan
4
4I84 Apr 16
183a Apr 20
1>4 Jan 4
8% Jan
4078 Nov
36% Nov
33%May
41% Jan
12% Apr
384 July
138% Apr
155% Sept
16%
Apr
15% Sept
22%
Apr
8% Apr
1% Sept
6% Apr
20% Apr
I884 Apr
23% Apr
28
Jan
32% Aug
£103% Mar
7
31% Deo
8% Sept
186% Jan
183% Feb
30% Oot
19% July
40% Oot
18% Nov
3% Mar
12%
Jan
41%
Jan
38
Feb
35
Sept
42*4 NOV
65
Sept
111
Jan
Jan
62% Apr
65% Apr
13% Aug
80% June
89
Aug
Jan
69
95
12% Jan
83
8
Jan
89
Apr
Apr
«4 Aug
7g Jan
1
1>4 Jan
Aug
3% Jan
1% Sept
1% Apr
67% Aug
1% Apr
65% Sept
3% Sept
5
Feb
11% Apr 25
34%May 10
1
Jan
3
8% Mar 11
49% Apr 8
31% Apr 18
187g Apr 3
6
Apr
14% Apr
% Deo
2»4 Apr
Aug
1% SepJI
Sept
3
6
Sept
3% Sept
65% Sepr
6% Mar
13
Jan
24
Apr
20
Apr
Apr
25%
2%
8%
43%
38%
18%
98
Deo
31%
Deo
11
Mar 27
81
Jan
29% Jan 15
15% Oct 2
29
Dec
102
June
Apr
129% Dec
8f
14
108
126%
6% Nov 12
20% Mar
July
13% Nov
35% Jan
22% Jan
34
July
90
87»4 Nov
Mar
8
44%May
34% July
44% July
10% Nov
144% Deo
17% Deo
19% Jan
6
189% Apr
11884 Jan 19
Oct
8% Sept
1% Jan
125% Oot
32% Jan
101% Apr
Mar 30
Jan 17
Apr
Oct
Aug
13«4 Jan 18
120
97
% Dec 20
%May 15
a4 Dec 21
100
100
{Erie Railroad
May 31
May 31
*24
101
4% Jan
Mar 19
63
5
38
24% Apr
6
112
*98
*16
4% Jan
May 22
5%May 21
25
19
75
Apr 13
*24
*97
9
Dec 13
46
*98
So
95%May
475g Dec 13
£99
May 22
*12
19%
98%
12
9
37
Electrio Auto-Lite (The)
28
4
180
50
3
21%May
May 22
12
ft
Feb 26
June 10
10% May 28
25 May 21
l0%May 21
% Dec 16
3 May 15
l8%May 21
l5%May 21
*24%June 6
26
May 21
25
81
Apr
45
22
98%
19%
387g
45% Dec 27
165
12
98%
2
4
2
Edison Bros Stores Ino
*24
3%
7»4 Jan
61% Sept
67% Sept
Aug
177
55% June
25
Sept
l46%May 28
H4May 22
ll2%May 22
*98
3%
5
100
6% cum preferred
Eaton Manufacturing Co
Fajardo Bug Co of Pr Rico. .20
Federal Light A Traction. __ 16
~
Nov 29
Sept
3
Sept
% Sept
16
Sept
93
Apr
26% Jan
67g Aug
20% Apr
33
Sept
91
Oc122
12%
*13%
5
3
I6684 Jan
1,700
300
8
June 10
"T.700
200
7% Apr
1% Apr
24% Jan
106
Jan
547g Apr
150
45
30%May 22
14 May 21
U%May 22
66% July 3
127% Nov 27
14% Jan 12
5
May 21
9% June 10
9812
*12
49
Deo 16
May 10
Dec 23
9
25%
13%
3%
12
184
23
98%May 22
12%May 21
26%May 22
32 May 21
4%May 15
12%May 21
56%May 24
*98
12
May
61% Jan
65% Jan
60
June 13
*21%
*12
70
7
19%
12%
98%
19%
31% Jan
32% Sept
117
Erie A Pitts RR Co
2934
197g Aug
16% Apr
Eastman Kodak (N J).No par
900
80
7%
_
Eastern
5,100
"16
%
♦71%
29%
*3
..No par
Eastern Airlines Inc
$6
716
"16
"16
80
No par
preferred
100
Du P de Nem (EDA Co—20
$4.60 preferred
No par
Duquesne Light 5% 1st pf.100
300
72%
%
%
No par
Douglas Aircraft
85
%
%
*71%
4,900
25,400
8,700
®16
80
3%
7%
29%
h
6%
46%
300
109% 109%
6%
6%
*79
"16
"2",900
1,500
*71
"le
800
3,200
40%
*64
%
6,000
17%
716
378
32
2734
31
29%
16%
%
334
313s
h
h
30
343g
*10834 110%
e%
6%
Class A
Doehler Die Casting Co No par
Dome Mines Ltd
No par
Dresser Mfg Co
800
14
34
par
No par
Dow Chemical Co
~7~4o6
34 78
%
Co__
8%
3478
4%
14
2
6% pref with warrants—100
Dixie-Vortex
Dunhlh International
133% 134
*180%
334
Distil
Duplan Silk
117
34%
4%
25
Motor^Car Co
Corp-Seagr's Ltd.No
500
34%
%
6% partlc preferred
300
14%
34%
16%
3%
No par
9%
35
35
*13%
34%
15%
100
2,500
162% 165
124% 124%
Jan
Apr
25%May
%«Dec 10
3.5C0
1,500
119
25
33
8%May 21
2% Dec 20
Diamond T
60
1,000
6,300
Deo
5% Nov
100
Devoe A Raynolds A..No par
300
600
Jan
40%
Apr
ll%May 22
6
6
6%
119
%
*534
4534
4,400
10%
Apr
10
Detroit Edison
61% Sept
May
Apr
9
2378 Apr
28%May
Diamond Match
500
300
15%
1578
76%
76%
135% 135%
2134 22%
75
%
500
Mar
100
116
1%
JDenv A R G West 8% pf.100
500
*87% Sept
32% Apr
Sept
xl06
17% Dec
22% Mar
2
Jan
5
June 10
Delaware A Hudson
Dec
13% Nov
32% Nov
l3%May 22
21
11% Apr
34
Sept
101% Deo
73% Apr
Sept
107
Sept
9% June
Mar 29
42
No par
20
Dlesei-Wemmer-Gllbert
1,610
21
16%
85
%;
200
& Co—
Preferred
I84 Apr
8% Aug
92
June 10
6
preferred
7% Mar
97g Sept
5% Sept
9
Sept
29%
9% Apr
Delaware Lack A Western..60
700
9%
35%
20%
15%
Deere
6,300
114% 114%
14%
15
2834 29%
41% 41%
8%
8%
18
18%
*8512 86%
15%
30
29%
31
Conv 6%
.600
12% Mar
July
88
1
108% Aug
2% Jan
32% Mar 14
75
Davega Stores Corp.:
47%
20%
27%
*s16
"i«
_
Dayton Pow & Lt 4H % pf. 100
63s
*%
7% pref.
Mar
Apr
Jan
84 Dec
Apr
100
Class A
Cushman's Sons
35
27
101>4
Feb
4% Aug
19% Apr
2934 Dec 23
6% July 25
21%May 21
10
*116% 117
19%
*%
*534
No par
Curtlss-Wrlght
4,800
20%
27%
*1734
*34
3
Prior preferred
14,600
Sept
40% Mar
484 Feb
51
June 17
113
*113
20%
28
16
75%
7%
29
"2" 100
Aug
11
4
31
113
113%
35
3
7%
28%
"u
6%
Curtis Pub Co (The)—No par
Preferred.
—No par
91
Sept
93
Sept
19% Sept
28% Deo
7% Sept
63% Sept
3%May 22
20
7%
28%
3
3
*7%
5
$8 preferred
No par
Cutler-Hammer Inc.—No par
*77
80
80
Ino
85
6% Nov 14
8%May 10
91% Feb 24
17
Apr 22
29% Feb 24
26
15%
75%
"i«
Press
2,400
65
16
Cuneo
20
65
11
—100
Cudahy Packing Co
100
Apr
79% Apr
7% Nov
1
l%May 24
3% Aug 15
60
May 21
978May 23
19%June 6
1% Oct 16
Davison Chemical Co (The).l
20
%
16
10
75 May 21
25
May 21
75% Oct 10
1,100
*33%
"16
100
20
75
li
100
Preferred
5,700
31
878
2834
preferred
Cuba RR 6% preferred
Cuban-American Sugar
80
*43%
20
*63%
*70%
%
570
conv
2,100
*9
343s
438
*70
47%
5%
30%June 12
12
May 22
Feb
73
784 Sept
384 Dec
6% Aug
1% Apr
8%
308g Jan
32»4 Nov
9% Oct
Apr
Apr
Apr
8284 Feb
7
9
*71%
3%
7%
29%
28%
20
87%
45-%
*71%
*43%
28%
80
$5 conv preferred.—No par
Crucible Steel of Amer.No par
4834
30%
8%
9
28%
*70
9
135
3034
June 13
17% Deo
3%
1734
*38% 39%
*10834 110%
6%
%
*11
28
*43
85
*70
*75
%
30%
8%
18%
*85%
*29
40
110
6%
85
*70
31
39%
1%
*43
June
7
__ _
*29
8,300
1%
73%
13%
*24%
1%
13%
May 21
*i» Sept 28
3%
1734
4%
4%
4%
43s
130
131% 132
131%
131% 132%
*180%
*180%
♦180%
34%
34%
34%
35
34%
34%
14
14
14
14
*13%
14
34
34
33%
33%
34%
34%
15%
15%
15%
1534
15%
15%
ht
7ie
%
7,
%
%
3%
3%
3%
3%
334
3%
31%
31%
31%
32
31% 3134
27
27
26% 27%
27%
27%
31
31
31%
31%
30% 31%
*39%
1%
74
May 25
7
*6
33%
2,700
1,250
24%
165
18%
21%
*116% 117% *116% 117
4%
77
13%
25
100
2,500
Apr
Apr
6
97% Jan 10
7
21%
213s 21%
*6
6%
6%
6%
*9%
9%
9%
9%
9%
934
*115
119
*117
119
*115% 119
160% 162
161% 162
161% 164
*123
123
123%
123% 123% 123
*6
13,200
Jan
5
19
15% Aug
5% Apr
2% Jan
4
Crown Zellerbach Corp
Apr 5
Mar 25
49% Apr 9
116% Jan 26
21
31
21
26
15
l6%June 10
18%May 21
15% Mar 16
47 May 21
41
May 28
40% Dec 10
3%
*17%
11%
2%
%
14%
47
98%
3%
3278
110%
1%
10%
4%
8%
June
7
11%
2%
29
91
46%
97%
74
70
No par
91
97S Feb 21
33
May
106%May
4%May
27%May
2
May
13
conv pref w w„No par
Pref ex-warrants___.No par
8
Apr
Deo 11
15% Jan 10
Crown Cork & Beal
97%
16
99% Deo 11
100
7% May 21
t8 Deo 27
25
$2.25
3
24% Feb 17
31% Apr 15
238, Nov 15
2,700
91
4 634
6% Jan
Highest
I per share $ per share
108% Dec 11
19% Apr 24
1
Co
share
2%May 21
8%May 22
3%May 22
18% June 11
36
July 17
20
per
Lotoesi
93% May 22
97,May 21
No par
4,900
13%
24%
50
S
6
Crosley Corp (The)
15%
4%
5% series
June
75
14%
*2
1
5% conv preferred
100
Cream of Wheat Corp (The)_2
1434
2
May 29
4%May 21
21% Nov 29
97%May 21
is Aug 26
6%May 22
2%May 23
5%May 22
17%
11%
2%
116
490
310
4%
75
300
45%
45%
2
18
14%
29
41%
Crane
1,400
*44%
44%
4%
7% Jan 29
May 29
63
14%May 15
3
May 21
l3%May 22
18
115
14
*28%
25%
pref.
Coty Inc
Coty Internal Corp..
400
9,800
97
47%
20
4
20%
*27%
%« *—-
4%
%
1834
46%
Stock
80
20%
27%
18
%«
2,100
105% 105%
18%
18%
334
334
26
26%
45
*43%
*113
%
45
45
91
*19%
*3%
*17%
*6%
4%
conv.
Corn Exch Bank Trust Co. 20
Corn Products Refining
25
Preferred
100
100
183
18
3%
*44
46%
97% Exchange
2%
Closed—
4%
74
13% Christmas
24%
Day
1%
48%
30%
8%
28
28%
»16
200
56
*181
4%
45
91
28%
183
45
45%
96%
8%
13,400
*44
46
97
2%
4%
73%
30%
480
45%
*44%
45%
1%
48%
44%
2534
91%
45%
95%
2%
*43
56
48
*3%
14%
Continental Oil of Del
5
Continental Steel Corp.No par
Copperweld Steel Co
5
500
3,000
56
45
*2%
4%
18%
21%
18%
13,100
26,300
44%
44
*72
3,000
38%
4
18%
21%
18%
18%
21%
18%
*%
91
73%
13
24%
1%
48%
30%
8%
38%
3%
3%
18%
18%
105% 106
18%
18%
14%
11%
2,200
4%
91
*24
7
7%
2%May 22
14 May 18
l7%June10
No par
8% preferred
100
Continental Can Inc
20
$4.50 preferred
No par
Continental Diamond Fibre. 5
Continental Insurance
$2.50
Continental Motors
1
300
48%
*181
25%
Class B
200
79
44%
4
Container Corp of America. 20
Continental Bak Co el A No par
3,300
8,500
7%
48
14%
4%
2,800
"16
79
7%
39%
44
96%
400
9,600
25%
14%
200
17%
17%
105% 105%
14%
14%
7%
Consolidation Coal Co_
25
5% conv preferred
100
Consumers Pow $4.50 pfNo par
Year 1939
Highest
$ per share
Consol RR of Cuba 6% pf_100
37%
38%
110 *l09"at 110%
*44%
25%
700
1,500
3734
7
$2 partlc preferred—No par
Consol Laundries Corp
„6
Consol Oil Corp
No par
6,300
50,900
1
78%
37
22
*21% 22
18
18%
18%
*54%
56
*54% 56
48% 49
48% 48%
43% 44
43% 44%
*181
182% *181
182%
4%
4%
4%
4%
*%
®16
*%
#16
18
18%
17% 18%
105% 105% *105% 105%
18%
18%
18% 18%
900
%
*109"«
18
4
900
7%
78%
38
Consol Edison of N Y_.No par
$5 preferred
No par
Consol Film Industries
1
1,800
"16
110
3,600
378
1
Consolidated Cigar
No par
7% preferred
100
6M % prior pref
100
Consol Coppermlnes Corp
6
57,900
%
par
Conaol Aircraft Corp
60
234
5%
18
Conde Nast Pub Ino...IMo par
Congoieum-Nalrn Inc—iV#
420
%
*105% 10534
1434
14%
Par
800
96
96%
8
334
5%
*%
334
12%
Lowest
1,800
5,500
8,700
106% 10634
734
234
5%
1%
234
17%
27
7%
22%
7
21%
%
V34
14%
*72
7
21% 21%
£105% 10634
19%
6%
16%
2684
12%
*94%
9434
12%
95
9434
9434
4434
45%
95%
2%
*4%
27%
3%
4434
*89%
4
16%
27
105% 10534 *105% 106
14%
14%
14%
15%
7%
7%
7%
7%
"i«
%
*%
%
*78% 80
*78% 79%
36%
37
36%
37%
*10915i« 110% 109"i«I09"ig
3%
18%
$ per share
3
33j
4
106
6%
38%
$ per share
1
*2%
4
17%
$ per share
Range for Previous
EXCHANGE
Week
15%
15%
16%
26
27
2534
11%
11%
11%
96
96% *93
95% *94
9534
7
7
7%
21%
21% 21%
106% *106% 107%
*i«
%
%
7%
7%
■
7%
2%
2%
2%
534
534
5%
534
4
the
Dec. 27
Wednesday |
3
%
*7%
2%
5%
2%
♦1
Friday
Dec. 26
3849
Range Since Jan. 1
On Basis 0} IWbShare Lots
NEW YORK STOCK
Thursday
Dec. 25
4
Nov
Jan
Sept
Jan
Sept
Aug
6% Nov
1% Jan
98% Dec 21
2% Aug
84 May
I884 Apr
82«4 Sept
27%
89»4
3
17 ij Nov
23% Nov
40% Feb 14
2784 Apr
40% Deo
47g Jan
1
25
20
Ex-righto.
Jan
4
9
Jan
3
Jan
T Called for redemption.
Oot
Feb
New York Stock Record—Continued—Page 5
3850
AND
LOW
Monday
Dec. 24
$ per share
% per share
$ per share
*14
20%
17%
Dec. 25
S per share
35
*2
*2%
*17%
18%
19
19%
19
18%
18%
18%
18%
18%
38%
*034
*2
2%
*2
■
107
55
55
65
5%
*16%
16%
14%
16%
*84
87
87
87
15
128% 128% *128% 129%
49
49%
49%
59
108
*>8
11
10%
67
50
57
*21%
*11%
*20%
22
11%
11%
21%
21%
11%
11%
11%
3
3
3
35
35
35
5%
63%
13%
5%
*62%
13
1%
2%
*85%
12%
90
13%
*62
13
Closed—
1078
60
20l2
12
2134
2134
115s
12)8
2134
25%
*24%
25%
15
15%
15
15%
11%
12%
35
*62) 2
64
64
64
13
13]8
13
13%
44
44
26%
78
53g
11%
127g
35%
35
25%
15%
26%
*2412
14l2
26%
26%
20%
26%
19%
19%
19%
19%
19%
19%
140
*138
140
*138
*138% 140
10%
11%
16%
1%
1058
*11%
16
*1%
*53
55
32%
*32%
32%
10%
11%
1%
11%
10%
lUs
11%
11%
16%
1%
16%
*1%
16%
16
10%
13%
14
*3
3%
93
*92
*166
..
15
*14%
*105%
15%
92
15%
92
91%
7
7%
7%
3
3
2%
2%
102
*95
92
160
7%
*91
166
-
*165
.
*15
15%
15%
92
.
15%
71
71
70%
70%
72%
70%
126% 126% *126% 127% *126% 127%
51
51
*109
111
111% *109
*14
14%
*14%
14%
111
51
51
19)s
32l2
IH4
11%
10i2
1?8
13t2
17g
138
139
*35
55
52
52
"5",8 00
400
11,800
32 )4
*1412
*10514
106
23U
1078
1,800
1,100
*13534 150
*6
*95
3
913s
678
91
612
3i4
678
91
7
*88%
90
Grant
15i8
7U2
72)4
*1263g 127%
"MOO
51
1
400
Apr
27% Mar
6%
Apr
43%
Oct
Jan
1,300
3% Apr 11
May 21
June 11
10
26
preferred
9% Apr 10
14% Jan 4
12
10
200
Hamilton Watch Co
1,400
2,600
600
51
14%
29%
10978 10978 *108
110
100
*14
15
400
29%
29%
8%
9%
8%
9%
*107%
50%
8%
9%
*107%
51
60%
38
37%
13%
13%
62
62%
38
13%
62%
*111
30
30
30
1,100
112
111
8%
-
-
-
'8%
9%
13%
13
62%
»16
%
»16
3%
*234
3%
16%
4%
16
%
•
%
3%
%
Bid and asked price:
8:
9%
9%
38
5H2
*3634
52
3734
13%
62%
13i8
*6214
I3i8
6234
*111
34%
8i4
*10712
62
111
*4
9%
38
3%
33%
4
8%
*107%
38
3%
16
30
51
34%
3%
30
61
*3%
*2%
15%
14i4
51
34%
*16
14 I4
30%
*29
9%
-
14%
113%
37g
34%
%
%
2%
2%
15%
16%
4
3%
%
%
*111
3%
334
34%
33)2
%
no
sales on to is day.
234
1558
378
8%
8)4
9%
9%
T.565
37%
13
13%
1.5C0
62%
62%
500
37%
35% July
Jan
3
10
Apr
Apr
21% Mar
12% June
Jan
Jan
6
Apr
123
Sept
10%
Jan
92
4% Apr 16
113% Jan 29
2
Apr
Dec 13
12%May 23
69% Dec 13
8
100% Apr 9
133% Jan 30
67% Apr 16
167
June 11
4% July 15
May 21
May 13
35
May 21
60%
28
May 22
38% Dec 13
lfl'4 Apr 15
8%May 21
100
Houston Oil of Texas
Howe Sound Co
%
3,000
Hudson A Manhattan
*234
%
334
15%
16%
6,000
Hud Bay Min A Sm LtdNo par
3%
3%
2,800
6,600
Hudson Motor Car
101
a
Def. delivery,
preferred
100
v t
r
% Dec
100
3
No par
Cash sale.
Aug 15
3
2%May 22
12 May 24
100
JHupp Motor Car Corp
n New stock,
28
5
preferred..
June 26
3%May 22
C..25
May 15
%May 14
1
*
Ex-dlv.
y
Mar 30
Jan 12
71% A or 25
54%May 22
No par
4,300
t In receivership,
9% Nov
16% Apr 20
8
...No par
112
6%
Dec 20
Jan
3
60% Feb 21
1% Feb 20
7% Feb 20
Mar
148
Oct
167
June
10
Apr
18% Nov
Apr
101% Sept
135% Mar
63
128%
Apr
54
Jan
100
Sept
Jan
Jan
6% Nov
8%
95
Aug
May
Ex-rights.
2
11% Mar
21% Sept
110
Oct
47% Sept
60% May
27
36% Mar
Apr
8%
60%
102
Apr
Oct
8ept
4% 8ept
17%
Jan
73% July
110%
Aug
9% Sept
67
Dec
1%
Sept
Jan
2% 8ept
5%
Jan
40
Apr
%
4% July
% Aug
Jan
July
19
61
21% 8ept
1
65% Aug
115
A pr
5
Jan
12% Dec
13% May
117
6% Feb 17
27
Oct
Nov
4% Nov
29% Sept
35% Apr
110
Apr
May
Sept
14%
103
2,800
5%
"
100
12.60
3%
35%
200
115% Jan
18% Jan
No par
par
Apr
8%
21% Apr 22
Jan 12
112%
93
100
12% July 10
19
May 21
Household Finance..
4%
8
94% May 21
5%
5
8
126% Aug
144
Feb
71
Apr
Nov
103% Nov
33% Sept
9
104
Jan
No par
Houdallle-Herahey cl A .No
Oct
17
11% Apr
Hinde A Dauch Paper Co...10
Mining
Oct
105
Apr
155
6
18
May
June 11
10
18% Dec
9
80
100
38
Apr
5
96
9% Apr
6% Dec 26
No par
Class B
8
32% May
Jan
Apr
28% JaD 4
138
Apr 12
50
Homeetake
%
Dec 16
25
preferred
Deo
Jan'
14%
110
Hollander A Sous (A)
63%
24%
4
106
May 27
89%June
No par
Holly Sugar Corp
37% Sept
141% July
5
106% Jan 12
June 25
5% May 21
3%
34%
1
234
16)8
4i8
52
500
113)4 *111
334
3434
1,400
1,100
May'
42
35% Apr
17
No par
7%
*107%
51%
Aug
22% Sept
33% Sept
May
83%June 27
2
Aug 16
1
Holland Furnace (Del)
25
Apr
2
130
2
94 conv preferred
Jan
12%
10%
Dec
29
1
25
Hershey Chocolate..
22%
20% Feb 19
100
6% cum preferred
Aug
129% Sept
37
May 20
9%May 21
100
Hercules Powder
230
35
0
100
16%
Jan
24%
Deo
9
30
Hat Corp of Amer class A
70%
71
126% 126%
22% 8ept
Sept
"BOO
Preferred
15%
10%
Apr
9%
10
2
12
16%May 23
300
Dec
Dec
25% Apr 29
10% May 22
Hazel-Atlas Glass Co
1% Nov
10% Sept
4%
14%
17% Jan
100%June 18
Hecker Products Corp
Helme (G W)
% Aug
Apr
67
14% Nov 12
34% Apr 22
Harbison-Walk Refrao.No par
800
Jan
Dec
5% Sept
80
Mar
1
5
2,900
7,600
109%
Sept
95
"MOO
Nov
2% June
0
100
preferred
Jan
87
30
No par
6H % preferred
Hayes Mfg Corp
38%
Apr
Hanna (M A) Co 95 pf.No par
6%
74% Mar
Apr
1% Dec 19
10
preferred
Apr
Apr
23% Aug
Jan 29
Jan
53
21%
7
Feb
JaD
Nov
Apr
25
Co
24%
9
25
Water
80
Nov
55
2%
Jan
Apr
29% Jan
May 21
8% Nov
29%June
No par
7% preferred class A
Apr
0
3% Apr 18
30% Apr 18
2%Nov 9
11
100
Gulf Mobile A Ohio RR No par
Hackensack
1%
Jan
Mar
3% Mar
13%
Apr 8
Apr 8
July 17
Jan e
142
9%May 22
9
May 29
Hall Printing
6
Jan
30
l434June 20
1% Aug 22
eoo
Dec
2%
10%
36%
25%
1«%
27% July 30
23 May 22 j
1
8
71% Jan 9
1% Jan 30
Western Sugar..No par
18% May 22
loo *123 June 13
100
Sept 19
4% Feb
May 21
preferred
Jan
47
Aircraft Corp
1
Guantanamo Sugar..
No par
95
Jan
Mar
13%
May
(W T) Co
Grumman
1,200
64
34
May 18
preferred
6% Aug
4% Apr 22
jSov 14
19% Jan
'
*109
3
8%
44% Mar 20
10
Greyhound Corp (The).No par\
8%
Feb
15%
65
Preferred
80
Nov
99%
4
9
9%June 7
6%June 10
No par
5M% conv preferred
18
97% Nov
May 21
No par
Green (H L) Co Inc
Aug
1
0% M ar 0
51% Mar 14
1% Dec 19
26 May 22
%May 14
4%May 22
5
Green Bay A West RR
51
51
Motors
8% Sept
10%
May
24%
09
100
Hercules Motors
15%
20% Nov
15% Jan
66% Mar
Great
150
50
*165
*165
15%
3%
92%
43% Sept
23% Jan
May 21
12%May 22
No par
Without dlv ctfs
6%
*91%
7l8
Oct
Apr
Apr
23% Apr 27
45
.No par
Granite City Steel
102
3)8
15%
10
15
Sept
80
91t2
Jan
Sept
3,200
13
6%
Jan
41
106
ll%May 22
15%May 21
13
6%
20%
19% Apr
12% Aug
65% Nov 14
24% Mar 7
13% Jan
4
21%May 29
4,300
1,100
*95
102
Jan
h
4
15% Jan 11
14
20
24,000
22% 23
*13534 150
1%
% June
14
Sept
20% Apr 4
69% Mar 7
24% Apr 4
97% Feb 21
5%
1634
1%
*106
23%
Apr
2
90
...
106
Jan
92%
43
Gt Nor Iron Ore Prop..No par
Great Northern pref
No par
11%
1378
1478
28
July 10
Preferred
1% Sept
12% 8ept
May 21
95 conv preferred
Jan
Jan
lll% Nov
85% Aug
2
Gotham Silk Hose
Feb
6%
10%
18% Apr
33% Jan
9
7.7C0
"4,4 00
11%
1378
1478 *14)2
*105)4
% June
38
4
10
""366
16)2
1%
1%
10)2
Apr
77
Grand Union w dlv ctfs.No par
11
17s
105
1
150
11%
10%
3
Telegraph Co 100
No par
5% preferred
No par
Goodyear Tire A Rubb.No par
700
55
32
Mar
Goodrich Co (B F)
38
92
93
1434
2578
7
Gold A Stock
36
102
92
7%
„7'4
93
32)2
*34
*105
*95
1
Goebel Brewing Co.
3% Sept
126% June
4
30
50
Granby Consol M 8 A P
*32%
*105% 106
105% *105% 106
23
23
23%
22%
23%
23%
*135% 150
*135% 150
*135% 150
*6
*6
6%
6%
6%
*6%
102
m % conv preferred
Apr
134 Dec 17
No par
Gobel (Adolf)
8
Sept
28
"u Apr
4%May 21
43 May 22
11
May 21
No par
preferred
Glldden Co (The)
July
Oct
112
1% Jan 11
3034 Oct 17
Graham-Paige
3512
25)4
1478
26 )8
193s
8ept
No par
1,400
35
3
99
Deo
Apr
Jan 10
Jan
Jan
Aug
56%
30%
9
19% Jan
9
No par
95 conv preferred
Gimbel Brothers
96
Feb
Jan
44%
47%
118% July
1% Jan
65% July
106% Dec 20
10%May 22
Razor. .No par
4,800
14
13%
preferred
)Ji«
538
38
13%
98
General Tire A Rubber Co... 5
34
5I4
*24l2
1078
par
Jan
130% Mar
125% Dec *128%
7% Apr
May 21
100
Corp.Nd
Dec
%
Dec
10
l6%May 28
734May 23
13%May 28
Gen Theatre Eq Corp..No par
Gen Time Instru
1316
36
2
107g
105
*95
May 21
1,200
14
15
15
-
July 22
14
1%
2?34
*34
*13%
-»
1
pref..No par
20
10
Gen Steel Cast 90
Gillette Safety
107% Sept
6
127% Mar 23
General Shoe Corp
6%
2
50% Apr
May 22
100
General Telephone Corp
84
35
118% Jan
% Jan
20
1%
26)2
1378
11S4
Jan
No par
83
12
Apr
36%
No par
96 pref opt dlv ser
158
2612
*]234
1134
Oct
31
110
1
18^8
14
1134
12
106
Jan
49% Apr 15
37%May 28
Gen Realty A Utilities
85I4
5
Dec 26
41
Dec
100
1858
34
14
~
63
120
131
No par
18%
25l4
3212
90
13i8
38
*34
15
*62
13
*34
*32%
38
15
600
*85i2
10%
*32%
11
10%
1%
*1%
Us
1%
34
*105
23g
90
13'g
36
1%
*34
13%
2,800
May 21
20
10
15
17
23
200
U8
*lll8
16i2
178
1314
178
1034
*3212
Us
*10%
*32%
13%
4334
1%
*2)4
38
10%
16%
*14
16
*14%
32%
4334
Jan
% Nov
934June
86% Jan
% Dec
13% July
300
6,200
25%
110
1,700
17g
23g
15
2618 26%
193s
19l2
*13814 140
*35
55
*35
55
32%
32%
134
23s
*8512
5%
*1234
lla4
1178
14
26
*35
3,600
44
15
5%
13%
3%
3534
578
534
6
13i«
*24%
l3i«
3
lli2
Jan
Dec
1
20
3,100
11,800
1118
13%
20
20%
103
600
35
3'8
35
15g
26l2
12%
34%
35
35
11%
62%
%
5%
*12%
11%
*12%
*34%
*24%
*11%
12%
3
21
103
105
8412
26%
*12%
lli4
1%
*5-%
*12%
*11%
12%
34%
12
105
85%
26%
14
1178
578
*1%
13i#
20%
*21
75
16
72%
No par
570
Jan
Apr
Nov 23
Apr
39
No par
1,700
2.600
35
43
22
Mar
9
17%
4pr
1
General Refractories
Apr
89% Nov 14
0
June
300
Mar
July
5% Sept
18
Jan
8
Jan
Gen Public Service
1,200
1,200
11
149
3
44
No par
preferred
Sept
11% Jan
101
No par
preferred.
Jan
65
Dec
2%
4% Sept 23
9
103% Mar
Sept
7%
128
Sept 19
Gen Railway Signal
17%
Jan
10
Common
0%
Jan
Jan
Apr
6% May
Jan
60
96
7%
18%
77%May 21
118 May 28
General Printing Ink
Dec
52
3%
100
preferred
104%
29% Apr
28
2,800
15~666
145
Oct
15% Sept
x9% Sept
Jan
32%June 10
3%June10
6%May 21
90
Apr
5% Sept
18%
45% Aug
7% Apr
3334 Dec 9
lll%May 22
%May 17
4,500
2014
1078
Ug
3,300
94
Apr
Gen Outdoor Adv A ...No par
2,400
July
7% Aug
July
9
3% Sept
26% May 21
No par
General Motors Corp.
95
2
40
A.No par
preferred
5%
Sept
96
102
Gen Gas A Electric A..No par
96 conv pref series
36
1% Apr
67% Jan
8% Jan
l234May 23
No par
General Mills
Jan
Apr
18%
4
9% Sept
55
48% Feb
No par
preferred
Jan
Apr
Sept
l%May 15
4%May 15
lls4May 24
100
General Foods Corp
Jan
Jan
90%
1%
Apr 30
Sept
37% Sept
29%
104% Dec
June
Oct
108%
5
No par
Electric Co
Apr
35%May 25
5%May 22
118 May 27
No par
preferred
7%
General
June 14
94
100
7% curn preferred—
General Cigar Inc
900
1,400
8
No par
A
Class
70
58,600
1734
58
2%
1,900
26
21
90
~2~ 800
1734
1034
6
18%
85%
*1%
s
%#
3%May 28
25
Apr
105% Mar 27
0% Apr 22
14% Apr 24
51
May
3
45%June14
3%May 21
preferred
94.50
2634
6233
1%
*5%
si«
900
*17U
13
18%
26%
)4
200
*2534
623s
1838
85%
5%
14
*1O012 110
1334
14
*10612 110
13)2
13
18%
125l4 1253s
*45U
4578
4
4i4
0
6
6)4
108
108
*10612 108
%
ht
38
71«
63%
18%
*84%
*1%
"16
4%
13
85%
1%
181J
83
83
63%
13%
63%
63%
18%
40
82
57t
3%
63%
18%
*85%
*36
4618
June 19
No par
Gen Am Transportation
5
General Baking
6
98 preferred
No par
General Browse Corp
5
General Cable Corp...No par
10
40
4
97
Gen Amer Investors..-No par
100
32lg
6
35
*85%
5,000
59,400
8,200
3
5%
*155s
85)2
*1712
20
6
50
Jan
July
Aug
27
Dec 24
20
May 21
3
Aug
38
06% Aug
Dec 18
3% Sept 30
5% Apr 24
12
Ino
51
31%
14
0% Apr 18
2% Dec 27
10%May 21
Gar Wood Industries
"2I66
21
39% Dec 27
.10
Gaylord Container Corp
136
1034
1%
*2%
90
5478
634
6%
12534 12534
Dec
103%
40
Co conv J0 pref No par
Ganne
96
9
24%May 28
l%May 14
400
"T.500
Jan
No par
preferred
5H % conv preferred
45g
64i2
3234
21%
9
118
2% Aug 12
May 24
800
107
*133
5%
16
S3
Nov
20
10
Gamewell Co (The)
15
107% Apr 4
21% Apr 29
5
9%May 21
61 May 22
(The) cl A ..No par
Gair Co Inc (Robert)
—1
50
4%
1778
120
*11912
4578
Exchange
11%
*42
1%
2%
1%
2%
1%
*2%
*85%
13%
0
62%
44
*42
44
*42
5%
62%
12%
*45
*100
129)2
128% 12834 *128
48)8
48a4
483s 487g
107
34%
5%
62%
12%
1,200
2
35
18%June 10
June
Jan
32
Sept 25
102
No par
Freeport Sulphur Co
May 20
6% Sept 23
Gabriel Co
1,500
57
3
3%
35
18l2
86%
82
lUg
2U8
11%
2,300
May 21
22
F'k'nSiraonACo ino 7% pf.100
2,300
1,100
*36
20%
*105
11%
18
10%
*21
107
*103
107
*103
2%
2%
57%
10%
56%
20%
11%
21%
20%
12
21%
*17
Co
Francisco Sugar
180
200
2
2
90
par
par
Corp.....10
5% conv preferred
100
Food Machinery Corp
10
4 H% conv preferred
100
Foster-Wheeler
10
$7 conv preferred....No par
300
3278
37
37l2
36%
37)4
*11078 11234 *1107s 11234
*14
%«
%
6 is
"a
11
56%
3914
39
"2, COO
"2166
17
14% Christmas
13%
14%
14%
14%
*14%
*106% 110
*106% 110
*100% 110
ho
Day
*16
ho
%
si«
17%
17%
18%
18%
*1.7%
*17%
26
26%
*20
25% 26%
26%
*10%
"166
33s
32%
6%
*106% 108
108
°8
,J8
*8
6
6
6
108)2
*108
6%
28%
31%
55g
16
85)2
1778
120
Stock
40%
4%
46%
*4%
4%
*4%
4%
*2612
31)2
3
*85
126
126
125% 125%
*47
47%
125% 12512
68%
*4%
6%
49%
17
share
per
25% Sept
105% June
8
Follansbee Steel
6 34
5l2
84%
83%
128% 128%
49%
48%
85
85
85
85
4
8% Nov
300
54 34
3
37
37
25% Apr
300
800
7
136
15%
87
40
*36
40
19
33
2la4
7
4%
63/
18
18
*17%
18
18
*17%
*119%
*119% 125
*118%
32
32%
32%
32%
32%
32%
36%
36
36%
36%
35% 36%
*110% 112% *110% 112% *110% 112%
%
■h
%
14
%
%
*36
25
2134
50
*133
15
*85
21% Apr f
38% Mar 26
33
107
54%
67g
6%
6%
6%
*132% 130
*131% 136
27g
2%
2%
2%
2%
5%
5%
5%
6%
5%
136
*2%
46
l0%May 22
24%June 10
10
45s
54%
54
55%
32%May 22
1884
*100
107
6%
6%
*131
par
par
270
*45
4%
4%
*101
107
*100
50
*45
4%
4%
4%
4%
52
*45
60
*45
*100
100
FUntkote Co (The)
100
*102s4 107
*10214 107
*5
5%
5'8
5%
10)2
10)2
*10U
1034
102% 102%
*5
5%
10%
10%
*102% 107
*102% 107
5
6%
*5%
5%
10%
10% *10%
*10%
Jan
Apr
Sept
Apr
May
First National Stores
2%
18%
18%
*18%
18%
99%
38%
1,600
2%
214
Apr
4,500
6% preferred series A...
No
No
Florence Stove Co
No
Florsbelm Shoe class A.No
39
*18
19%
17%
Jan 24
100
5
16% Sept
6
3
14%
_ —
*2
22% Jan
21% Jan
7
Highest
share
per
40
*107)2
10)8
1634
1634
1634
115
116
*11213 117
2%
25s
*212
2%
40
40
*37)2 40
3812
Sept
12%May 21
Firestone Tire A Rubber.. .10
I
share
per
14%
31%
3034
14
Co.Na par
9
share
84
*107%
2%
2%
2%
2%
2%
"2~200
per
40
28
*26
38%
2%
Fllene's (Wm) Sons
20)2
17l2
1778
10178 10178
34
2178
40
37%
38%
37%
37%
38%
*13
9
Par
Lowest
Highest
Lowest
2Ug
7i8
*33
-
36%
38%
2%
% per share
Shares
3978
1414
....
38%
Dec. 27
$ per share
17i4
*1013.i
17%
17%
17%
17%
17%
*100% 103% *100% 103% *100% 102
39%
39%
40%
39%
40% 40%
14
14%
14%
14%
13%
13%
34
35% 35% *34% 35% *34
22
23
22%
22
*23
23%
7
7
7
7
*7
7%
28
*25
28
28
*25
*25%
30%
31
31
30%
31%
31%
*107%
*107%
*107%
17%
17%
17%
17%
17%
17%
115
*112% 117
115
*112
117
2%
2%
*2%
2%
2%
*2%
4» -
Dec. 20
Week
20i2
17%
103
40
14%
Year 1939
Lots
EXCHANGE 1
the
*13
20%
*12%
20%
On Basis of 100-Share
STOCK
NEW YORK
for
Friday
Thursday
1940
28,
Range for Precious
Ranye Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
Wednesday
Tuesday
Dec. 23
Saturday
Dec. 21
*13%
SALE PRICES—PER
HIGH
Dec.
35% Sept
8% Jan
2%
Jan
1 Call~d tor redemption.
Volume
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
Monday
Tuesday
Wednesday
Thursday
Dec. 23
'
$ per share
Dec. 24
Dec. 25
Dec. 26
$ per share
$ per share
6%
*12%
6*2
63s
1312
*333s
36i2
*3i8
20i«
312
20%
234
3i8
3%
20ig
203s
20%
20%
5ig
512
*534
6
5%
$ per share
3%
5%
6i2
6%
6%
24
*12%
1312
*3312
88%
12i4
37
12%
*33%
88
12's
6%
6%
24
2334
11012 11012
88
6%
1234
12%
*33%
37
1214
6%
24
11034 H034
88%
*2%
12%
110
41.1
10%
2i8
1012
2ig
10'%
10%
2%
4H4
2l.j
42
42
160
51
49U
160
51l4
22%
4
3%
23
22%
334
2278
800
12%
12%
*6%
12%
6»4
23%
23%
1,100
111
3*4
10%
*2%
160
4934
6,500
2%
1,200
Internet Agricultural ..No
49%
171
13,000
171
171
3%
334
5,300
55,800
22%
22%
24%
140
15
15
14%
15
1434
15
14%
15
14%
15
65
65
65
655s
65
67
66
66%
66
66%
2%
2
2
2
*3812
*130
3934
38i8
*29
*2712
*95
2%
*234
6l2
*89
7l2
29%
*130
218
*3812
135
21S
*130
140
*1%
*130
2%
*1%
3912
39
39
*38
38i2
39%
39%
*39
40%
39%
39%
30
*29
29%
29%
29%
1,400
27%
26
26%
800
28i2
*27i4
103
*95
234
212
23s
3
6>2
65s
95
*89
7i2
712
29%
*29l2
131
130
28i2
103
27%
27%
*95
27%
103
2%
2%
2%
234
2%
*95
2%
634
95
7%
29%
130
*6%
2%
2%
7%
89
6%
89
7%
*85%
7%
29%
734
2934
*128
*12%
1234
3934
40'4
40%
40%
41%
41%
5734
58%
57
57%
5812 59
*12512 128
10334 104
12
*120
*12512 12734 *12534 12784
103i2 10334
103% 104
10%
10%
10%
11
*120
414
*1314
104
4%
1512
*1514
1378
1334
104
104l2
7
7%
812
1714
S%
105
*103
35
1334
104
7'4
714
*99i2 109%
*16'2
1714
*99l2 104
*1612
*120
4%
16
*8'4
*103
3512
9l2
105
35%
35%
13
13
13
13
39U
3912
39%
1%
1%
38%
1-%
*247s
2512
24«4
2434
2512
25%
25%
334
2612
*2%
25%
26
28
253s
*2%
283s
*2578
28i4
1214
6
6
1178
*23i8
8%
17J4
*3i8
14
*108i4
1734
7%
4
1434
14
104
8
1,200
Preferred
100
Jones A Laughlln St'l pref.100
Kalamazoo Stove A Furn
10
12 2% May 22
11
"""600
Kan City P a L pf ser B No par
Kansas City Southern.No par
117%May 28
3%May 21
11 May 23
"
1434
500
14
300
350
1%
500
30
2534
4,800
3%
25%
2534
*234
334
*3%
.800
-
*25%
25%
300
28%
28%
5,000
6
*5%
6
15
*13%
15
*13%
6%
26%
24%
12%
•l«
20%
1178
*1134
6
7
*7
25%
25%
24%
24%
*25%
24%
»16
*16
%
1%
3%
20%
11%
3%
*3%
21
1134
*11%
23%
23
23
39%
40
40%
41%
6%
6%
*6l2
6%
21
Lerner Stores Corp
41%
6%
41%
22%
40*4
6%
95%
96
17%
18
*30%
31
*133%
17%
1734
6%
Lion Oil Refining Co
Liquid Carbonic Cor p..No
26*4
27
7,600
31%
109%
26%
30%
27
30%
31%
9,200
Lockheed Aircraft Corp
1
Loews inc
..No par
80.50 preferred
No par
*3
14%
14%
14%
14%
108% 108% *108% 110%
17%
17%
17%
18
160
160
159% 160
2,900
61
30%
30%
31
*134
25
2834
*18
18%
61
61%
31
...
*30%
*134
50
5%
29%
4,100
25
25
25%
25
2434
25
11%
11%
11%
11%
*11%
11%
11%
11%
500
*31
32
31
31
3184
32
32
30%
30%
1,000
1%
1,500
*534
*13%
34
14%
*6
7
*13%
14
,sie
*13%
*»u
4%
4%
9%
10
14%
438
10%
14%
1434
29%
11%
27%
26%
51
2%
7
*5%
14%
*13*4
»!•
*n1#
4%
4%
7
14%
is
10.400
11%
4,550
3,800
30
29%
29%
2934
30
2934
14%
30
1134
11%
27%
11%
1134
27%
11%
11%
11%
1134
27
26*4
27
27
27
26%
26%
26%
26%
2634
26%
2684
26%
50%
2%
25
51%
2%
25
*103%
*172
51
2%
*24%
*172
51%
2%
25
*103%
*12
12%
*12%
12%
12%
*14%
1434
14%
14%
1434
*111% 11134 111% 1111%! *111% 11134
25%
25%
*25%
26
*25%
26
51%
2%
*24%
*103%
51%
52
734
33%
33%
33%
33%
32%
7%
7%
7%
7%
334
25
*
384
25
7
3%
25
334
3%
33
7%
3%
25%
25%
25%
Bid and asked prices: no sales on this day.
*3*, 100
400
12%
12%
"""800
*14%
1434
111% 111% *111% 111%«
25
25%
25%
25%
7%
7%
734
734
400
32%
7
3%
25
33
3%
32%
6%
3%
25%
24%
7%
J In receivership.
a
Sept
Jan
Jan 15
122
Aug
133
June
109% Dec 16
35
Apr
83
Sept
77% Jan
132
16
121
Apr
4
Maris
7% Apr
4
20% Nov 15
Apr 18
18% Nov 14
38%
13
Apr
1912
11712
Jan
6%
Apr
I2I84
lli2
11
§«8
I684 Nov
90
12%
Apr
85
Apr
Sept
7X2
Apr
Aug
June
3
28
Apr
20
Feb 16
4
Feb 26
29% Jan
34% Apr
3
9
9% Jan 6
21% Sept 12
16% Jan 11
7% Nov
3534 Jan
9
4
Jan
Apr
5
15% Nov 9
46% Apr 18
2«4 Jan 24
31#4 Apr 8
Jan
24
79
Jan
Jan
Apr
Dec 26
9% Apr 23
105
884
20
Apr
99%
18
Sept
Jan
July
100% Deo
M84 Mar
10% Mar
99
Sept
4012 Sept
16% Sept
Apr
Apr
38
Dec
1'4
4
Sept
12%
Apr
30%
Oct
Apr
26*g
514
Aug
20
384
Dec
2384 sept
20% Apri
7
Apr
12% Sept
12
Jan
3%
25
Apr
Jan
Jan
2984 July
29% Oct
1312
JaD
23% Jan
18% Mar
5% July
37% Oct
Doc 26
17
A pr
25
Mar
116% Dec 27
112
Dec
118
Mar
25
4
Jan
3
212 Sept
1% Jan
5
x4 May
434 Nov 11
24% Nov
8
14
Feb 19
29
Jan 11
53%
Jan
3
9% Apr 20
45
Apr 16
Apr 16
5
1%
20
9%
23
3612
4%
Apr
Sept
6% Sept
3% Sept
884 Sept
2784
Jan
Apr
13% Nov
Apr
3284 Mar
6684 Mar
Apr
Apr
33
Sept
95
Sept
9514 Sept
152
Sept
15
Apr
10
Sept
4312 Aug
108% Aug
"*09«4 Aug
180
May
19
Nov
3034 Dec 27
20»4 Aug
40% Sept
41
31i2
47
14% Apr 27
10
Apr
Aug
18% Mar 27
1312 June
2984 Dec
30% Sept
19
Jan
3284
Deo
Apr
0
41%
37%
109%
39%
46%
4%
Apr 15
Mar 15
Apr 8
Apr 8
Jan 2
Apr 10
I884 Jan 11
109%May 3
25% Apr 2
163% Dec 11
21% Jan 4
65
Nov 14
101% Sept
0
Mar
38i2 Sept
2
Aug
10i4 Sept
105
l9i2
138
Jan
Apr
Sept
1 fl'4
Jan
Mar
1818 Sept
54%
Jan
109% July
2I84 July
62
Jan
6% Sept
22% Mar
110
24%
June
Feb
1591a June
20% Mar
67
Aug
Nov
33%
Oct
No par
No par
31
2514 Sept
43i2
Feb
19%
10
21%May 22
38
11% Sept
25i8 Apr
1
1% Aug 10
4% Apr 18
1
7% Mar 11
16% Jan 17
5
Apr
10
Apr
9
1
Apr
3%May 22
2%May 21
1
-No
No
26«4June 25
par
6%May 21
2l34June 10
35
Jan
Apr 16
1284 Jan
4
Mar
8
l%May
6% Oct 23
1334 Deo 3
16% Nov 18
4734 Apr 16
1434 Apr 16
No par
21
June 10
8
32*4 Apr 15
preferred
100
May Department Stores —10
Maytag Co
No par
1,500
12%
4
105
13
Aug
160
June 12
173% Dec 11
par
7%
30%May 22
2% May 22
83
preferred
No par
20
86
1434
734
Mathleson Alkali Wks
2%
12
8%
2,200
2434
*14%
8%
Martin (Glenn L) Co
Martin-Parry Corp
Masonlte Corp
2%
2434
*103%
*11%
8%
1,900
6,700
1,500
*172
51*4
2%
25
Oct
59
3
18
834 May 21
4%
10%
14%
____
18
Jan
Mar 27
29% Nov 14
Marine Midland Corp
5
Market Ht Ry 0% pr pref-100
Marshall Field A Co
No par
4%
11*4
4%
Mar
Sept
17
May 24
20%May 21
8%June 6
»4May 31
15%
4%
10«4 Jan
3284 sept
125
35
4
May 21
ll%May 23
14%
Apr
119% Sept
135
.25
11
*14%
8
Mandel Bros
15%
Sept
7% Nov
18
Feb
Maracalbo OH Exploration_.l
11%
Dec 23
76
Apr
Manhattan rfblrt__.
11
9
Apr
1,300
27%
.
Madison Sq Garden
6%
15
Jan
36iz
Sept
j316
2934
51%
*103%
*5%
*13
4%
11%
14%
*172
2%
2534
7
14%
*13,,
30
1134
27%
26%
*172
25%
*534
134
H%
30% Dec 18
Jan
Feb
14 s4
jan
87
June
28
Manatl Sugar Co
31*4
*1%
92% Dec 13
Sept
124
Magma Copper..
1%
1%
7% Aug
No par
2434
1%
4
3
3
17
11%
134
3
130%May 10
No par
25
134
May 15
128
*11
134
4% Jan
10% Jan
9%
9%
Sept
4
10
100
preferred....
29%
25%
134
3
105i4May 23
17% Dec 24
138%May 31
15%May 21
38
May 18
2534May22
...100
Macy (RH)Co Inc
4"600
June
2
Mack Trucks Inc
"
29
...
MacAndrews A Forbes...
6%
May 22
15%May 21
13%June 10
Louisville Gas A El A..No par
Louisville A Nashville..
100
200
97
29
25
10
7% preferred
1,700
l0%May 21
22% July 3
20%May 21
100
preferred
Lorlllard (P) Co
700
31
No par
Loose-Wiles Biscuit.....
60
62
...
Long Bell Lumber A
11,600
19
1
Lone star Cement Corp No par
3,200
100
60%
29%
*3
par
Loft Inc....
10,200
3%
17%
28%
100
17%
39
61
29
109
17%
18
28%
No par
1,400
38%
Doc
188% Dec 19
23% Apr 4
2,000
109
107
109% Apr
11
17%
Jan
3% Sept
May 22
1534
39%
3%
Oct
84
May 22
15%
38
5
June 19
No par
Dec
Jan
4
16
1,100
Jan
67%
Jan
39%
Deo
87
Link Belt Co
Jan
1484
6% May
0()i2 June
434 Jan
109
189
13%May 21
27
May 21
9
May 15
Sept
May
33
25
Lima Locomotive Wks.No par
10
6534
138
4084 Sept
par
4,900
I06s4 Aug
8% Jan
178s Sept
Apr
Nov 19
100
Preferred
Lily Tulip Cup Corp..No
10%
18
2812
Series B
100
Oct
19
109
700
25% Aug
3% Jan
Oct
31% May
May 15
87
Aug
3%
19584 Mar
71% Sept
29
May 28
May 22
11
17%
6
Apr
16% Sept
41
30
5
15%
39%
56% Feb
6%
Oct
39-% Dec 27
36% Jan 5
30
1,400
36%
Apr 29
5% Jan 24
33
11
*109
Dec
Sept
par
400
35%
35
Llbbey Owens Ford Gl.No
94
Apr
123
Llbby McNeil A Llbby..
7
Life Savers Corp
6
Liggett A Myers Tobacco..25
94
Sept
2% Aug
3
1,600
June 10
45% Sept
4
3
Dec
5% Sept
1% Apr
6%
Sept
5%
Apr
7% Aug
3'4
21
46%
109X2 Dec
Jan
7,000
100
2%
9884 sept
Apr
Jan 11
par
38
36
1
6
15%
160
28%
50
90
38% Jan
No
*37
96%
96*4
97
97%
*187% 189
0187*4 187*4
*19%
*1934
21%
21%
28
29%
29%
30*4
160
*133%
100
No par
....60
500
96
11%
Lehigh Valley Coal
26
6% conv preferred
Lehman Corp (The)
Lehn A Fink Prod Corp
95%
311%
2,700
400
*94%
11
3%May 28
10%May 21
15%May 22
l00%June10
l%May 23
% Dec 5
2
May 17
16% May 21
9%May 18
18%May 21
3,800
916
4
5
1,000
96
1034
23%May 22
No par
Lehigh Portland Cement
4% conv preferred
ILehlgb Valley RR
'8,100
*94%
11
par
11% Dec 27
3%
4034
36
par
May 21
22% Aug 13
100
12%
22 34
94%
1534
15% 15%
15%
15%
27
2738
27%
2634
26%
31
31*2
31%
30%
31%
109'2 *108% 109% *109
109%
17%
17%
1712
17%
17%
39
3914
38% 3834
39%
3%
3%
3'4
*3%
3%
14
14
13%
14%
14%
108% *108% 108% *108% 108%
500
1,800
2
No par
2034
38
36
6% preferred
Lambert Co (The)
Lane Bryant
Lee Rubber A Tire
3%
*37
35
20
20
20%
23
8%May 21
May 21
8%May 23
*11%
23
6%
l
12%
95
41
116% 116%
1%
1%
3%
10
21%
38
36%
1,200
91«
*37
36%
2434
*7
1%
94%
I8I4
*24
7%
38
36
3,600
25
12
7%
25%
*16
3%
21
12
*37
15
11%
26
25
1
Laclede Gas Lt Co 8t Louis 100
15
15
12%
*11612 116%
23%
6i2
37U
*13312
12
No par
Kress (S H) A Co
No
Kroger Grocery A Bak.No
25%
2834
12%
No par
85 prior preferred
Kresge (S 8) Co
Kreege Dept Stores...
*5%
3%
24
Kimberly-Clark
Kinney (G R) Co
100
28%
12%
A.l
1,500
2434
25%
conv cl
Apr
142
109
Class B
Api
9%
4% Apr
17% Apr
171
Jan
Kelsey Hayes Wh'l
67
Sept
Dec 19
9
Aug
l91%Mar 12
6234 Jan 4
Jan 23
Jan
Sept
157
Apr
5% Jan 5
14% Apr 20
9% Sept
29X2
147% May
145
7
Jan
131
16
133
11%
Jan
Apr
Dec 17
44
7
13%
39
5% Nov 14
12% Jan 4
2% Dec 9
95
Kennecott Copper
No par
Keystone Steel A W Co.No par
1%
Mar 28
92
26,400
*37%
2%
26
conv preferred100
9
5
5%
Kayser (J) A Co
36%
134
Nov
15% Apr 11
7% Nov 18
47% Mar 20
15% Jan 8
104% Dec 20
15% Jan 8
484May 22
2434
Apr 16
May 23
May 21
87%June 20
24%May 21
10 May 21
27%May 2i
l%May 22
17%May 20
19%May 23
39
2%
9
1
*24
25%
1
Kendall Co 80 pt pf A ..No par
*37%
*1%
*2584
978June 10
10
14
4% A pi
I684 Api
Kelth-Albee-Orpheum pf._100
1,300
105
24*4
25%
100
Kaufmann Dept Stores
""606
8%
4% preferred
48%May 15
Mar
86
62
June 10
49
Jan
130
3"900
1
_
Jan
38% Sepl
434 Sepl
Jan
June 21
122
44
*13
1%
5%May 21
No par
13
2434
74% June 11
20%May 23
Johns-Manvlile
39
*1%
l3%May 21
97% Jan 15
l34May 15
l%May 15
4%May 21
6,500
13
*24
May 23
9
May 21
34'4May 22
17%
8
*103
36
June 10
No par
1,500
16%
8%
105
37
26%May 28
35
158
113
thare
per
2084
Apr
118
94
Highest
I
Nov
40%May 21
l84May 18
25
short
Aug
,9
16%
934 Apr
73
l
1
23
21%May
No par
_
3
per
29
l0%May 21
•Jarvis (W B) Co
7
7%
*99% 103
7%
3
Jewel Tea Co. Inc
104
*13%
105
par
June
500
*120
15%
100
109
4
1034
4%
50
May 25
1% Dec 11
6%May 22
3%May 23
19%June 6
900
42
25%
*15634 162
*15634 162
18
18
17i2
17l2
61
6O4
60-% 60%
*30
<
No par
No par
Island Creek Coal
86 preferred...
10
*37%
116% *116% 116%
1%
1%
1%
1%
94i2
39
11
.100
Intertype Corp
600
6
%
9412
*10812
900
35%
13%
*187'4 192
*187% 191
*187% 193
*195«
*195s 2H2
21%
19%
19%
*27
2734
27% 27%
27% 27%
3112
42
*99% 103
*17
17%
35%
*116
93
27ig
*104
105
36
42
15
conv preferred
Foreign share ctfs._.No par
interstate Dept Stores.No par
Preferred
_.ioo
70
28%
334
2078
93
1512
734
145
Inter
1,100
95
734
*5%
25%
4012
11
£6%
*85%
734
29%
28%
*6
3934
6i2
3714
36
15%
*13%
Day
105
35%
6%
6%May 21
1
May 21
l8%May 21
May 22
7% preferred
Telep A Teleg__.No
700
95
9
38
100
international Shoe
International Sliver
37*400
2%
6
*24
158
91«
2012
8%
2%
2%
*120
4
Christmas
17
*103
2
57
58%.
57%
*12534 128
*125*4 128
105% 107 , 106% 107
1034
7%
7%
*99% 104
1634
2%
2%
2% July
100
International Salt
100
56%
Exchange
13%
104
*95
50
28%
12%
26'4
24 %
241«
*116
11678
*3i2
13%
104
100
38
*13%
16
12i4
2534
1J2
334
Stock
4%
15%
38
*5%
*5%
*1312
134
42
Closed—
...
*4%
*15%
39
*29% 30
30
*128% 130
*128% 130
12%
12%
*12%
123?
130
12 »2
,
June 10
No par
Internat Rys of CentAinN© par
5% preferred
100
400
30
1212
*4
5%
400
2934
par
Inter Paper A Power Co
4,900
3812
91
par
i2"800
29i4
66% May 22
June 11
Preferred
2
May 25
May 31
21% Aug 16
Int. Hydro-Elec Sys class A.25
Int Mercantile Marlne.No
par
Internat'l M In lug Corp
1
Int Nickel of Canada..No
140
38%
1234
1512
*130
2914
*1212
*J0%
140
May 23
130
Preferred
11,100
384
22%
Dec 26
5
l6%May 21
par
No par
Internat'l Harvester
2,300
9%
334
22%
1*4
9%
1%
20
par
100
1%
10
284 Dec 23
7%May 22
4%June11
Prior preferred..
100
Int. Business Machines.No
13% Jan
I
43% Apr
6% Jan
100
10%
share
June 12
J
No pai
per
31
No par
Intercont'l Rubber
Interlake Iron
700
48%
Year 1939
Lowest
24% Jan
72
6% preferred
800
S
May 21
140
20
share
6%May 21
par
100
158% 158%
Range for Previous
Highest
12
100
334
*130
,
200
42
Hi
Inspiration Cons Copper..
Insuraushares Ctfs Inc
Intercbemical Corp ....No
1,000
111
par
per
Inland 8teel Co
4,500
634
par
%
6% preferred
"l'ioO
9%
334
22%
800
89%
42
1»4
Indianapolis PAL Co..No
Indian HetlnlnK.__.__
Industrial Rayon
No
Ingersoll-Rand
No
700
5%
24
89
10%
*168
1,470
3,300
89%
2%
42
48%
2%
20%
*159%
....
2%
*159
Illinois Central RR Co
100
6% preferred series A... 100
Leased lines 4%
100
RR 8ec ctfs series A...1000
20
106
10%
50%
3%
5%
23%
106
106%
*41%
*16812 17012 *16812 171
*168% 171
1%
178
134
134
1%
134
9%
9l2
93s
9%
9%
9%
*334
20%
23%
*110% 111
*334
4%
10%
2%
2%
*41% 42
160% 160%
49%
234
23%
4%
Par
1,500
534
88%
12%
*6%
10%
160
1284
34
6%
Ranae Since Jan. 1
On Basis of 100-3hore Lots
Lowest
6,000
12%
34
6%
23%
*159%
110
*334
6%
12%
3851
EXCHANGE
Shares
35
5%
6%
2334
*334
50%
STOCKS
NEW YORK STOCK
the
Week
27
$ per share
23%
106
1234
6%
41*
*41l4
Sales
Friday
3%
20%
20
89
*23%
*334
160
CENT
Dec.
$ per share
634
23
23
*2234 2312
23% 23%
*10812 109
IO6I2 10712 *106% 108
*15814
*159
*15812
88%
12ig
NOT PER
for
Saturday
Dec. 21
New York Stock Record—Continued—Page 6
151
1st cum pref
No
96%June 14
10%May 22
10
May 21
McCall Corp
par
No par
670
McCrory Stores Corp
6<£ conv preferred
400
McGraw ElecCo
1
May 23
40% Jan
63% Jan
4
4% Feb 23
30% Apr
3
Apr
40
Sept
Jan
Sept
0% Sept
7»4 Oct
16
Oct
2% Sept
4%
Apr
684 Sept
3%
Aug
984
Apr
8% Mar
1784 Nov
Aug
45% Nov
2012
2
May
30
gept
2O84 Aug
155
408<
Nov
Apr
312 Sept
2484 Dec
8%
67%
Dec
Jan
37% Sept
176
July
63*4 Oct
6% Mar
3612 Mar
93
Jan
105
16% Jan
8
10%
Apr
17%
8
984
jan
15% Aug
17% Nov
108% Dec
105
Mar 29
Apr
June
15% Apr
6I2 Sept
26%
Dee
McGraw-Hill Pub Co..No par
May 21 lll"it Dec 11
29
Apr
3
17% May 21
6
June 6
9% Apr 25
88
1,100
10*4
Jan
2,200
Mclntyre Porcupine Mlnes__6
26
39
7%
6,500
McKeesport Tin Plate
59% June
18% Sept
3%
25
2,100
33
10
(McKesson A Robblns, Inc..5
8,200
Def. delivery
100
1
83 series
n
conv
New stock.
r
pref-.-No par
Cash sale,
x
93
June 26
Jan
3
12% Jan
8
3% Dec 23
834 Apr
!7%May 28
32% Apr
Jan
1
1
«%May 15
Ex-dlv.
y
47%
Ex-rlghts
884
Sept
Apr
T Called for redemption.
Wednesday
Dec. 25
Thursday
Dec. 26
Friday
the
Dec. 27
I per share
S per share
% per share
f per share
Shares
8*4
17
37%
87g
14%
36%
*35%
1*8
1*2
u
♦
X,
Hi
*ht
14
8 Hs
*13i2
8078
%
%
7978
*17
18
300
900
Mesta Machine Co
18
3634
834
37
%
3,500
Mo-Kan-Texas RR
%
'it
%
%
♦13%
80
*115
120
*115
116
*115
116
120
120
120
*119
123
*119
123
35%
36%
42i2
36%
*40
42
36
36%
41
35%
36%
*39
4ft
40
11%
11
16
11%
16
11
2384
11%
1534
16
16
16
21%
4I4
22
414
22
2I84
*4%
53%
11%
IH2
11%
11%
484
54%
11%
*4%
5514
21%
4%
56
22
55
21*8
4%
55%
*107«
52%
10%
*70%
*110%
7%
72
73
73
72%
7H2 73
*110% 111%
*110% 115
♦110l2 115
734
784
734
734
7i2
75s
47%
47% *46
47l2 47% *46
4%
434
4%
4*4
4%
4*4
14
13%
13%
15%
14% *13%
22
22
*7*8
21%
*7
7l2
9
*8%
22
2134
*7
7%
*83s
16?8
16*8
*170
16%
16*4
17434
17434 17434 *172
12%
12%
*12%
13
17514
1212
12i8
*8518
*16%
13'8
*85%
16%
88
16*4
1314
*85
88
Closed—
16%
16%
13
13%
Day
1034
1034
1034
1034
10%
13%
13%
13%
13%
13*8
*105
105
105%
10514 105
105
105
105%
*105
10514 *105
5%
5%
*5%
5%
6%
5%
8
*7%
"
*7%
8
*712
I
23
2234
23%
23% 23%
23%
10%
1314
*105
15
*14
73s
92
16
7%
*87%
1534
*14
15%
714
*8712
1578
7%
92
16%
.
14%
6%
1,300
200
17
173%
13
88
16%
13%
173%
25,600
1234
13
*85%
88
17% *16%
1334 a; 1284
10*4
11
10%
13%
13%
13%
13%
105%
*105
105% *105
*105
105%
105% *105
5%
5%
63g
5%
*7%
8
*7%
8
227g
23%
2234 23%
14
14
13%
1334
7%
7%
*88%
91%
16%
*88%
91%
167«
500
*176
185
*176
185
*176
*150
154
*150
154
*150
National Biscuit
5% pref series A
8.000
1,200
17,200
Nat
700
"V,900
300
9,700
ll",300
*6534
*6
*93S
*42%
*44%
4%
*10
*83,
15%
77%
*43%
22%
22%
23%
1,100
29%
2834
29
Mi
67g
6 5*4
57g
97g
4234
45%
43g
1,600
32,100
65%
534
66%
57g
65%
534
984
9%
43%
41%
9%
42
9%
41%
46%
4%
45
10
10
65%
6534
65%
534
*9%
6
9%
534
43%
45
43
43
*42
45
45
*45
47
46
43
4%
10%
878
10
15%
77%
437s
*77
14%
4%
*10
14%
78
41%
9%
4%
10
43%
*108%
30
30%
30%
*734
8
734
26
26%
26%
*109
10978 *109% 10978
*42
43%
*42%
4278
13%
13%
13%
13%
30%
734
25%
14
14
14
14
30%
30%
29%
30%
4
4:
10%
ht
%#
23%
*5%
X,
1#
9%
*56
15
*78
79
*40%
4234
*108%
29%
30
7%
778
2578
26%
109% 109%
41%
42%
13%
13%
*13%
14%
30
30%
23%
23%
6%
%»
mi
%«
1578
97%
534
16%
97%
6
56
16%
*97%
534
114% *112
*112
34%
34%
2%
2%
*25
27
34
2%
*25
12%
12%
117g
6%
678
17%
678
17
9%
*100
*3%
1534
*149
9%
*40%
*26%
*51%
*116
44
0
*25S
*1234
*578
*10%
28
*36
*13
•
9%
101
4
16
...
9%
4134
28
52
—
44%
fl
3%
13%
6%
1034
28
37%
13%
17
9%
100
*3%
15%
56
16%
...
Nat Dept Stores..
1434
*108%
28%
29%
734
2684
*109% 110
1,100
2,200
8C0
9
1,600
1,000
147g
....
10,200
16%
400
110
Ml
ht
%
4,400
%
*11
%
*11
Ml
Ml
Ml
Mi
29%
30%
1,500
29,300
307g
208% 210%
*115%
*115%
16%
16%
16%
...
....
17
44",500
578
114%
34
9%
104
334
15%
6%
*534
10%
27%
36%
28
36%
13
*12%
417g
27%
53
Adjust 4% preferred.... 100
North American Co
10
6% preferred series
5% % pref series
60
9,600
1
113% 113%
32%
32
34%
23g
578
584
534
6
*113
113%
238
634
2%
2%
*17
7
634
17,400
200
180
500
120
17
16%
44%
9
3%
13
6%
10%
2734
36%
417g
*25%
53
44%
*8%
2%
*12%
6
*10%
27%
3638
12%
13
this day.
16%
9%
9%
9%
*101% 10334 *10112 104
*3%
4
*3%
4
15%
1534
1538
1534
149
149
149% 149%
9%
40
200
6,800
9
9%
4,700
42%
27%
42
42%
North States Pow 35 pf No par
Northwestern Telegraph...50
Norwalk Tire A Rubber No par
Preferred
50
Norwich
26%
53
Oliver f arm EquIp
No par
Omnibus Corp
(The)
preferred A
Oppenheim Collins
No par
Otis Elevator
No par
6
1034
277g
36%
12%
t In receivership.
44%
43
8?g
2%
12%
*534
*10%
36%
2%
12%
6%
1034
28
3 684
12%
12%
2734
a
Def
100
6% preferred
Otis Steel Co
35.50
conv
100
No par
1st pref..No par
Outboard Marine A Mfg
5
Outlet Co
No par
Preferred
10O
50
Owens-Illinois
11,200
8,700
6
8%
*116
4484
87g
2%
143g
Co..2,50
No par
200
26%
*51%
Pharmacal
Ohio OU Co
700
53
60
Northern Central Ry Co—50
Northern Pacific Ry._
100
40
9%
*116
...
Bid andaskcd prices: no sales Jn
6
100
North Amer Aviation
9
9%
1034
N Y Shipbldg Corp part stk..l
300
*32%
2%
*149
8%
*2%
*12%
fN Y Ontario A Western..100
200
60
Glass Co.12.50
Pacific Amer Fisheries Inc...5
Pacific Coast Co
100
10
20
1st pref erred
No par
10
2d preferred
No par
300
3,600
Pacific Finance Corp (Cal).lO
Paciflo Gas A Electric
25
Pacifio Ltg Corp
Paciflo Mills
1,100
900
delivery,
10%
1
110
Sept
107
Sept
73g Nov
8
Jan 31
83
22% Apr
n
New stock,
No par
*
27
Jan
3
4
12434June 11
7 May 21
21
May 21
10% Sept
8% Sept
Sept
177g June
152
Sept
Oct
132
14%
Apr
084
Apr
July
3834Sept 18
*ii Dec 20
87g Jan
73s4 Jan
9>4 Jan
14%May
3
3
4
3
Nov 14
48
49% Nov 14
8% Apr 2
10% Apr 11
10%June 24
25% Mar 13
Apr 29
91
631J Apr
110
Jan
6
4
30% Dec 23
14% Feb 20
52
5% Aug
10
Apr
33% July
Dec
41
2%
18% Apr
73% Mar
32
Apr
105% Sept
8%
Jan
3
27
Jan
3
4
11% Sept
10% Apr
39
Jan
3
18%
Apr
33% Mar
9
30
Apr
Apr
8% Apr 22
1«4 May
12% Apr 22
47g July
115% Mar 11
117% Aug 15
100
Nov
119
May
4
47
July
58% Nov
% Jan
2
Jan
%
4
% Jan 11
8% June
31% Deo
168
69
Jan
8
18% Apr
52% Sept
68
Jan 10
60% Sept
26*4 Jan
3
97% Dec 20
9% Jan 3
114
Sept 26
Nov 23
39
12%
Jan
7
June
100
Sept
29
Sept
Apr
3
2«4
4212 Jan 12
32%
Apr
6
Aug
6% Jan
112
Mar 28
578 Apr
18% Jan
4
4
a4% Sept
Sept
12
100% Sept
434 Aug
15% Sept
149% Dec 27
12% Jan 3
128
Nov 15
33
47
3284 Apr
4
7%
10%
55
Jan 22
40%
H5%May 24
120
Jan 17
114%
Oct
Apr
July
Apr
Jan
Jan
6
60
Apr
10% Apr 26
6% Jan 6
3
Aug
64% Jan
2334 Feb 13
12% Jan 4
14
Apr 15
34% Apr 15
Jan
3
16% Jan
y
Apr
82
May 24
Ex-div.
Jan
103% Sept
June 10
June 10
Deo
1% Dec
% May
19
434June 10
2
May 22
8
May 22
3%May 22
9%May 21
25%May 22
33
May 22
Apr
21% Jan
47
42
Apr
8% Sept
27% Dec 27
110% Dec 14
16%May 29
834May 7
23% Apr 4
14% Mar 4
No par
r Cash sale.
Deo
9
Dec 18
5%June10
10% May 21
7%May 21
95 May 23
2%May 22
ll%June 11
Apr
96
307g Dec 27
3578 Apr 0
226%May 4
115% Dec 18
23*4 Jan 3
11
4%
4% Jan
20% Sept
13% Jan 15
May 23
May 22
105 May 25
14%May 21
47%May 22
47%May 22
15 May 14
84%June 5
4%May 15
101 May 24
27 May 22
2%May 15
25% Aug 13
20
175
Jan
Oct 26
Apr 4
Jan 6
Jan 3
21
21
22
21
_
1212
734
267g
157g
12%
20%May
3% May
4% May
104 May
110
Apr
27
Apr
14% Dec
*8% July
3
187g
June
Apr
Sept
17%
Jan
114
50
45
87
8
13% Mar 12
18% Apr 17
116% Jan 3
16% Jan
21
21
21
21
% Oct 24
ht Dec 12
58
16%
Apr
99% Apr 17
20% Jan 3
24
20
9
xxi Dec
56%
16%
7% Sept
21% Sept
Oct
1477g
Dec 16
6%May
23% Nov
10534 Nov
30% May
9% May
878May
15 May
100
*57
*97
May 22
June 12
100
Conv preferred
*56%
900
3%
{NYNHA Hartford
563g
25,300
3,100
3,100
13%
60
pref
58
7
433g
No par
N Y A Harlem RR Co
60
58
14
*116
6% preferred
Norfolk A Western Ry
*13
9
No par
non-cum
4
20% July 20
No par
Noblltt-Sparks Indus Inc
1334
44
N Y Air Brake
200
13
*116
100
N Y Chic A St Louis Co-.-lOO
800
31%
212
1234
7
1734
4134
*25%
*51%
36
1
New York Central
4,900
12%
334
15%
1
N'port News Ship A DryDock 1
35 conv preferred
No par
10%
12%
7
17%
334
1578
Nelsner Bros Inc
Aug
7%May 21
N Y Lack A West Ry Co.. 100
116
June 19
8% Oct 14
14 May 21
72
July 31
—No par
6% preferred series A...100
58
June 10
77g Aug
Sept 25
19
16
15
28
23
Aug
14
16% Apr 15
24% Jan 24
176
8
3% Jan
No par
N atom as Co..........No par
Nehl Corp
NYC Omnibus Corp..No par
New York Dock
No par
27
101
National Tea Co
1,800
""260
Nov
34
2,900
*26
9%
6 H % prior preferred
100
6% prior preferred......100
30%
27
*101
25
29»4
27
9%
N# par
22
22%
23%
*5%
6
*5%
6
10
10
*10
10%
*110% 119
*110% 119
*112
117%
117% *112
27
678
17%
Rights
National Steel Corp
30
22%
600
10
43% Sept
5% Sept
y28®4 Dec 23
% Dec 23
5%May 22
48
May 21
4% May 24
8
May 23
26%May 24?
4
1,900
32,600
16%
Aug
National Oil Products Co
42
133g
14%
16%
Sept
4
15334 Dec 16
14%
*97
105
176
563s
66
Apr
Mar 14
June 19
13
31%
Apr
Sept
9
50
111
13%May 21
417g
30
Apr
Mar 29
May 29
Newport Industries
3,600
27%
212
Aug
30
132
1388
14%
33
Apr
16%
37g
100 *160
42
*31
10
6% preferred B
;
100
Nat Mall A St'l Cast Co No par
3_,806
"
29%
778
*41
1478
Apr
Aug
2212 Sept
9% Apr
15s4Mar 20
14%May 22
4H % conv serial pref...100
Newberry Co (J J)
No par
5% pref series A
100
Newmont Mining Corp
10
70
700
7%
110
10
13%
14%
2934
58
2
83
June 11
66
42
*41
Feb
5% Nov 14
56% Nov 14
7%June 6
6%May 21
1
National Lead Co
260
26%
7%
26%
54
40%
3118
1
16
Apr 18
18% Apr 4
267g Jan 9
June 10
17
Nat Enam & Stamping No par
Nat Gypsum Co
600
41
41
40%
...
10
No par
National Supply (The) Pa.. 10
32 conv preferred
.....40
79
*78
No par
preferred
Nat Distillers Prod
4,000
27
51%
*534
*10%
27%
36%
1278
28
3
307g Feb
June 15
10434 Nov
1047gNov
3
May
5%May
100
100
7% pref class A
7% pref class B__
National Pow A Lt
27
51%
884
*2%
*2%
2%
*4034
2634
*12%
34
34
9%
4134
2634
43
16%
*97%
534
57g
114% *113
*149
9%
66
40%
*108%
Jan
45
15% Oct 25
9%May 22
6
May 21
ll7gJune 6
No par
6,800
3,500
10
I.
884*
15
78
29
32%
56%
4%
9%
15
78
28% 29%
28% 29%
*30%
33
*31% 33
208
208
207% 208
*208% 211%
*115%
*115%
*115%
16
16%
16%
16%
16%
16%
*57
57
57
58
*57%
58
2734
*31
10
87S
*14%
23%
*5
*5%
6
*10
11
*10
11
11
10%
*110% 119
*110% 119
*110% 119
*112
117%
117% *112
117% *112
*43
58
*42
46
*42%
58
1i*
ii*
Ml
ht
%«
ht
%e
%
%
%
%
'it
23%
6%
%
684
1
7
66%
6%
10
♦108%
23%
'it
Register
7% preferred A
29%
67g
6%
Sept
66
12% Dec 21
34.50 conv preferred-No par
22%
«j
7
66
57S
Cash
6%
29
%
678
114
Sept
112
86
100
Nat Dairy Products..-No par
20
22%
aifl
110
Oct 24
155
National Cylinder Gas Co._.l
40
29
678
July 31
122
16% Dec 19
10
Co
Nat Bond & Share Corp No par
22%
29%
119
7% June 20
2,300
22%
634
May
9
5
"l'eoo
154
y2884
%
119
384May 21
11 June 10
10
6% conv preferred
Nat Aviation Corp....
185
163
678
Dec
8512
Dec
Apr
Apr
%
10%
8534
Nov 25
41
7% preferred
100
Nat Bond & Invest Co. No par
300
7%
16%
Sept
834 Sept 23
185
29%
%
% Jan
7$ Jan
19% Jan
2% Aug
% July
6% July 15
7%
1634
18
40
120% Nov
2%
2
3
8
3
4
2
131s Jan 13
*176
*11
100
Jan
Jan
21% Sept
39% Jan
107g Sept
934
1% Jan
Nat Automotive Fibres Inc.-l
*150
634
..No par
No par
No par
Deo
0%
28%
Aug
434 Jan
7,200
185
29
8% Aug
Myers (F & E) Bro
No par
Nash-Kelvlnator Corp
6
Nashv Chatt <fc St Louis... 100
National Acme Co
1
163
22%
1134Nov15
100
*150
22%
647g Dec 12
2% Sept
36
Sept
500
*176
2214
44% Sept
103% Sept
15,800
834
10
10
*85%
*16%
13%
10%
16%
Apr 8
Jan 20
87gNov 14
63
Apr 8
73g Feb 15
22% Jan 3
23% Oct 29
7%
16%
1
preferred
Apr
434 Apr 24
54
110
4%
834
174
174
700
101
I334
23%
7
7%
9
Mulllns Mfg Co class B
400
3
Murray Corp of America.. 10
91%
1534
1,000
preferred
Munslngwear Inc
Murphy Co (G C)
Apr
124% Deo
"3" 300
7%
♦81"
2,300
37
18%
47%
4%
1334
22%
10%
17
*10
Montg Ward & Co. Ino.JVo par
No par
50
Motor Products Corp..No par
Motor Wheel Corp
6
Mueller Brass Co
1
410
Apr
9
110 May 23
113%May 27
31%May 21
33% May 21
21%June 20
87gMay 22
12 May 21
15 May 21
2%May 14
20 May 21
8%May 22
66
May 28
97%May 22
4 May 21
Morris & Essex
800
Apr
Dec
1
*79
Morrell (J) <fc Co
1,300
Apr
0%
11%
45
%June 21
9%May 21
20
10
34.60 preferred
No par
Preferred series B—No par
760
7%
1284
Christmas
13%
*14
14%
22%
I6S4
88
16%
13
4%
*884
Exchange
10%
1678
10%
16%
22,500
11%
*46
47%
*7
Stock
9
*10
10
60
25
9
Xii Dec 26
100
..100
Monsanto Chemical Co
23
*
7%
7%
4%
*13%
22%
7%
9
9
10%
IOI4
*10
6,200
11% Sept
7
1% Dec 20
7% preferred series A... 100
5% conv preferred
Mohawk Carpet Mills
Aug
17%May
2%May 15
May 21
7%May 21
•11 Dec 23
No par
{Missouri Pacific RR
Nov
Dec
July
14
*38% Dec 13
12% Apr 10
21
21
21
24
21
26
36.50 preferred
200
16%
2134
22%
22
4%
4%
4%
54
54%
52%
10%
10%
1034
72% *70% 72
111% *110% 111%
*46
22
100
200
16%
2334
11%
10i4
24
23
2234
23%
'11%
2334
1112
*16
No par
10
28%May
Nov
30%
3
Feb 21
26
June 26
05
5,600
4,700
33%May
4% conv pref series B
100
Minn Mollne Power Impt—1
40
40
,23%
23
*1114
1st pref
..100
Minn-Honeywell Regu.Ne par
6
5
63
28%
6
2
73
397s Aug
May
34% Mar
6% Jan
22
101% Nov
14% 3ept
July
82
23%May
103 May
No par
8% cum
100
14
81% 83
115% 115%
120% 120%
36% 37%
81%
116
1,200
%
%
13%
30
%
♦Hi
Mi
Mi
13%
14
80
3,600
1%
1%
1%
130
Midland Steel Prod
66
5
6
24
22
22
13
Feb
ll%May
Petroleom._10
Mld-Contlnent
Aug
63% Feb
64
6
Mission Corp
800
Jan
6
24%May
2%May
ll%May
10
Aug
24 May
6%May
—6
Miami Copper
3,800
♦119
36
1,100
9
5,700
♦115
*39
37%
9
88
3
14%May
85 May
Oct
10%
6% Aug
4
Dec 27
108
7% May 28
Merch & M'n Trans Co. No par
%
♦13%
79%
14
120
1%
1%
%
%
80%
%
♦1338
h
%
400
'it'
*x«
1%
*>16
1%
1*8
4
24
30%
30%
14%
14%
14%
35% *35% 36%
123
122
122% 123
39
40
40%
40%
1097S
*108
I097g *108
3%
3%
3%
334
*65
6678
56% 56%
10%
10%
10%
10%
36%
121
121%
39%
40
«xi
4
24
2,000
35%
36%
%
•il
%
May 31
4
*66
9% Jan
May 21
79
68%
*75%
30%
♦17%
3634
884
137g
39%
39%
3914
3912
110
10978 *108
1081s 1081s *108
3%
3%
3%
3%
312
312
*52
*5378
5678
5678
♦52
5678
10%
10%
10%
10%
10l8
IOI4
%
5
00
24
68%
30%
367fi
87g
14%
14
1
100
No par
36 preferred series A .No par
35.60 pref ser B w w.No par
Melville Shoe Corp...——.1
Mengel Co (The)
......1
6% conv 1st pref
—60
*66
18
36%
834
121
120
12212
♦120
*17
1734
37%
8*4
137s
3614
36ls
*6534
McLellan Stores Co
6% conv preferred
Mead Corp
1,700
8%
% per share S per share
share
per
Highest
Lowest
Highest
S
share
120
4
24
*75%
*23%
1414
14
24
79
ver
5,100
6%
684
108
108
8
100-Share Lots
Lowest
3
Par
24
30%
*378
8%
8%
79
68%
30%
4
68%
30*4
378
24
30%
37S
18»8
3712
8*4
18iS
8
*75%
23
•3714
*107% 108
107
*65*4
79
68%
3012
4i8
6%
65,
♦107% 108
8%
8%
*75%
79
6%
6%
6%
63s
107
8
23
On Basis of
Week
$ per share
$ per share
6^8
6%
*100% 107
♦3*4
EXCHANGE
Tuesday
Dec. 24
Dec. 21
♦65*4
•30%
STOCKS
NEW YORK STOCK
Monday
Dec. 23
Saturday
*76*8
SHARE, NOT PER CENT
1940
28,
Range far Precious
Year 1939
Range Since Jan. 1
Sales
for
AND HIGH SALE PRICES—PER
LOW
Dec.
New York Stock Record—Continued—Page 7
3852
4
60
Ex-rlghts.
2% Apr
11% June
384 June
984
Apr
27%
Apr
41
Apr
9%
Apr
t Called for redemption.
Jan
New York Stock
Volume 151
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
CENT
Sales
lor
STOCKS
NEW YORK STOCK
Wednesday
Thursday
Friday
the
Dec. 25
Dec. 26
Dec. 27
Week
share
$ per share
$ per share
$ per share
Shares
Saturday
Monday
Tuesday
Dec. 21
Dec. 23
Dec.
$ per share
$ pet share
120
*12018 122
*157
160
$
*157
pet
121
121
*157
160
120%
160
*35s
3%
*3%
384
3%
65S
6%
6%
6%
3i8
15iS
14%
*157
6%
3%
15%
8%
3
3
8%
*ie
*734
•it
*»
*33
35
*103
105
10%
34
15%
8%
*734
#i»
*33
105
10%
*105
10%
97
97
1034
16
1%
29%
19%
1%
134
11%
16%
1%
29%
29%
29%
20
20
20
29%
*1%
29%
29%
20
20
1%
43%
83%
1%
3%
42%
83%
1%
3
*41%
2
*%
934
8%
8%
1
8%
4334
8234
134
44
1%
3%
42%
14%
2134
2234
38%
14%
*13
21%
22
22
22
21%
*21%
38
38
38
*1%
2%
8
*42%
*23
43
22
6%
7%
32%
32%
44
44
87%
87%
.
6%
7%
_
*3u
33
77
77
*4%
*44
11%
75%
5%
*4%
56
39%
39%
*3
*44
3%
43%
*40
22%
135
*4%
30
*7%
82
8
82
*15
15%
*159
23
75
*74
135
4%
634
8%
31
3134
34
*7%
*8
81%
8%
82
80
15
15
15
52
*49
40
*39%
73%
72
72
*10%
11
10%
10%
*159
6%
*8%
*77
62%
3%
*42
*19
17
28%
*12%
23%
*20%
*134
*25%
*7%
4%
62%
3%
4234
1934
17
28%
13%
2334
22
2%
28
Christmas
Day
*159
1634
20
121
25%
*117
121
*23%
*25%
*8
10
*134
*25%
*7%
8
*9%
8%
9%
99%
96%
10%
*21%
110
10
10
*48
%
*38%
hi
*%
*2%
%
38%
hi
%
3%
*4
*41%
111
38
*
30%
*54
8%
8%
10%
23%
110
42
38%
21%
112
73%
11%
96
7334
10%
31%
60
8%
*156
157% *156
157%
30
*117
121
121
*117
25
8%
97%
85%
10%
7%
96%
85%
10%
*96%
85%
10
*10
4%
*77
62%
3%
10%
4%
*10%
4%
95
♦77
62%
3%
1278
*2378
26
*20%
*1%
26%
22%
*8
27
10
*7%
7%
10
8%
1%
1%
21%
99% 100
94%
94%
10%
10%
23%
23%
21%
99%
*93%
21%
112
10%
23
111
6%
4*4
4%
434
16%
16%
38%
*hi
%
*2%
41%
111
37%
*%
38%
%•
%
*2%
41%
*41%
111%
38%
3734
6
6%
13
13
47%
*%
47%
78
*%
60
150
27,100
400
13
500
70
100
38%
38%
2,800
hi
hi
hi
1,300
%
3%
*2%
42%
11%
38%
42%
%
%
3
*2%
42%
111% 111%
39
3878
-m
42%
42%
11034 Hi
t In receivership,
1,600
%
3
*4
39
39%
a
Common
10
....
Richfield Oil Corp
No par
Mfg
No "par
Rltter Dental
Roan Antelope Copper Mines.
48
----
...10
A
preferred
100
5H% preferred
100
Reynolds Metals Co...No par
6^4% conv preferred.... 100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
Ruberoid Co (The)
38%
%
Class
7%
1,600
hi
*4
6% conv preferred
100
6% conv prior pref ser A. 100
Copper A Brass...—6
2,600
%
13
*47
1
to
Revere
20
4,200
38%
Bid and asked prices; no sal^s on thia day.
70
v
Republic Steel Corp...No par
600
23%
111
Hi
*4
111%
1,500
31%
53%
8%
6%
4%
16%
16%
Reo Motors
600
11
30%
5334
8%
6%
484
*13
95
10
—.1
Remington-Rand
900
99%
3,100
16%
13%
48
%
*46%
3,100
16,800
93%
9%
16%
13
Rensselaer A Sara RR Co.. 100
93%
934
*534
484
48%
%
38%
%
%
3%
Preferred with warrants..25
60
95
434
*%
1,000
95
6
13
3,400
63%
64%
1%
21%
2,400
16%
pref. .100
Reliance Mfg Co
12
8%
Preferred
100
74%
30%
5
100
Hosiery
9%
11%
60
50
50
4% 1st preferred
4% 2d preferred—
Reliable Stores Corp.—No par
73%
8%
50
100
11%
30%
preferred..
Reading Company
7%
11%
*54
...25
J2
Reis (Robt) A Co 1st
~
100
Raybestos Manhattan.No par
Rayonler Ino....
—1
30
m M
1
.
preferred
conv
Real Silk
2%
74
10
No par
No par
Radio-Kelth-Orpbeum
6%
—
—
l',200
470
1,800
Def. delivery
No par
Rustless Iron A Steel Corp._l
$2 50 conv pref erred. No par
tRutland RR 7% pref
St Joseph Lead
100
10
jSt Louis-San Francisco...100
6% preferred..
100
}8t Louis Southwestern... 100
5% preferred
100
Safeway Stores
No par
5% preferred
100
Savage Arms Corp..—No par
n
New stock,
May
15 May
23 May
l%June
Nov
Mar 12
11%
Apr
21
r Cash sale,
x
Sept
Sept
2% Feb
13% July
11*4 Mar
69% Deo
4
Apr
Apr
*4
94*4 Aug
Apr
4*4 Sept
Feb 17
2% Aug
17% Aug
33
Mar
16% Jan
11*4 Sept
15
Aug
17
Deo
27% Sept
45
5
43
Nov
8
30%
4% Jan
9
2
22
June 11
Jan 10
22
24
28
29
21
10
22
24
24
22
6
5% Sept
Apr
May
Oot
13% Apr 8
46% Deo 14
29% Apr 9
21
13% Sept
5*4 Sept
19*4 Sept
45
Sept
40
Sept
24
17
25
Apr 25
7%
8% Nov 14
10% Feb
40% Jan
2
47
Jan
Apr
28%
Apr
Apr
8% Mar
47% Sept
48% Aug
Jan
91
36
87% Deo 21
% Mar
1
14% Nov 25
75
97%May
734 Apr
74
9
41*4 Jan
5
Aug
% July
1% Sept
Sept
103% Mar
2*4 July
7
Jan
25
Apr
35
July
31%
Apr
Aug
46% Sept
3% Sept
4
Deo 12
Sept
10% Sept
5*4
Jan 11
49
Apr
Apr
6*4 Sept
2
4
2
8
36
Jan
28% Apr 26
23
Apr
75
Deo 23
35% Mar
51
Sept
110
Jan 17
2% Apr
12
Sept
0% Feb
66
Feb
7% Nov 14
36% Dec 27
12
Apr
7
4
Mar
85% Deo 13
50
Apr
9% Nov
45% Mar
31% Sept
82% Sept
14% Sept
95
Sept
16% Nov 16
6
154
May
6
June 10
178
Oct
8
4%May 15
5 May 15
l6%May 22
10 May 21
19 May 21
7 May 21
151% July 3
% Feb 14
15 May 28
12% Jan 13
5%May 21
%May 29
434 Oct 2
6%May 21
6%May 21
21 May 21
June
6
112%May
28% Dec
100 May
110%May
22
24
21
22
Sept
4% Aug
6%
Jan
67
Deo 11
41*4 Nov 18
73% Deo 18
16% Apr 8
151% July 3
l%Mar 12
22*4 Feb 9
18
Jan 3
Nov 8
Apr 16
Jan 2
Apr 8
Jan 11
128
Apr 20
Mar 29
Apr
14
21
118
Jan
6
Aug
%
40% Sept
20% Sept
149
Apr
17% Sept
Aug
11*8 Sept
16% Sept
48% Oot
25i2 Oot
Dee
2% Sept
Sept
24
6% Apr
7% Aug
% Aug
17
Sept
16% Sept
6
165
June
Sept
Jan
145
June 12
June
6
175
16% Sept
16*4 Sept
2%
Jan
July
14%
14*4
45%
71%
118%
43%
115%
6
73%May 28
18
142
Nov 23
8
Apr
Apr
12% Aug
2% Feb 27
22
21
22
12*4 Jan
May
114% Oct
16%May
634 Oct
143
158
2
4
8% Jan
11
June
126
Jan
4% Sept
10%May 13
13
% Deo 26
53
Jan
Jan
26
Nov 27
11% Deo 19
68
May 21
3%May 18
167
107%
13%
1% Aug
5*4 Apr
*5% Dec
Mar
23
21
27%May
2%May
86 May
22 May
35
May
107% Feb
3%May
16 May
5%May
64«4May
13% Nov
154 May
Jan
47
18
22
6%May 18
25%June 10
37%May 25
30
Feb
14%
Apr
25% Nov 15
22
534 Dec 19
70
Jan
104
36
22
21
6%May
l7%May
ll%May
15 May
9
1st pref ..No par
conv
934June 25
84
8%
9%
6
48%
1,200
27
*52
8%
1,300
26%
*63
9%
J3.50
600
8%
*73%
Radio Corp of Amer
800
17
9
7
60is
46% Deo 10
_
15
100
100
preferred
6% conv preferred
400
55
60
3%
42%
19%
21
62%
31
2,400
44,100
24%
62%
30%
62%
Apr
4
ll84May
No par
6%
Purity Bakeries
J5 preferred B
23%
20%
*1%
978
No par
Quaker State Oil Ref Corp.. 10
43,600
4%
3,200
*9%
8%
10%
300
2,600
2,900
12%
9%
8%
*110
Pure Oil (The)
12%
8
*52%
Pullman Ino
400
*7%
.....No par
14,700
13,900
25%
8%
96%
85%
10%
10%
27%
2
...100
....100
100
Gas pf J5.No par
preferred
preferred
preferred
Pub Ser El A
95
*27
8
95
8%
25%
8
12%
10
*54
25
12%
26
22%
2
28
10
94
6% pf (ser of Feb 1 '29) .100
Pub Serv Corp of N J_.No par
15 preferred........ No par
28
11%
No par
6%
7%
8%
27%
7334
1134
10,000
5% conv 1st pref.........6
5% conv 2d pref..
60
Procter A Gamble
100
28%
112
_
800
4%
16%
*4
111
*7%
*7%
*9%
Postal Teleg'h Ino pref No par
Pressed Steel Car Co Ino
1
600
300
19%
16%
*20%
2,300
4,200
139%
19%
17%
26
6%
13
122
*17
22%
2%
28
No par
—6
122
17
*134
No par
*137
17
*20%
1
100
100
122
122
42%
*23
No par
*137% 140
42
12%
100
J Porto Rlc-Am Tob d A No par
20
*19
1234
25
Pond Creek Pocahontas No par
Foor A Co class B
No par
300
19
3%
100
4,400
4234
96
*13
107% 107%
100
1,400
56%
19
10
6
434
16%
13%
48'4
28%
5
...
3,000
40%
*42
*94
*5%
*4%
16%
28%
Hosiery
%
118% 118%
28%
28%
107% 107%
118%
No par
7%
66
56%
*118
1,800
40%
12%
40%
56
19%
16%
28%
12%
par
No par
Pittston Co (The)..
Plymouth Oil Co
400
%
16%
12%
42%
*28
pref ser A ...No
Pittsburgh Steel Co....No par
7% pref class B
100
6% pref class A
100
614 % 1st ser conv pr pf.100
Pittsburgh A West Va
100
Pit Youngs Asht Ry 7% pflOO
-
12%
*12%
6
12%
12%
*39%
-
19
18%
1634
*28
100
*1778
7%
%
578
7%
42
73%
11%
*94%
8%
20
61%
3%
42%
99%
96%
10%
21%
31%
*%
16%
6234
99%
60
*17%
%
1678
*62%
3%
96%
*10%
8%
%
16%
6234
3%
4%
9
....
62%
3%
10%
conv
7% guar preferred
Pitts Screw A Bolt
1,400
6%
*159
95
*77
10%
96%
30%
50
*77
97
85%
1%
2134
*54
50
95
97
85%
10%
*934
4%
25%
1%
21%
11%
6%
*8%
Nov 12
74
Pittsburgh Forgings Co
*176%
9%
2%
44%
23%
2%
12%
48
Pitts Ft Wayne A C Ry Co.
6%
6
Feb
8
S5 conv preferred
50
800
14%
18
8
Pitt C C A St L RR Co
100
86
14%
25%
8%
97
85%
1034
10%
4%
8
1%
21%
99%
11%
*77
Nov 25
11% Deo 18
5
Pittsburgh Coal of Pa
100
6% preferred
100
Pitts Coke A Iron Corp No par
*159
7%
*96%
85%
1034
*934
4%
734
8%
99
Jan
8*4 Sept
2
Sept
Apr
Sept
92
Sept
6% Sept
72
Sept
7% Sept
14% Sept
1% Apr
4% Jan
Pirelli Co of Italv "Am shares'
1,600
1,400
*8%
105% Deo 26
10% Deo 14
Jan
19% Deo
June
%
35
62% Jan
Preferred
«•*.«...
36%
35
15
«.
5%
6
5
2
96%May
Pillsbury Flour Mills
70
135
Jan
Deo
Phoenix
20
........
5%
81
mm — m
♦176%
6%
*8%
**4
6%
12%
1%
21%
22
*77
£15
7
7%
7%
84
%
%
5%
5%
5%
12%
12%
12%
12%
12%
12%
40% *39
40%
55%
55%
5534
*118
118% *118
118%
28%
28%
28%
28%
55
73%
34%
8%
*159
63%
113
34%
8%
*L—
5%
400
860
*62
73%
135
200
22%
11
*52
22
*74%
3%
43%
10%
63
*110
75
*
3%
*39%
22%
10%
52
10%
1
»4May 28
6%May 21
5%June 26
June 12
1
45% Apr
Deo
4*4
Dec
Apr
9% Sept
June
100
10%
62
97
22%
13%May 22
10
7
June
7%
11%
3
l%May
l%May
io'ioo
41
29% Deo 27
8% Nov 18
4% Mar 11
25% Apr 4
71
No par
10%
51
10%
3%
43%
40%
2%May 15
12 May 21
6% Jan 16
%May 22
26% June 11
99
Sept 13
4% May 21
64 May 23
6%May 21
15 May 21
l%May 21
43
7% preferred
Plllhlps Petroleum
80
10%
100
Phillips Jones Corp
52
100
52
97
4078
*44
282
62%
99%
52
39%
8%
62%
21%
99%
1,600
5%
9%
9%
1%
78
74
6%
*9%
1%
21%
76%
22%
Closed—
._
9
8%
8%
1,200
77%
1
Phelps-Dodge Corp
25
Philadelphia Co 6% pref
60
$6 preferred
No par
Phlla A Reading O A I.No par
Philco Corp
3
Philip Morris A Co Ltd
10
2,800
%
12
100
Petroleum Corp of Amer
5
Pfelffer Brewing Co.—No par
20
88
12
*159
*7%
*50
88
12
84
5%
12%
12%
40%
55%
25
10%
600
7
26
95
43%
40%
*3%
*39%
Exchange
108
108
*107% 108
107% 107%
*119% 121% *120% 122
*119% 122
*137% 138
138% 138%
*137% 138%
*157
157
157
157%
*15534 157%
10%
13,400
50%
12%
10%
*934
4%
3434
71%
12%
*12%
*39%
65%
85% - 8534
34%
*43%
*87%
39
*17%
*95
34%
71
17%
734
97%
300
39%
17%
25%
734
7%
71
7%
%
*117
"i~,206
50
17%
121
6%
*7%
43%
l
Pet Milk Co
71
7%
%
*117
710
380
39%
*16%
28%
100
50
*%
16%
28%
23%
22
10
Penn G1 Sand Corp v t c No par
Pennsylvania RR
60
Peoples Drug Stores Ino...
Peoples QLAC C(Chlo)__100
tPeoria A Eastern Ry Co..100
Pere Marquette Ry Co
100
5% prior preferred
100
5% preferred
100
800
72
%
1634
41%
56
118%
734
42%
2134
*20%
200
40
*%
1634
*118
*1%
156% July
Apr
Sept
6% Deo
4
No par
$7
31,200
1,000
1,600
50
163J
13
36
132
128
7%, Jan
Penney (J C) Co
No par
Penn Coal A Coke Corp
10
Penn-Dlxle Cement
No par
900
39%
*71
84
1634
84
13%
21%
2034
114
Deo 17
No par
Penlck A Ford......
600
3
43%
13%
21%
21%
37%
2
8%
44%
23%
22
Mar 12
160
400
15
*176%
2%
42
900
*44
Stock
*159
6%
9%
51%
40
1,900
276%
8%
80%
6%
*8%
4,500
2
7%
5%
434
31
*72
*159
3
135
4%
45
8534
2
3ie
40%
3
*
45
6%
12
75
*
2,100
85%
is4
3%
42%
14%
21%
22%
37
2%
7%
43%
139
2%June10
6% Oct 18
Pathe Film Corp
..1
Patlno Mines A Enterprises. 10
6
*87%
40
*22%
*176%
*6%
8%
40
40
22%
*159
*176%
*50
43%
434
30
52
*3
75
8%
*8
8%
*16
40
3%
22%
3934
500
Highest
I per share $ per share
May 25
Parke Davis & Co
.No par
Parker Rust Proof Co
2.60
Parmelee Trans porta'n. No par
1,600
7%
33%
43%
11%
76%
4%
*40
22%
*75
*
*44
%
9%
6%
88
hi
11%
76%
4%
56
39%
22
*87%
75%
5
*36%
*1%
7%
43%
22%
*203s
44
*18
11%
21%
*21%
6%
7%
34%
44
43%
88
3i«
12
*7%
34%
34
43%
*87%
%
*11%
6
6%
7%
*3
4384
23%
34
9%
%
934
share
per
June 18
__
6% 1st preferred
1,500
7,800
1,300
S
115
6% 2d preferred
...10
Park & Tllford Ino
....1
Park Utah Consol Mines....!
200
85
4234
*13%
9
4334
*23%
*20%
2334
22
*20%
6%
*7%
1%
*8
43%
23
43%
24%
*20
*13%
21%
21%
3734
10%
*15
share
Lowest
144
1
4% conv preferred
Paramount Pictures Ino
45%
84%
134
1%
3%
42%
14%
21%
22%
3734
1%
*3
834
*44
44%
96%
9634
%
9%
*8%
84
*41%
2
*1%
*7%
8
1
9%
8%
4334
8234
1%
83%
*3
2
*%
9%
8%
934
*41
*13
3,900
1034
per
Year 1939
Highest
100
Panhandle Prod A Ref
Parafflne Co Ino
20
16
20
*43
13,600
1.400
18
29%
1
10%
96%
1034
20
10
400
•
Range/or Previous
100
Packard Motor Car
No par
Pan Amer Airways Corp
5
Pan-Amer Petrol <fe Transp—5
~3~666
97
20
*%
#i«
33%
105% 105% *103%
10%
10%
10%
9634
Pacific Western Oil Corp.
24,000
4,000
®i«
*15
29%
10%
*15
400
32%
*16
34
*9634
1034
1%
*9%
8%
15%
*784
8%
40
1034
29%
*19%
3
3%
1534
Par
Pacific Telep & Teleg
6% preferred
PaoWo Tin Consol'd Corp
2,400
334
6%
3%
15%
8%
Ranoe Since Jan. 1
On Basis of 100-Share Lots
Lomsi
180
18%
10%
18%
1%
*15
684
3
15%
*784
%
*32%
105%
10%
10%
158
3%
6%
334
*6%
35
120
158
160
3%
®i»
9i«
34
105
10%
96%
*95%
10%
3
3%
15
120
120% 120%
3%
*6%
14%
*7 %
3853
EXCHANGE
24
8
2
Aug
6% Sept
18
Apr
50% Apr
112
Mar
31%
Apr
101% Sept
112
Sept
129
Apr
147
Sept
111
Sept
32% Jan
x22% Aug
ll%May
97%May
89 May
6% Aug
70
Sept
15% Feb
63*4 Aug
10*4 Jan
11
49
Sept
66
Deo
119*4 Feb
41*4 Aug
114% Aug
128% Aug
143
Aug
166
June
117%
41%
11*4
90%
81%
18%
16
Deo
Sept
Sept
Mar
Jan
July
Apr 15
90
15% Feb
7% Apr
Apr 15
85% June
85% June
48%May 21
2% Nov 22
69
Apr
3% Deo 16
43% Deo 18
23
Apr
29%May
63% Apr
67%
16%
Apr
6% June
23% Sept
24
37%May
17% Apr
12% June
10% Apr
1934June
27
Oct 31
28% Deo
22% Sept
28% Oct
17
23
Jan
9% Sept 19
4%May 23
90
34
June 19
16%May 22
!3%May 21
May 28
9% May 28
8
May 22
l»4May 21
2534 Oct "
6
June
_
6%May 21
8
5
Aug
6
May 22
x3734June 7
60 May 28
1
May 15
14 May 21
70%May 21
60
May 21
7%May 21
17% July 26
_
13
Mar
Jan 12
834Nov 16
13% Feb 9
10% Jan 3
Apr
14% Sept
17% Jan
9% Dec
Oct
Dec
75% Mar
Apr
75
24% Nov 9
105*4 Sept 19
Nov
2% Nov
28% Sept
21% Julyj
95% Deo
89% Oct
20% Jan
40% Jan
63
Aug
84
Sept
68
Sept
11% Nov 14
37% July
7% June
78*4 Jan
5% Apr
44
May
35
Sept
45
Jan
66
Oct
52
July
68
Jan
10%
Jan
97% Deo 10
14*4 Jan 3
30% Apr 9
117
Nov 19
98% Apr
8
8
3
9% Nov 27
7% Jan 3
Feb 27
12
22% Apr
4
15% Nov 12
48% Nov 26
1% Feb 9
Jan
42
*s
3
Jan
2
May 21
May 21
111% Mar 28
17
Mat 21
y
9
Nov
% July
12% Apr
43
Apr
96
Ex-dlv.
10
4
% Jan 3
5
May 10
4*4May 18
34
16%
Apr
Apr
9
Jan
Apr
2
7
Jan 30
Mar
7
6%
50
15% Feb 20
% Oct 15
Sept
5% Sept
60
74% Dec 27
2
54
5
May 27
4
27
Dec
Deo
Jan
8%May 21
75% Mar 28
June 10
20% Sept
16
July
2% Dec
Jan
Jan
Dec 23
June 26
*11 Deo
19
Nov
63
70
26
8%
69
39
6%May 21
30% Dec 23
52
May 22
5%May 22
4>4May 22
3% Aug 8
11% May 28
1234 Oct 16
45% Oct 22
% Dec 19
Aug
Aug
40
43g Feb
55
5
53
Mar 14
41% Dec
Ex-rights,
4
42
9%
6%
Apr
Apr
Apr
14%
Jan
87
Deo
11%
Jan
9%
Oct
6% May
10
Sopt
17% Sept
15% Sept
34
*4
27%
Apr
2% Nov
Apr
49% Sept
% Sept
% June
%
Jan
Aug
1% May
3% May
27*4 Apr
82% Jan
10% Apr
2
Jan
6
Sept
6% Sept
51% Nov
109
Aug
23
Sept
f Called for redemption.
LOW
AND
NEW YORK
On BatU o; 100-Share
STOCK
Monday
Tuesday
Wednesday
Thursday
Friday
the
Dec. 21
Dec.
23
Dec. 24
Dec. 25
Dec. 26
Dec. 27
Week
% per share
$ per share
$ per share
% per share
Shares
$ per share
10*4
10%
10%
*8512
87%
hi
35
35
35
*109
115
88
400
111% 111%
preferred—
Scott Paper Co
14.60 preferred
110
8,700
*16
2%
76%
2%
77%
2%
77%
777g
7,900
10%
10%
10%
10
10%
7,600
1,100
2%
*2%
77%
77
10
10%
10%
13
13%
127g
13
12%
66%
66%
64%
200
13
67
13%
630
3U
3%
3%
3%
3%
3%
3%
3%
3%
64%
3%
*5314
5478
*53%
54%
*53%
547g
*53%
54%
53%
53%
100
514
5%
5%
5%
5%
5
5%
5,100
38%
37%
*37%
38%
38%
38
38
10%
10%
10%
11
10%
107g
5%
*37%
10%
5%
38
5%
37%
11
10%
107g
67
♦04%
67%
67%
*65%
1%
1%
*1*4
25
25%
25
20
20%
20%
114
*106
*112% 113
1%
20%
20%
*105
113
5M%
19%
*1%
2
300
2678
400
20%
1,900
207g
20%
*26%
20%
2,200
20
108
108
170
112% *112% 113
18%
17%
*17%
9%
8%
*8%
300
*17%
18%
1734
17%
*8%
8%
81,
8%
8%
8%
14%
14%
14%
8%
14%
14%
14%
14%
8%
1%
8%
1%
1%
1%
1%
1%
1%
1%
1%
1%
*12%
12%
17%
*12%
12%
17%
12%
12%
12%
12%
12%
12%
400
17
17%
17
17%
17%
17%
3,000
19
*17%
17%
8
17
15
600
3,000
147g
14%
8% 100,300
8
8%
8
8%
8
8%
17%
«
3,100
*142% 150
25%
7%
25%
7%
12%
25%
7%
11%
21
21
*24
2
7%
7%
7%
11%
20%
12%
11%
21
20%
28%
*17g
4%
25%
25%
12
7%
12
*24
*24
28%
2%
*1%
4%
4%
20%
21
•
*1%
4%
25%
f%
Stock
75
75
*55
75
20%
20%
*20%
21
20%
37%
37%
37%
37
37%
35%
*57%
36%
3534
35%
36
36%
58
57%
57%
58
*57%
6%
0%
53%
6%
53%
53%
*55
6
6%
54
54%
35
341,
35%
34%
34% 35%
*114
117
117
*114
*114% 117
6
6%
6%
6%
0%
6%
112%
111% U2
*112% 112% 112
1
1
1
1
1
1%
75
Southern
Southern
Ry
21
27
75
*55
Closed—
Sparks
Spear A Co
«
M
-»
-r
*
20%
20%
20%
1,000
37
36%
37%
5,500
3678
36%
3678
1,800
58
67%
*57%
0
Day
54
57%
6%
9,400
53%
1
1%
1
$3
5,000
2%
2%
2%
2%
27«
2%
27g
2%
27g
11%
11%
11%
13%
11%
11%
11%
11%
11%
900
14
13%
14
13%
137g
2.000
18%
18%
17%
13%
18%
17%
18%
25%
25%
33%
25%
25%
25%
25%
33%
33%
33%
33%
33%
*36%
38%
30%
36%
30%
*62%
63%
62%
63
62
7%
7%
*4
4%
112
No par
5
May 21
No par
98
June 10
Standard Gas A El Co.No par
1
May 18
...No par
2UMay 22
No par
$7 cum prior pref
No par
Standard Oil of Calif
No par
Standard Oti of Indiana
25
Standard Oil of New Jersey.26
97gMay 25
$4
37,800
21,500
59,200
36%
37
36%
36%
600
62%
62%
62%
63
03
25%
1,400
(The) L S..No par
Sterling Produeta Inc
10
Stewart-Warner Corp
6
67g
67g
7
7
7
4
4
4%
4%
4%
4%
7%
7%
7%
7%
7%
7%
7%
5,900
Stone A Webster
7%
57%
7%
7%
7%
77g
7%
7%
4,900
Htudebaker
8
7%
57%
58
125
8%
8%
18%
17%
8%
17%
17%
1%
1%
1%
1%
1%
1%
15%
15%
15%
15%
*15%
21%
21%
21
21%
21%
8%
8%
59
57%
8%
8%
18
600
1,900
30
*124% 125
8%
8%
8%
18
18%
177g
2,900
1,900
*124% 125
18%
17
58
58
58
*124
125
125
2,700
1%
1%
1%
1%
3,600
16
15%
15%
15%
15%
700
21%
21
21%
21
21
1,000
1
4
Dec 19
No par
5
May 21
Stokely Bros A Co Inc
Corp (The)
-
—
No par
Sun Oil Co..
preferred
Sunshine Mining Co
Superheater Co (The)..No
Superior Oil Corp
Superior Steel Corp
0%
Sutherland
534May 21
1
Paper
100
10c
par
1
100
10
Co
*3%
4%
*3%
4
*3%
4%
*3%
4%
4%
4%
100
Sweets Co of Amer (The)
60
*21%
21%
21%
21%
21%
21%
21%
21%
21%
21%
3,400
Swift A Co
25
17%
7%
6%
17%
17
17%
7%
7
7%
6;'8
*4%
5
33%
33%
3%
*3
6%
6%
17
71,
6%
17%
7%
6%
17%
17%
17%
3,400
7%
7%
7%
77g
3,900
6%
6%
6%
7
3,700
Symington Gould Corp w w.l
Without warrants
1
Talcott
*4%
47«
4%
4%
4%
4%
700
*32%
35%
*32%
35%
*32%
35%
70
5H% partlc pref
3%
30ft
Telautograph Corp
Tennessee Corp
3
3
9
Inc (James)..
5
*3
3%
3
9
9
3978
39%
8%
8%
8%
8%
38-%
39%
39%
*3%
39%
3%
3%
3%
3%
3%
36%
36%
36%
36%
36%
36%
8%
38%
17%
Swift International Ltd
33
*4%
33
3
9%
3%
87g
36%
36%
87g
35%
7,400
22,322
40
39%
3%
397g
3%
60
6
6%
77g
*38%
*2%
3%
1,100
Texas Gulf Produc'g Co
38
5%
5%
5%
5%
5%
5%
5%
5%
57g
4%
4%
4
4%
4
4%
4
4%
6,100
Texas Pacific Laud Trust
7
7
7
7
7
7
7
7%
1,200
Texas A Pacific Ry Co
7
7%
1,600
Thatcher
36
36%
600
2%
200
7%
2%
38
*4%
4%
30
30
7%
7%
*38
41
37%
2%
37%
*4%
4%
*2%
31%
30%
30%
4
4
*6%
4
4
6%
6%
6%
31%
32
32
1
1
1
*17%
18%
*18%
9%
*99
29%
60
9%
50%
4%
*7%
37%
37%
2%
*2%
2%
40
*4%
30%
4
*6i,i
31%
1%
99%
29%
49%
*1
18
9%
7% j
7%
39%
2%
18%
9%
99%
29%
7
*37i2
9%
40
4%
41
4%
4U
*
31
4
4
4
6%
6%
6%
32
1%
18
9%
31%
31%
1
1
18
18
9%
*99
9%
102
4%
4%
1,100
$3 dlv
4%
4%
1,400
*534
6%
200
Thompson (J R)
31%
1,300
1
31%
1,500
Thompson Starrett Co.No
1
*17%
18%
9-%
9%
13,000
400
102
*99
$3 60
300
99%
99
99%
29%
49%
4%
29%
30%
30%
317g
317g
32%
19,500
49%
4934
49%
50%
50%
50%
4%
4%
4%
4%
4%
4%
3,800
4,500
cum
preferred.No
17%
8%
17%
*7%
17%
17%
17%
17%
17%
16%
17%
1,100
8%
*7%
8%
*778
8%
*77g
8%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
15,500
Transue A Williams St'l No par
Trl-Conilnental Corp..No par
77 *
200
4%
1,200
*73
4%
*9%
77
4%
10%
6
0
17%
17%
*1%
21%
8%
33
*12%
1%
22%
8%
33
12%
75
75
4%
4%
9%
9%
6
6
17
17
1%
1%
21%
21%
75
*4%
*9
6
17%
*1%
*21%
75
4%
10
6%
17%
1%
22%
8%
8%
8%
32%
32%
31%
32
11%
12%
11%
12
8%
69
69
67% 68
68%
65%
*112
114
*112
114%
112% 114
12%
12%
12%
12%
12%
12%
75%
74%
75%
74% 75
74%
*84
84%
84%
84%
84%
84%
1
*14
14%
14
*28
28V
*28
42
42%
14
28%
13%
*28
14
28%
*73
4%
*9
6
17%
1%
21%
8
83
4%
10
4%
*934
6%
17%
1%
10
100
6
10,400
5%
17%
1%
21%
8%
31%
32%
11%
11%
68%
69
112% 112%
12%
*73
123}
17%
*21
800
7%
preferred
117g
687g
20,500
70
12%
7,300
Union Oil of California
Union Pacific RJl Co
12%
75%
75%
75
75%
7,900
85
85%
84%
84%
800
13%
J3%
131.1
800
28
28
28
200
Onion Tank Car
41%
42
41%
43
13.000
..
No par
United
15%
15%
153}
15%
15%
1578
16%
1534
16%
6,000
13
13
13
127g
13
13
13
13
13%
1,900
United Biscuit Co...
47
*18%
1%
26%
•
112% *111% 112% *111% 112%
47
*47
47%
47%
47%
18%
*1812
18%
187}
18%
.
1%
27
*111% 112%
48
18%
48%
187g
1%
1%
1%
1%
1%
1%
26%
26%
26%
267g
26%
27%
Bid ano asked
ortcesmo sales on tan -lav.
; In reoeiverenip
1117g 1117t
20
48
48%
1,400
18%
18%
700
1%
48,200
27%
1
Def
delivery
6
6
No par
5% preferred
100
United Carbon Co.....No par
Unlted-Catr Fast Corp.No par
United Corporation
No par
11,700
1%
27
$3
n
preferred
Sew stocx
2414 Sept
33*, Sept
29
Apr
22*4 Aug
30
40t2
38%
80*4
87g
8U
I25g
Jan
38
Aug
631, sept
Dec 16
Jan 3
Feb 15
Apr 2
jan 6
20%
Apr
Apr
36
Sept
80
Dec
125$
Jan
No par
r Casn sale
,
Oct
Apr
25*8
Oct
6i2 Aug
3*8
Apr
6ig
7*4 Sept
Apr
858
Sept
T7«$
Jan
Apr
10
Oct
4
45*4 Sept
66
Jan
Dec 23
1181, SeDt
125, Feb 21
657,May
125
65
Jan
207,
107, jan 20
6
2t2 Jan 3
I8I4N0V 8
36*g Feb 28
7i8Mar 26
2478 Apr 22
75g
Apr
1281, June
11*4 July
381,
1914 Sept
1*4 Aug
jan
Apr
3*8 Sept
221, Jan
30i, Mar
10*, Jan
25U Sept
321, Jan 25
95g Jan 3
73gMay 3
0
Apr 11
24*4 June
371, Sept
40
9% Dec
475g Apr
4U Apr
6% Jan
10
22*4 8ept
67g Sept
17
Aug
38g
47g
Aug
Aug
7i2 Mar
33U
Oct
431, July
3% Aug
014 Mar
4
20
Sept
7
Aug
6*4 Jan
381, Sept
11*8 Sept
6*4 Nov
9
Jan
221,
Jan
151, Deo
24
Oct
Dec
61
Oct
48
314
30
14
7l| Apr 8
0i2 Dec 13
38% Apr 16
17
4
9i, Sept
60*4 Sept
•
8i, Sept
9
2i,
li,
D«c
91,
Oct
41
Oct
6
Nov
Apr
33
Nov
Jan
Apr
li, July
7i,
6
6*4
Apr
Sept
2*4 Sept
Jan 27
May
9i, Sept
Apr
32i2 Aug
3% Aug
35
2i2 Jan
123, sept
4lg
42i2 Feb 16
6% M ar 8
Nov
Apr
Apr
Aug
37,
Oct
4*i Nov
33U Nov
3*4
Jan
1814 Dec
1414 Mar
9934 Dec 14
83
Sept
96
Feb
32i2 Dec 27
52i2 Nov 15
10*4
Apr
25
Dec
34U
Apr
64 <4
Jan
6
Sept
7
Mar 14
217g
Apr
4
6%
Apr
Si, Sept
127, Dec
1*7,
jan
5'g
Apr
2
Mar
74
Apr
3
Apr
7*4 8ept
6
Apr
14U Sept
Dec
2614
25i4 Jan 23
3U Apr 4
19*4 Sept
1*8 Apr
34U
Jan
3*4
3514
Aug
May
21
May 22
30
45
70
..
15
*112
20is Jan
lO*g
Apr
7
53g Apr 16
10ig Apr 24
13U Jan 4
697gJune 10
May 27
12
May 21
71
May 25
100
28
*13%
135g
Jan
Apr
9
105
4% preferred.
100
Onion Prem. Food Stores,Inc.1
13
41%
41%
2234 Jan
5U
4
9%May 21
26
Aircraft Corp
Un Air Lines Transport
41%
41%
4*4
10
l378May 22
0i4May 23
Union Carbide A Carb.No par
Union El Co of Mo$5 pf No par
68%
Jan
June
8
9
2U2June 10
1
112% 112%
108
9%Nov
UgMay 22
Under Elliott Fisher Co No par
Union Bag A Paper
No par
11%
Dec
714
2*4 Jan
5
100
Twin Coach Co.
5,000
7,600
8%
33
34*8
Dec
82i2 Mar
14
Nopar
Twin City Rapid Tran.No par
2,100
8
32%
6*8
Dec
5
Aug
3%May 21
0i4May 22
No par
$1.50 preferred
181, Apr
53
16i, Mar
761, Mar
4t2May 22
l%May 22
04
No par
Truax-Traer Corp
70
22
preferred
10%May 21
Truscon steel Co....
10
20th Cen Fox Film CorpNo par
1,600
1%
$0
May 21
Dec
Oct
834May 28
May 28
35igMay 21
4i4May 21
Apr
8U Aug
67*4
Dec
12
Tim ken Roller Bearlng.No pat
22i, Dec
517, Sept
34*8 Dec
2
23
18
9i, Sept
701, Nov
94
May 21
81
Apr
Sept
4*4
4
May 18
17%
*77g
434
Dec 14
25g Jan
7i2 Jan
I8i2 Jan
1
Trausamerlca Corp
2
Tramcont'l A West Air Ino._6
4%
0
77t Apr
8
10
43*4 Sept
3*« Jan
42
par
No par
Mar
58ig Dec 12
11% Jan 3
00i2 Apr 9
40% Apr 10
112l2 Dec 2
par
Tide Water Associated Oil.. 10
$4 60 conv pref
TImken Detroit Axle
5
2
Jan
Jan
36*, Nov
Apr
8
4
Jan
Apr
Apr
Feb 16
234 Feb
Dec
23U
Apr
Mar 21
2534May 28
Dec
Apr
11
4
100
35*, sept
143
21*,
30
53
.......26
3% Sept
18*, July
29 U
141,
18i2 Jan
Thompson Prods Inc..No par
Sepi
161, Sept
Apr
3
Dec 27
Third Avenue Ry
171, Mar
24
Jan
9
Dec 24
May 16
6
Apr
Feb
2% June 11
June
Apr
38*4 Apr
23*4 Apr 11
7
June 19
Sept
60
4
8
3
Sept
1% Aug
5
Jan
May 14
121, Jan
30
21
34
334 July 11
6 May 22
20
Apr
Dec
llig
15i2
37% Nov
85g Jan
1
Dee
10i2
6% Oct 23
100
Jan
Sept
112
23%
6
6
26
4
4
26
8
preferred....10
Oct
127
14
36
Co
conv
Jan
314 Jen,
28i,
291,
Jan
13
No par
Preferred
Thermold
140
31
31
32*4
Apr
127
55g M ar
No par
1077, Nov
87, Sept
9
278 Dec 18
4>4May 14
33
May 25
2i2May 21
1
Feb
381, Aug
17U 8ept
Dec
12ig Apr
10U Aug
U2 Sept
5
100
Oct
11*4
11*8
3% Apr 24
113
77, Sept
64
70
Jan
47
Jan
Jan
Sept
101
..No -par
Mfg
$3.00 conv pref
The Fair
70
41
41
41
31
30%
*2%
214
Mar
2078May 23
Apr
16% Apr
l5t, Aug
277, Jan
No par
10
6%
4*4
6
30i2May
153g Jan
20t2 Jan
3478 jan
7
Aug
1712 Apr
3034May 10
162% Apr 23
72
Jan
981| Aug
llt2 Jan 4
2434 Feb 9
12i2 Jan 2
2t2Mar 11
l05g Jan 3
39
June
97*
12lzMay 21
lig Oct 4
9%May 22
20 May 21
3
May 22
*17%May 29
105g Aug 20
434May 21
334May 22
4%May 21
28i2May 20
No par
Texas Gulf Sulphur
Texas Pacific Coal A Oil
5,500
6,200
41
7igMay 15
25
4%
5%
*4
4034 Aug 0
118%May 29
6
Texas Corp (The)
361,
3
12i8May 21
10i4 Oct 10
2034May 28
297gJune 1
23
May 21
66
May 21
4t2May 15
Htarrett Co
0%
7%
57%
33%
7%
8
125
18
25%
33%
preferred
$0 cum prior pref
4%
7%
*57
17%
33%
preferred
$4 60
7
4%
7%
*124
•
18%
25%
33%
*36%
17%
25%
2078May 23
Dec 3
1
-100
Standard Brands...
Square D Co
4,900
11%
13%
2
No par
Conv 84 50 pref
400
1%
27g
13%
No par
pref A
conv
Spiegel Inc
6% conv preferred
3,300
23,100
*11%
13%
6078 Oct 14
14%May 29
33
May 21
19
May 21
46i4May 28
4%May 22
40
May 22
No par
Spencer Kellogg A Sons No par
Sperry Corp (The) v t c
1
Splcer Mfg Co
No par
260
36
36
36
35%
*114% 117
*114% 117
6
6
6%
6%
114%
*111
114% *111
No par
—1
...
preferred
$6.60
190
6
52
6%
53%
ctfs 100
Wlthlngton
700
600
"
4%
l3UMay 21
17% Nov 6
U2May 21
3«4 June 12
100
Mobile A Ohio stk tr
*
17,
*4
367g
Christmas
6%May 21
8
May 21
No par
preferred
5%
7,100
May 28
72
28
Oct 29
22
18*g
21*4
6% Dec
23«4May 10
8
May-21
Dec119
Apr
37g May
Nov 12
120
Apr
114%May
23%May 22
Pacific Co—No par
6,900
30%
20%
Exchange
6%
54%
27,100
1%
17«
4%
*55
20%
37%
*55
7%
12%
*24
1%
4%
7%
20%
*3%
2
Southern
117g
20%
7%
12
27
*24
28%
4,400
4
'
Si, Jan
857, Nov
Dec
Apr
3
Jan
Sept
Apr
43
21, Apr 29
May 22
3i, Sept
24*, Sept
7
9
108i4 Feb
05g Nov
31
Apr
51
6
Apr
24
I
Aug
6OI4
ll5g
10%
0
40t2 Feb 13
13% Jan 4
7igMay 21
13s July 1
10 May 22
16
Aug 13
—-.100
Calif Edison
26
Jan II
7% Mar 13
10%May'22
preferred
8%
*142% 150
*142% 150
26
25%
26%
25%
*142% 150
*142% 150
Apr
56
Jan
1
10l2Nov 8
7312Nov15
534 Jan 1;
May 24
128
Sept
Jan
10 %
52i« July
II714 May
1512 Aug
1*8 June
278 Nov 14
158 May 31
Sugar...No par
So Porto Rico
'
4412 Sept
105
.
163*
-24
l7%May
5
1
Apr
Apr
""14
Jan
88
12% May 23
14
%
3*4
4
*8 Jan
95%June114
'22
35s May
12%June
Jan
li4 Jan
May 21
67
761, Aug
20
4012 Aug 10
4%May 21
34
May 29
7%June 0
105
177, Mar
111% Dec 23
8%May 21
61% Aug 1
Mines .6
Simmons Co
No par
Slmins Petroleum
10
Slmonds Saw A Steel—.No par
Skeliy Oil Co
15
8loss Sheffield Steel A Iron. 100
$6 preferred
No par
Smith (A O) Corp
10
Smith A Cor Type v t C-No par
Snider Packing Corp...Ao par
Soeony Vacuum Oil Co Inc. 15
South Am Gold A Platinum. .1
S'eaHtern Greyhound Lines-.6
share
Aug
Sept
115t2 Jan 11
8%June 10
preferred-.100
eonv
I per
10
3g Jan 2
7»4 Feb 21
I
3
Highest
share
61
49
%May 10
14 Oct 15
111
May 21
1% Sept 26
61%May 21
pa
Sliver King Coalition
1,400
May
per
Deo 17
88
2
13
21
14
25
107% June
lOlUJune 24
—.15
Oil
Union
Shell
200
4%
19%
113
112
112%
112
*112% 112%
4%
2
20%
*105
113
180
3,200
19%
*26
26
26
20%
*106
20
1%
1%
25%
2,400
106
*105
4%
4%
19%
*1%
5
*4%
19%
108
*105
106
106
*10512 1071, *105
107%
*4%
4%
4*4
4%
19%
19%
19%
19%
,
pai
par
par
4-2%
4,700
2%
hi Dec
2i4May
34
I
share
per
1434 Mar 27
7i2May 21
64% July
preferred
100
Seaboard Oil Co of Del.No pai
Seagrave Corp
No pai
sears Roebuck A Co--.No pai
Serve! Inc
J
Sharon Steel Corp
No pai
$5 conv preferred
No pai
Sbarpe & Dobme
No pai
$3.50 conv prefser A-No pa>
Shattuck (Frank O)_..No per
Sheaffer (W A) Pen Co.No par
500
77%
*2%
76%
10%
13%
■mm
13
77%
12%
No
N»
$4 preferred
--—No
JSea board Air Line
No
~
12%
10
13%
~
%
J,
%
7ie
%
%
127g
2%
14
m
*%
12%
%
12%
316
8%
1,400
115
*111%
%
14
1314
*214
7612
12%
34%
34%
*109
*111%
*u
%
9ie
*%
34%
preferred
5H%
$
f per share
fi
100
—- J
100
Corp
tSchulte Retail Stores
2,300
115
*109
115
»u
*u
"34%
347g
34%
*109
111% 111%
%
%
13%
2%
*13
Scheme? Distillers
200
*11012 111%
%
Pat
Lowest
Highest
Lowetx
17,500
....
115
*109
11%
87
87
*84
86
*84
85
85
2%
35%
11
11%
11%
%
214
11%
10%
Ye*r 1§39
Lou
EXCHANGE
Saturday
$ per share
1940
Range for Previous
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
SALE PRICES—PER SHARE,
HIGH
for
10*8
Dec. 28,
New York Stock Record—Continued—Page 9
3854
.
June 10
13i4 Dec 24
2234 Jan 21
31i2 July 3
12 May 21
12i2May 28
10878 Nov 22
42l2May 23
12
May 24
1% Dec 13
26
Dec 19
Ex-dlv.
p
Apr
4
1314 Mar 14
Feb 19
18*4 Apr 22
883, Jan
4
9
8
98
Apr 8
89t, Feb 10
ll05g Dec
17i2 Jan
10
11*8
I7i,
Apr
7lg Ayr
34i, Sept
6
Aug
1*8 Sept
88
12i2
Jan
Jan
Aug
Jan
66
Jan
13i,
Dec
941* Sept
651, Apr
108*4 Sept
118
15ig Aug
8U, Apr
105
Sept
Apr
90
July
20 ig
Mar
2414 Sept
31
Aug
61
Apr
14*8 Sept
10i, Dec
18*4 July
78
19*4
July
Jan
July 13
297gMay 11
633g Apr 16
23*4 Apr
18
4
Apr 17
77,
Nov
1117g Dec 27
65*8May
2
62
Apr
69i,
20% Dec
3
13*,
Apr
20
27g Apr
42
Ex-rlghta.
4
Feb 13
2
Apr
301,
Apr
3*4
Oct
Mar
Feb
397, Aug
1 Called tor reaetnprion
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
151
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Sales
CENT
3855
%
Monday
Tuesday
Dec. 21
Dec. 23
Dec.
per
$ per share
share
4*8
*25,
*28
4*8
43,
4*8
2*4
3
28*4
33,
3*2
11
*8*8
63*4
*180
*55g
45g
4 5g
38*2
38*2
934
*26*4
68
67*4
9*2
1133s 11378
9*4
934
3*4
3*4
3*8
312
*85% 90
90
*10*2
4*8
♦2*2
234
938
68*2
95,
9*2
*113% 114*2
10
*934
3*4
3*4
*85%
45s
28
45,
38*2
67*2
39
*67*2
$ per share
28
45,
*38
10*4
*83S
8*8
64
6
114
938
33s
86
10*2
9
*8%
63
*178
5*4
57«
*31
38
*31
*23*4
23*4
*23*4
2334
378
378
*3*4
7*4
4
7%
7*4
61
*56
27*2
*56
28*i
*30*8
*22*8
22*4
1
*30*2
22
1%
$ per share
% per share
67*2
95g
Shares
114
95s
3*2
*318
95s
9%
2,300
3>4
3*4
800
3*8
3%
6,300
88*s
88%
11%
10*34
834
63
6,100
182
7C
578
23'4
23*2
378
*378
2834
28*4
31
*30*2
22*4
♦7ig
*56
22*8
275s
29*4
31
*30*2
22i4
22*8
24%
7*4
28
31
1
1
1
1
1
1
2214
21*4
21*2
2134
86*4
85*4
86
217S
86*2
21*2
*85*2
2178
8534
85
8534
2134
8414
*63
645,
73*2
*63*4
*7214
6778
64*2
63*2
64*2
63
63
63
73lz
*72*2
73*2
Z73*2
683s
69
677,
685s
128*2 128*2
30
30
*48
50
*48
68
6878
12812 129
30
30*2
1*4
*1*8
1>4
U4
100
76
129
30
30
30
30
50,COO
2,600
30
50
*48
50
*48
50
30
*48
1%
1U
1*4
U4
U4
1*4
1,000
69%
68*2
u8
1*8
U8
12734 128%
2,600
1
114
1%
900
1
1*4
Us
27
Dec 27
1%
3,600
U S
A
.10
1
No par
inp
D8Rubbi -C»
8%
10
1st preferred
100
U S 8meltiug Rtf <fc Mtn
Preferred
U 8 8 eel
50
50,
Corp.No
par
Preferred
100
U 8 Tobacco Co....
7% preferred
No par
25
United Stockyards Corp
(Jnlteo stores class A
1
5
*16*2
175,
*16*2
1778
16*2
16*2
56*4
16
16
17i2
54
*52
545s
53*2
157l2 157*2 *155
112
11434 115
113*2
200
Universal-Cyclops Steel Corp 1
400
Universal Leaf Tob
%
2,100
60
*545s
56*4
54%
157*2 *155
157*2 *155
157*2
112
115
115
115
**8
7j«
15*2
15*2
15
15
*32*2
33*4
32l8
32*8
*«ie
%
*15
-
%
*si«
16
3234
33
27
26
26
*25*2
2612 *25*4
*114*8 116
♦114*s 116
*114*8 116
43*4
♦425,
423s
4258
4258
425g
100
10
'
115
*15*8
Stock
32i2
25*2
Exchange
_■*»
5x«
%
16
*153s
-
130
16
40
3234
33
33*2
1,200
25*2
2534
2534
400
300
*23
*59
23*4
23*2
23,
*2
*24*2
24
23*2
2
24*,
♦
65
2*8
24
65
"24"
24
2's
2334
116*2 116*2
*116*2 117*4 *11012 117
♦
*58
Day
61
*23*2
2418
500
1,100
13
*11
15
*11*4
15
♦11
15
*42*4
43*8
*4234
43*2
32*2
*4234
43*2
4234
*32*4
32*2
*90*4
97
42*8
32*4
*90*4
2378
32*2
*90*4
32ij
*4
71I
77,
32l2
*90*4
95
----
977g
*137
%
7ll
*137
*4
*4
*8
8
%
8
*778
*135
*h
*%
8
7ia
8
22
22
21*4 *2134
22*8
1047, 1047, *104*4 109
*104*2 109
5*4
*5*8
5*2
5*2
5*2
5*2
29
29*2
295,
29*8
2834
295,
*13*4
13*2
13*4
13*4
13*4
13*4
*3*2
4
*143,
31,
*53
*1%
1434
54
3*4
*49
1*4
*87,
1434
3*8
3*4
1*8
*87g
10*8
21*2
*65*2
69
1412
14i3
3*8
53
*50
53
53
1
1
1
1
*878
1812
3
3
1038
,
*67
«p
•
-
~
1658
*80
16*4
17*s
69
67
69
105
105
111
112
17
173s
105
105*2
117% 1173s
17
17
*104*2 107
*104l2 107
*10412 107
26
25*8
*24*4
25*8
2518
25*4
3
3
3
*6
7
*6
♦14
20
20*8
*11
101*2 102*4
*135
1367,
33*2
33*2
*33
34l2
*108*4 109%
*65
70*2
*100
28*4
101
*3
9
*812
*27
29*4
22i2
22l2
16
153a
18i2
19
3
3*8
112
113
*105
107
*105
2534
2534
25*2
3
3
3
6*2
6
6
*6
20
Wesson oil A Snowdrift No par
*65
*100
29*8
*65
76i2
101
101
28 a4
29*8
30
29
2,400
*69
70
70
70
*69
70
70
76
200
*9%
10
157g
16
67|
7
634
7*4
4*2
4*2
4*2
4*2
55*2
25
*22
4*8
178
4*8
4*2
4%
4l2
64i2
64i4
*116*2
*134
237g
1'8
2
2
2
4
4
4
43,
4%
17«
17g
30*2
438
64
64l2
*116l2
32*2
32l8
3078
30*8
64
*116
3212
*22
1*4
64*4
----
32i8
3134
3034
30I4
32*4
3078
22
21*2
*134
1?8
4
43s
64 34
*116*2
*3134
3058
22
478
5512
2i12
178
Western
178
21*2
*134
U8
178
2
4
4%
4%
647g
65i2
*11612
32
32*8
3 H2
3078
22
22%
45g
100
$4.60 preferred
66
32,700
99
*84
99
80
79
79
57
57
*56
5634
56
56
200
59i2
60
*59
5934
5934
60
800
100
*94
*94
100
*78*2
2058
80
78*2
78*2
78*2
78*2
7734
7778
205s
21
21
21
21
2034
21
15*8
15*2
15*4
15*8
15*2
16
16
*116
117
*116
117
1038
io84
10*2
105s
3978
403s
3978
41
*94
98
•94
98
1058
16*4
163s
1634
1478
1478
*14l2
1434
2*8
*
2*8
2
Bid ano asked
2*8
prices
*94
16*2
1434
2*8
98
17*4
1434
2*8
no salee on this day.
Dot
Mar
1
3x,*g
Oct
37*2 July
5
1%
Dec
415s Jan 3
117
April
3114
Apr
86*«
Apr
Apr
Nov 29
1*4 Jan
70i2 Nov
130
4078
16i2
ii684 117
10%
10*8
40*2
40%
40*4
*94
98
*94
165s
1434
2*8
1634
J 434
2*8
t In recelversnlp
16*8
i684
1434
2*8
«
400
1,200
13,200
0%
preferred
100
$5 conv prior pref...No par
White Dental MfgfThe 88) 20
White
Motor Co
1
Mln Spr CoNe par
Mach Corp...l
No par
Prior preferred
20
Wilcox Oil A Gas Co
6
$fl
preferred
No par
Iron Co—...
Woolworth (F W) Co
100
10
10
Worthlngt'n PAM(Del)No par
6
30
4814 Feb 20
39
39U Apr
2*4 Apr 24
2'» Apr 1.1
63i4 Dec 11
18*2 Nov 9
70
Jan 15
*4 Apr
02
Aug 22
31*2 Mar 14
4*g Jan
8K4 Jan
120
2*8
6,300
delivery
Nov 12
35
2
37i| June
Oct
46*4 July
Deo
1*8
Apr
De«
9
Mav
17
Sept
85
July
Sept
103
June
Apr
78
Feb
Jan
1
Aug
21
Sept
Sept
40
8ept
40
Nov
6011 Sept
140
4514
13
10
10
Apr
25
Apr
109
8cpt
347g
54U
65
Apr
Aug
Sept
18*4
2%
17
n
r
Cash sale
»
Dee
60i| Aug
65
Sept
Apr
2044
Apr
5*4 Sept
33*4 Sept
Apr
Dee
112*8 Sept
118
July
16
Sept
Jan
Jan
101
131
Mar
3
Sept
2*s
Jan
Ut July
5*a Apr
15*2 Apr
04%
125
978 Nov 18
23'tMay 9
1047g Deo 21
0i2nov 9
35U Jan 11
10% Feb
85
Jan
4
Apr
30*4 Sept
14*2 Oct
9% Jan 10
7
Dee
l*g
1U
Deo
Jan 10
25*, Jan 10
4'*
Feb 19
50i2 Dec
2'gSept
12*4 Sept
34ig Nov
28*4 Feb
2OI4 Apr
24
Jan
80
21
3'i
Dec
Deo
37g Sept
8
Oet
23*e July
98*2 July
9*4 Jan
50*4 Jan
20*8 July
1478 Mar
27S
44
67g
Jan
Mar
Jan
30
6%
19*4
Apr
1344 May
Apr
35*4
Oet
22
14*4
Apr
Sept
24*8
3244
Jan
Apr
344
Oet
28*1
Jan
4
Feb
1*8 Nov
20
1*8
68
37g
July
Jan
Jan
Dec 10
20*g Apr 16
10
July
76
55*4
Jan
4
HOig Apr 12
Apr 9
105
Deo
13
13
13
13
7
47, Feb 23
Aug
79
Jan
85
Apr
i07U
Dee
95
Apr
112*8
Dee
88
Apr
100
Dee
105*| Sept
116
Nov
19*8
Dee
Apr 29
"20*8
Apr
Jan
2*8
Apr
8*s Apr
3*8
Apr
*8
107g
Deo
2
Sept
Apr
37
Sept
18*i
82*8
Apr
37*4 Sept
407S Apr
6
1
4
Jan
28*4 Jan
28ig Jan
118
Jan
140
Nov
120
30% Nov
64g Sept
11*8 Sept
Apr
12)
Sept
May
145
Mar
10*a
37*8May
Feb 13
Apr
28*2
15U
Apr
39*4
Dee
Dee
109*4 Dec 12
80
Oct 14
42
July
75
Oet
Nov 15
74
Apr
97
Oet
15*»
Apr
387i
Oct
Dec 23
80
Jan
80
Jan
7478 Nov 14
45
July
78
Oet
38
Jan
4
l4*4May 22
1*4 Oct 7
Ut Jan 5
35'g
125
*1
or
9
8*8
Deo
12*4 Mar
10i2 Deo 13
7
Apr
15*4
11 ■»»
3'g Sept
7
1*4
Aug
4*>g Nov
Apr
34*4 Nov
U'4
Apr 18
Apr 10
7UMay
67i2 Mar
3
8
14
247gMay
2
14
Sept
20*8
Oet
Jan
Dee
3*g Jan 11
3i2 Apr 22
2**
June
3*a
Feb
Jan 15
0*4 Apr 13
2*8 June
0*4
Feb
3*4 May 21
7*8 Apr 22
27g
77s Sept
3
45
June
7
116
JaD
2
15%May 21
30
May 18
LP* May 21
29
June
39
June 17
91
June 10
73
May 23
15'iMay 28
9*4May 21
98
May 25
6%June 10
2014 June 10
80
May 28
.
_
12i2May 21
8%May 21
2
Ex-dlv
Mar
0
1
1
Aug
Aug
Mar
0
32
!21i4 Mar
34I4N0V
1
7
5
105%
Apr
15
Apr
30
Sept
70
42>4 Apr
24%May
58
Vew *u>ck
44'4
Apr
5
6*4% preferred ser A—100
Youngst'n Steel Door.-No par
Zenith Radio Corp
No par
Zonlte Products Corp
1
110*2 July
Mar
95
100
Ott
04
'4 July
July 25
No par
Sepi
2*
Apr
Jan
June 17
Preferred
4
40
1*8
65
Yellow Truck A Coach cl B..I
Jun»
82*4 Sept
12()7g Sept
4ig July
16i2 Apr
60
preferred A
100
preferred B
100
Prior pref 4*4% series.. 100
Prior pf 4*4 % convserleslOO
Wright Aeronautical... No par
Wrtgiey (Wm) Jr (Del)-No par
Yale A Towne Mfg Co
26
Youngstown 8 A T
1,000
Oct
00
*70
Sept
1*4
0
Feb 29
4378May 10
39% Mar 16
117«2 Apr
49i2May
6%
Young Spring A Wlre__No par
3,100
Def
Woodward
110
17
Jan
Aug
98ij May
Mar
103
No par
1,900
1434
July
41H
0'a
62*4 Jan
114kg Nov
08ig Sept
May 28
18
0% conv preferred
7,200
98
9
Nov 22
7%
20*2
163,
116*2 11612
K>3s
lC3g
1,600
50
20*2
1058
15*4 Sept
49
May 24
18*«May 21
93%June 13
61
May 29
7*4 Aug 10
7i2May 21
45g Mar 23
3'jMay 22
60
Wis onsln El Pow0% pref.
80C
Dec
86
1,300
32%
315s
22%
108
100
ALE Ry Co
Wilson A Co Ino
*84
40*8
June 10
2%May 15
5H % conv preferred
100
Wheeling Steel Corp...No par
8.5C0
*76
100
No pa-
4*2
99
22
60
4*4
80
103s
21
4*gMay 18
Willys-Overland Motors..... 1
22
397g
3
i8 Dec 23
14ijMay 22
16l4May 21
70
May 21
Westlnghouse Air BrakeNo par
400
*76
*116'8 117
June
100
2,400
1,000
*84
*93
58*4 Aug 10
01
Pacific 6% pref.. 100
Union Telegraph. 00
$4 conv preferred
90
100
15U May 22
100
4% 2d preferred..
Western
1,700
*38
99
*94
Maryland
White Sewing
22
81
Dec 16
10% 8ept
32*4 Sept
15*2 Nov
White Rock
22
100
80
4
35i2 July
29*t Sept
4
3
200
*75
*79
May 22
June
77g July
67
3
1,100
*84
*94
3
Sept
Apr
8
12,100
434
6*4
87*a Mar
17*4 Sept
Aug
74
Oct
6i2
55l2
Ap
Jan
10*2
90
5678
597g
13*2 Apr
3lj Julv
25*sMay
16*2
99
*55*2
*58l2
23
120
16
43s
Apr
108
*95s
*38
Jan
Mar
4
June 10
6&8
6l2
47g
14
113
180
90
10
22
57*2
June 26
89
Jan
Auk
108<*May 23
11
May 21
lOOWay 17
16*8
22
60
5*4May 21
l6i«May 22
7*s Sept
11
514
100
WestPennPowCo 4^ % pf. 100
West Va Pulp A Pap Co No par
0'4 preferred
.100
65s
*75
60
14 Oct 23!
*18 Dec 27
Nov
Sept
05U Sept
149*4 Sep*
115
*9*2
1578
*84
*55*2
No par
Ei class A ..No par
preferred
preferred
Wbee lng
76*2
101
70
*1*4
June 10
16C
*68*2
*21*2
120
14
Mar
Apr 26
12*4 Apr 231
Sept
15
117U June
5
Dec 26
7% Apr 23
95
Feb
June
90'tMay 22
100
*35
May 24
14
10834 109*8 *109*8 10912
130
*35
preferred
3*4 Aug
5\ Ma
Jan
74
75
28
27*4May 21
*123
55*2
May 23
Westvaoo Cblor Prod..No par
*3514
130
*35
25
22*2June 10
July
2
112
Ap
35
19
100
3334
*125
434
55*2
2378
lh
l7s
4*8
Jan 2
'»Nov 27
12 June 24
36*8
135
130
434
1
Nov
0*8
100
7%
0%
Western Auto 8uppljr Co.-.10
*125
63.1
100.
Western
125
934
1
1,000
125
16
11
89
182i2May 14
0i2 Mar 9
Jan 22
Jan 20
3618
934
6
Dec 12
May 21
*34
1534
684
12i8 Dec
159
26
35'8
978
May 11
124
June
110
35*8
16
97
5
59
..60
34%
155g
12*2May 24
45
May 24
l34»4June 8
Weston Elec Instrument. 12 50
*33
*934
June 26
170
34
'
par
1,900
130
*123
41
600
*3358
29
103*«May 21
29*2 Deo 13
42'tJune 5
U4 Dec 20
1
May 18
34
34
101
13*4 Mar 12
7>8 Apr 10
7*g Jan ?
48
135
136
34
2812
No par
Pipe....No
3*8
135
*135
34
108*2 109
*65
76*2
5
26*4
135
130
♦100
100
107
3u
20
preferred
conv
Sept
60
3i2 Dec 18
%May 16
13t{ Aug 30
2
May 15
30 May 22
i2May 21
3%May 16
22
May 23
20
May 21
13% May 21
14
May 21
2ijMay 21
100
7% preferred
$4
110
07* Nov 14
Westinghouse El A Mfg
1st preferred
*33*8
28*2
240
900
10178
101
lie
preferred
West Penn
9
z73i2 Deo 26
par
No par
Wayne Pump Co
70
12,000
8,100
10034 10U2
101
30
20% 21
10178 10234
6*2
!8
B
Webster Elsenlohr.....No par
300
2,000
2,600
203s
28*2
3,200
Oct
22
10
Washington Gas Lt Co.No par
Waukesha Motor Co
5
^
316
20
101
„
6*2
20-%
28*2
700
20*«
20
1093g 109*2
*65
76*2
700
20*8
20*8
20i2
iou4 102
*x«
20
*8
1,400
113
S3
118
23
May 21
18UMay 22
No par
18*2
3
42
22
pari
No par
100
197g
u
*6
Baking Co cl A..No
Warren Fdy A
Apr
24
3
21
par
No
$3.85 preferred
.
Apr
11
22
..No par
f Warren Bros Co
1,100
106
106*2
10512 106
*117*2 118
*117*2 118
17*4
17*4
17*4
17I4
3
warrants 100
Warner Bros Pictures..
130
934
29*4
~1~6*78
112
No par
50
22i2
1534
62lj
6
39
100
...No par
Co
Dlv redeem pref
7%
3
Jan
Nov
1,100
1%
16i2
1634
*673s
69is
69i4
69*4
*10212 106
*102*2 106
165s
12,300
53
*80
3
20
136
22i2
1534
1834
3
*8
1934
20*8
20*4
8*2
*27
*80
*10212 105
*110*2 112
173,
3
1
*27
10334 104
*103*4 103*4
*1173, llSSg *11738 118*4
17U
1434
17*2
3*4
3*4
*80
*1021* 105
*110*2 113
1412
*17
*80
10*2
1434
35i2 Sept
Dec 26
15
May
Walk(H)Good & W Ltd N
1434
Apr
3
85?g Jan
135
Walworth Co....
Class
8*8 Sept
110
100
3,400
Ward
Apr
28*,May 29
71
May 23
25
100
5% preferred A
300
Der
314
25*4
Jan
48
Detlnnlng Co
*H% pref with
54U
6*8
41
30% June 14
preferred
8ystem
05i2Mar 14
25
No par
Preferred.
Walgreen
8*4
38*g Jan
Dec 10
share
7*« Mar
Dec
11
27i4June 14
l2May
May
68i2May
39UMay
60
May
per
Aug
46
15
Highest
I
4%
4
21 a4 June
shart
4%
5% pf 100
Co...
oer
Mar 13
1*4 May 15
May 22
109 May 23
5
May 18
2,200
300
15*2
19*2
3*8
16*2
10*2
29
6%
Vulcan
2,100
1,000
16
*18*4
3U
1J8
Virginian Ry
I
May
19
No par
preferred .100
Va El & Pow |6 pref
Va Iron Coal 4 Coke
100
%
?'8
Works
Chem
par tic
May 21
Aug 19
..5
Ry._.100
Waldorf
600
3*2
*50
53
6% dlv
6
48
100
Pao
non Ciira pref
Victor Chemical
25*2 July 17
14
May 21
3i2May 21
35*2 May 28
50*4 Jan 0
60
Aug 22
3,600
»x«
%
h
h
8
V78
778
7*2
22i«
22*8
2214 22i2
*101*2 10*
*104*2 109
5*9
5*2
538
53,
29
2834
2878
2834
*13
13*8
13*4
13*8
3
.....6
June 10
May 23
23<May 21
fWabash Railway Co..... 100
58
3*8
..'00
1,400
2,100
14
h
*4
3*2
3
1st preferred
VaCarollna
......
58
*15*4
16
......
358
10*2
297s
22*2
15*2
1912
*15*4
97
*135
35g
58
35g
2212
22*4
32*8
*90*4
1,400
1,400
11x«
2212
♦27
22
32
97
42
3%
58
*5g
15
*26*4
22
4
*358
%
68
15
4158
32i4
«■«»•* *
U
•xe
21*4
*11
No par
Vlck Chemical Co
400
20
No par
Vanadium Corp of Am.No par
Van Raalte Co Ino.........5
5"7,
2378
*11*2
*137
preferred..
8% preferred
100
Universal Pictures 1st pref. 100
Vadsco Sales
No par
Preferred
..100
85
2
2
*2
2%
25
24i8
*24i4
2414
*116*2 117*4 *11612 117
Christmas
*2
2334
conv
vicks Shreve &
Closed—
65
*58
36
7%
*114is 116
*114i8 116
42 34
4234
435s
*4258
Jan 15
May 18
5% May 22
50
*50
112
June 10
105
51
*545,
6
3
May 21
3U Aug 24
20
_
51
*155
0
preferred
100
u 8 Horfman Mach
Corp....ft
6>$ % conv preferred
60
U 8 Industrial Alcohol.No
par
U 8 Leather Co..
No par
52
*16
107i2June
No par
Gypsum Co
7%
*49
53
21
Ma
9*2 Dec 17
5
53
*50
60
pref. 100
*49
53
27gMay 21
25ijMay 22
80
fU 8 Realty
64
*72*2
73*2
100
No par
conv
share
0
United Mer A Manu Inc v t c 1
United Paperboard
...10
U S A Foreign 8ecur._ .No
par
$0 first preferred
per
7U Apr 1
No par
U S Dlstrib Corp
U S Freight Co
$
Sept 23
U S Playing Pa-vr Co
U. S. Plywood Corp
85
128
1285s 12834
50
*1*4
69
preferred
share
2
Partlc A conv cl A..No par
Prior preferred...
100
U S Pipe A
Foundry...
20
16,600
3,100
per
Lowest
334 May 28
United Electrio Coal Cos
5
United Eng <fe Fdy
ft
United Fruit Co
No par
United Gas Improv't
No par
$5
$
6
1,100
1*8
2258
Year 1939
Highest
10
6,500
31%
2234
22i8
1
217,
*72
United Drug Ino
United Dyovrood Corp..
Preferred
4,600
2834
*30*2
22*4
1,800
61
*56
28*8
600
7%
378
700
37fi
24
7*4
100
38
*33i2
61
1,900
578
578
23*2
4*4
7*4
300
8-34
*8*2
61
*178
35
61
160
63
35
7*4
Par
300
3*2
180
57S
Lowest
900
934
35
*56
2,500
28,700
9%
3*4
37$
7*4
67
114
114
11
*178
57fi
1,300
1,200
4-%
3934
66*2
9*2
958
88
8%
62l2
60
434
67
*10*2
9
300
3934
458
41
88
10*2
5.900
2*2
27
27
Range for Previous
EXCHANGE
41$
4%
2I2
4i2
25g
28
114
93s
314
3*2
On Basis of 100-S/wa LoU
the
Week
23*4
61
28*4
31
45g
39
64*4
*31
Friday
Dec. 27
4%
*2i2
*2614
45g
3934
66l2
9l2
234
28
182
534
38
$ per share
4*»
86
10*4
65
25
114
*3*4
182
63*2
182
182
Dec.
Thursday
Dec. 26
Wednesday
24
Range Since Jan. 1
NEW YORK STOCK
Saturday
STOCKS
8
I02i2 Oct 22
Oct
2
Aug
4*4 Nov
00*4 Nov
115
10*8 Apr
47*8 July
23*8
43
09
May
74
25
Jan
3
18*4 Sept
38*2
63*2
1.24*2
86*2
33*4
19U
Jan
4
11*8
Apr
21 h
Nov 15
65'4 Oct 31
129
Apr 9
93
Apr 26
23*8 Julv
31*2 Apr
85
Apr
76
Mar
127
120% Sept 4
14
Apr 10
98
3
30
Apr
99% Dec 16
74
May
92
28 %
4
17
Apr
34
17*4 Apr 8
4*i Apr 22
12
Apr
22*8
2
Aug
48U
Ex-rights
Jan
Jan
Apr
9*2 Aug
8ept
31*4 8ept
60*8 Jan
21*4
Jan
Oot
Oct
Sept
8ept
Nov
Deo
Mar
Oot
Nov
Jan
66*8 Sept
Sept
Sept
Jan
3% Sept
1 Called fo' redemption.
Dec- 28' 1940
3856
Exchange
Bond Record—New York Stock
FRIDAY, WEEKLY AND YEARLY
NOTICE—Price® are "and Interest"—except for income and defaulted bonds.
Cash and deforced delivery sales are dlsre^dedln the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
in the week in which they occur.
No account Is taken of such sales in computing the range for the year.
The italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
Friday
Friday
N. Y. STOCK EXCHANGE
Week Ended Dec. 27
United States
Treasury 3%s
Treasury 3%fl
J
1961-1964
2%8.---------1950-1959
2%s—....—1968-1963
Treasury 2Mb
1960-1966
Treasury 2%i
—
1946
Treasury 2 He
1948
Treasury 2 %b..........1949—1963
Treasury 234b
1960-1962
Treasury 2%S--...1961-1963
Treasury 234b
......1964-1956
Treasury 2s
1947
Treasury 2s.....—.-.-1948-1960
Treasury 2s
.....1963-1955
Federal Farm Mortgage Corp—
8Mb
Mar 18 1944-1964
8s
May 16 1944-1949
J
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Jan
2Mb
101.25 104.24
♦6%s assented
1
107 16109.30
♦Guar sink fund 6s
102.22 105.17
108.13
108.15
7
107.12110.1
109.15
109.16
3
107.30110.21
113.3
"'3
9
113
113.3
114.22
114.27
112.13
1 '2.13
113.9
113.14
111.25 111.4
111.25
"73.14
8
M 8
'"4
J
112.28
107.20113.23
104.20111.30
110.6
9
106.20110.10
51
105.24111.14
110.12
4
104.16110.22
110.20
ro.30
7
103 24 111.3
♦Sinking fund 7s of 1920
110.25
15
103.13111.4
♦Sinking fund 7s of 1927
111.2
D
18
111.14
110.25
110.25
"""I
108.22 108.14
108.22
23
105 13110.31
103.2
1
103 4
108 28
7
1017
106.18
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904
10
102 2
106.21
External 5s of 1914 ser A
1949
ioV'io
108.19
107.8
106.24
104.16
*108.14
108.11
*103.5
External loan 4%s ser C
101 13106.28
4 %s external debt
10
101.25104.26
108.18
108.11
M 8
MN
102 28107.15
1
106.24
104.3
1944
2
107.10
D
D
103.9
105 22108.24
3
105.20108.21
103 6
Sinking fund 5%s
♦Public wks 5%b
J J
J D
103.8
"16
103.7
105.2
Denmark 20-year extl 6e
4
105.4
108.12
/
103.8
103.8
25
103.1
104.25
1
103.18
100.5
103.25
New York City
.
_
J D
8% Corporate stock...... ..1980
103%
102 >4
103%
248
88% 104%
A
Govt.
15%
49
76
1
65%
85
21
♦AntioQUla (Dept)
22
F A
22
20
28%
23
20
29
♦Frankfort (City of) s f 0%s.._1953
*20
29%
40
00
8
8
6
8
7%
15%
10
7%
16
10
7%
7%
15%
7%
7%
14%
7%
14%
1946
8
8
8%
8%
♦External s f 7b series D.___ 1945
8
8
8
5
7%
7%
3
J J
J J
J J
s f 7s 1st series—1967 A
O
Bee s f 7s 2d series. 1967 A
O
sec s f 7s 3d series. 1967 A
O
♦External s f 7s series B....1945
♦External s f 7s series C
♦External
♦External
♦External
1968 J D
Argentine (National Government)—
8 f external 4 Ha
1948 M N
7%
7%
7%
*7%
4
8
*14
Antwerp (City) external 6s
12
98
76
10
70
11
8%
10
8%
14%
77
8 f extl conv loan 4s Feb
S f extl conv loan 4s Apr
J J
External 6s of 1927
1967 M S
External g 434s of 1928
1966 Af N
♦Austrian (Govt) s f 7s.......1957 J
J
1956
Australia 30-year 6s
79%
68%
44
70%
90%
67%
15
61%
95
63%
64
52
63%
64
13
54%
65%
87%
87%
52%
7934
54%
51
39
91
38
90%
34
84
78%
"633*
"53
5234
51%
53%
40
47
46%
48
68
8%
3
8%
External 7s stamped
70 unstamped
6%
1949
Belgium 26-yr extl 0%s
27
J
44%
32
42
30% 100%
45%
J
1955 J d
External 30-year s f 7s
♦Berlin (Germany) s f
42%
42
M S
1965
External s f 6s
♦5%s of 1930 stamped
9
38
21
20
73
49
27
18%
17%
63%
56%
75%
♦Brazil (U 8 of) external 8s
1905
♦7s
unstamped
55
Loan) 0%s
♦Greek Government
s
f
1968
♦6s part paid
46
35
12
102%
108
(Republic) s f 6s
♦Hamburg (State 6s)
50
75
6
49
52%
3
J
D
♦Hungarian Land M Inst
15%
49
8%
15%
35
8%
18%
18%
149
♦Sinking fund 7 %s ser B
Hungary 7%s sxt at 4%a to
8%
D
14%
15%
15%
17
54
7%
55%
15
M 8
20%
27
F
♦7s secured
O
A
I960
s
J
f g
1940
7%sll961
1961
F
MJV
78
87%
J
♦Italy (Kingdom of) extl 7s.—1951 J D
M S
♦Italian Cred Consortium
7s serB'47
*5%
10%
♦Italian Publlo
M 8
M 8
F
A
A
J
4%
05
16
50
49%
48%
48%
50%
34%
34%
48%
O
M N
7%
*55
48
48
48%
"56"
J
7
A
O
7
05
38%
39%
05%
63%
Irish Free State extl
41
00
♦Lower Austria
40
2
31
67%
45%
♦Medellln
2
7
14
7%
15
*7%
8%
90%
91%
26
69
101%
99%
99%
99%
67
83
107
91
91
6
72
81
81%
93
93
f Be
i960
Utility extl 7s..1952
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) s f 7s__
1947
3
7
s
J
80
21%
A
J
J
J
J
J
"78%
1968 MN
__1964 J J
1950 M 8
78%
"81%
J
1942
F
----
129
16
8%
5%
20%
12%
59
7%
12
10%
6%
25%
18%
"16"
27%
10
27
9%
24
25
10
27%
25
D
1954
J
1954
fColombia) 6%s
♦4%s stamped assented
D
1943
9
27
18
22
9%
10
24
_
.
{♦Treas 6s of T3 assent
10
♦Sec extlsf 0%s
♦Sec extlsf 6%s
1958
1959
1952
♦6s series A
1959
New 80 Wales
(State) extl
External sf 5s
17
10
10%
9
10
14%
11%
13
11%
17
9%
"16"
Jan 1961
Extl sinking fund 6s..8ept 1961 M 8
♦6s assented
Sept 1961 M 8
External sinking fund 6s...1962 A O
10
10%
11%
10%
11%
37
10
14%
16
10%
17
4s s f extl loan
8
10
14%
Municipal Bank extl
1
11%
17
10
10%
10
14%
12%
•
"u"
~Io"~
HH
"16"
45
11%
10%
10%
11%
10%
10
16%
14%
12%
17
10
""21
10
....
O
♦External sinking fund 6s...1963 MN
♦6s assented.........
1963 MN
,
1
20%
21%
18%
64%
21%
14%
10%
14%
1
11%
13
10%
Norway 26-year extl 6s
20-year external 6s
27
22%
75
5
12
5
2
5
6
5
10
4%
64%
45%
62%
51%
9
9
7%
62
3%
8
D
9
64%
2
45
92
45%
100
34%
72
78%
29
28%
25
"2
23
63
45
58
54%
68
44%
9%
16
7
54%
91%
70
17%
7%
62
3%
29
3%
*%
3%
3%
3%
3%
28
12%
8
7
14%
62
2
63
82%
3%
37
3%
"30
%
4%
4%
L
1
3%
3%
48
%
%
48
%
3%
18
29
38
8%
8%
8%
2
8%
8%
54%
6
54%
*50
15%
8
8%
54%
MJV
27
%
23
4%
4%
4%
4%
4%
53%
12%
70
44
12%
71%
40
3
71%
57%
"l"6
33%
90%
2
Apr 1958 F A
52%
35
89
50%
50%
1
29
97%
A
*49%
29%
23%
20%
97%
1943
1944
f
J
9
4%
12
3%
M
10%
9%
32%
28
D
M S
4%
5
16
64%
43%
28%
61%
51%
5
4
23%
*23
3%
O
27
58
23%
3%
}""j
90
7
10
52
"i960
1905
.........
s
58
55
5s.11957
External sink fund
4%b
External sf 4%s
10
Jan 1961
~1933
♦Montevideo (City) 7s
11%
10
9%
7%
5
J
J
A
♦Milan (City.
Italy) extl 6%s..l952
Minaa Geraes (State)—
2
10%
7%
5
MJV
(US) extl Be of 1899 £ 1945 Q
Q
♦Assenting 5s of 1899
1945
J
♦Assenting is of 1904
1954
♦Assenting 4s of 1910
" 1945
11%
11
♦Extl sinking fund 6s..Feb 1961
♦6s assented....
Feb 1961
17
11
D
J
(Prov) 4s read]
11%
10%
109
5%
9%
Mexican Irrigation—
11%
O
1960
..1962 A
6
7
27
40% 105
92%
45% 118
64
A
J
7%s" 1950
(Province)
11%
..1942 MN
1960
88%
11%
61
14%
21%
25
*14
*
A
69%
'
--
25
*
M JV
58%
89
7
79
21%
"O
21
79%
78%
*10%
90%
93%
90%
1
78%
*
78
12
9%
73%
4%
J
F A
Govt 30-yr s f 0%s...1954
MN
Extl sinking fund
5%s
1905
A O
1
%
91
♦6s Apr. 1937 ooupon on..1960
9%
*49%
1979
79
J
*For footnotes see page 3861
53%
40
27
A
42
♦6s Jan. 1937 ooupon on.. 1960
♦Farm Loan s f 6s...Oct 16 1960 A
tm
40
90
21%
64
MN
33
♦Farm Loan s f 6s...July 16 1960 J
_
*8
J
33
F
♦6s assented.....
*9
MN
4
D
10
7
25
J
8
1962 MN
Aug 16 1946
1961
1944
1967
♦6s assented
7
O
J
♦Mexico
♦Ry extl s f 6s.
11
9%
29
Mendoza
...
12
A
58
♦Stabilization loan 7 34s-.... 1968 MN
♦6s assented
8%
5%
9%
55
1967 J
♦External sinking fund 6«
8%
MJV
58
"53"
10
*60"~
D
63
A
Bulgaria (Kingdom of)—
Chile (Rep)—Extl s f 7s
♦7s assented
21%
*70
7
O
J D
F
.....
30-year 3s
27
18%
O
O
...
♦Cartebad (City) 8s
♦Cent Agrlo Bank (Ger) 7s
75
11%
30
*49%
♦Heidelberg (German) extl 7%sl950
A O
Helslngfors (Cltyj extl 8%s
1960
Hungarian Cons Municipal Loan—
J
♦7 %s secured s f
g
1945
23%
1952
Brisbane (City) s f 6s
1957
Sinking fund gold 6s....
1968
20-year s f 6s
1950
♦Budapest (City of) 6s.......1962
Buenos Aires (Prov of);
♦6s stamped
1961
External s f 434-43*0
1977
Refunding s f 431-4Ha
1976
External read] 4%-4%s
1976
External a f 434-43*0
1975
8% external a f % bonds..... 1984
10-year 2%s
26-year 8 lis
7-year 2 lis
30-year 3s
60
7%
7%
5%
A
10%
1967
Canada (Dom of) 80-yr 4s
6s
68
100
1940
101
♦7s (Central Ry)
♦Secured s f 7s_
49
75%
75%
27
Yd
A...1952
ser
23
17%
14%
14%
75
11
53%
52%
*51%
D
1968
23%
18%
♦External B f 6%S Of 1926... 1967
♦External s f 6 Hb of 1927
1958
1964
O
17%
60
53
53
92
J
7s_.19«4
ser
♦7s part paid
♦Rink fund secured 6s
D
D
49
53
1949
German Prov & Communal Bks
♦(Cons Agrlc
J
J
A
A
J
1941
9
56%
*52
"53%
8
♦5%s unstamped
...1965
♦5%s stamp(Canadian Holder)'05
♦German Rep extl 7s stamped.. 1949 A
1960 A
634s
♦External sinking fund 6s...1968
14%
13%
12
12%
26
F A
81%
30%
..1949
German Govt International—
Haiti
♦Bavaria (Free State) 6%s. ..1945
1949
62
104
26
*52%
MN
J
101%
51%
30
J
1941
93
"34
27%
"27"
£"
M
95
53%
15%
„
1971 MJV
1972 F A
1972 A O
Sf external 4 Hb
1945
7%s unstamped
97% 102%
103%
8
f 8
A
French Republio 7 %s stamped. 1941
8
13
100
101
A
1907
*22
A O
M 8
coll 7s A—1945 J
J
1
"I
100
31%
i
J g
J
1948
16%
100%
100%
*92%
*9%
1948
1968
1947
♦Gtd sink fund 6s
♦Gtd sink fund 6s
Akershus (King of Norway) 4s.
10
10
M
26%
52%
20%
13
76
{♦1st ser 5%sof 1920
1940
{♦2d series sink fund 5%s... 1940
Estonia (Republic of) 7s
Finland (Republic) ext 6s
20
7
53
Municipal
Agricultural Mtge Bank (Colombia)
34
20%
27%
100%
A
Customs Admin 5%s 2d ser..
O
5%s 1st series
1909
A O
5 %s 2d series...
..1969
MJV
♦El Salvador 8s ctfs of
dep
34%
15%
101
F
1942
15%
20
21
♦Dresden (City) external 7s.._1945
Foreign
14
*101%
M S
196l|$f
Transit Unification Issue—
15
29
19%
16%
MJV
External gold 5%s
1955
External g 4%s
Apr 15 1962
Dominican Rep Cust Ad 5%s_. 1942
103.18 103.18
29
22%
21%
105.15
108.5
6%
27
12%
76
19%
♦Czechoslovakia (Rep of) 8s... 1951
♦Sinking fund 8s ser B
1952
103.7
17%
13
3
23
22
13%
8
21
Jan 15 1953
108.3
108.4
"12
10
9
11
23
*22
June 30 1945
103.7
MN
"22"
D
J
28%
28%
14
10%
'"l2
25
*22
1949
1977
J
J
J
1 1944-1982
28%
MJV
..1951
106.18
J J
1 1942-1947 M B
May
28%
J
10
9
10%
9%
11%
108 28
106.16
108.19
106.18 106.12
D
234b series G
......1942-1944
1%b series M...
..1946-1947
O
O
—1952
MN
1953
106.4
S
D
D
*
13%
10%
*7%
M S
J
9
8%
D
A
2
8%
M 8
Cordoba (Prov) Argentina 7S..1942
"~2
12
9
1946
F A
1947
25-year gold 4%s
Home Owners'Loan Corp—
3s series A
1947
Copenhagen (City) Be
106.18 109 22
8
J
J
103.15111 27
*109.17 109.22
D
M
♦Colombia Mtge Bank 0%s
10%
9%
*8%
16%
13%
10
9
9%
.....
High
10%
74
10%
*
8
M
Jan 1901
♦6s of 1927
14
17%
9
MN
♦Coiogne (City) Germany 6%s. 1950
Colombia (Republi 3 of)—
♦0s of 1928
Oct 1961
No.\ Low
9%
MN
J
Since
10%
"9%
A
♦Chinese (Hukuang Ry) 6S-—1951
8
20
108 6
"9%
J
A
1960
♦7s assented
10%
9%
*10%
J
♦Chilean Cons Munlo 7s——1960
111.10
111". 14
D
J
J
1962
.—1902
♦6s assented
9
9
J
1901
♦6s assented
♦Guar sink fund 6s
110.19
iioio
S
M
1926
111.5
D
J
109 14115.1
♦Sink fund 6 %s of
110.12
iiuo
8
M
108 23113.19
♦8%s assented
110.1/
8
D
18 1942-1947
Mar
111.16116.4
6%s
10%
J
—1901
7
D
Treasury
8s
101.27
102.22
111.18115 6
♦Chile Mtge Bank
High
Low
Foreign Govt. & Munlc. (Cont.)
108.2
33
116.2
D
M
122.4
101.25
"108.15
D
M
High
117 2
Price
102.22
O
Treasury
Low
Jan. 1
EXCHANGE
108.2
113.31
*115.27
O
Treasury 2 He
NO.
Range
Friday's
Bid
&
Asked
Week Ended Dec. 27
1957
—1957
1961
—1901
A
M
N. Y. STOCK
Jan. 1
18
122.4
113.30
108.2
D
1943-1947
3 %s
..1941
3348-.
1943-1946
3 34a
1944-1946
334B
—...1946-1949
3%s
1949-1962
8s
1946-1948
8s............1961-1966
2%s
.....1956-1960
2%S
...1946-1947
2%s
1948-1981
Treasury 3 He—
Treasury
High
LOVO
122.1
..1947-1952 A 0 122,4
A O
1944-1964 J D
1946-1956 M 8
1941-1943 M 8
Treasury 4s...
Since
Bid
Week's
Range or
Sale
BONDS
Range
Friday's
&
Asked
Sale
Price
Government
Treasury 4%8.--
Treasury
Range or
Last
Week's
Last
*1
BONDS
1963
5s.."l970
♦Nuremburg (City) extl 6s
1952
F
A
A
"55"
O
F
51
30
M S
32%
"12
28%
30%
18
90
A
O
F
A
30
30%
7
20
80
J
D
27%
27%
1
80
F
A
21%
9%
30
26
80%
20%
Volume
151
New York Bond
Friday
BONDS
N.
Y.
STOCK
EXCHANGE
Foreign Govt, ft Mun.
Oriental Devel guar 6a
Extl deb 5 Ha
Oslo (City)
Price
1953
♦Extl
a
1963
♦Ctls ol deposit (series A)
M~S
1959
M
1960
J
1961
6s 2d aer
A
1940
71
21
50
74 h
13
53
654
3
60 H
10 54
8
7H
D
7 H
3
3H
3H
15
3
8H
854
1
6
3
1951
13
J
8H
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J/N
*8H
21H
2154
O
21
21
0
87 H
87 H
89
F
A
58 X
58 H
60
4
...1946
7H
1953
F
A
7
1946
A
0
10
1968
J
1966
M N
D
Jf N
1957
MN
/
/
J
J
J
f 7a
5h
5
12
2
7
12
3154
42
27
61
6
22
63 h
80
10
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25H
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1
5
8
5
12
10H
A
J
...1946
F
A
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♦External • f 6a
16
8
26
83
9
21
40 h
4154
17 54
17
6h
27
87
4654
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63
~~6
20
41
11
39
62 h
52 h
42
65
63
63
*51
~52~~
*49 54
3H»-4-4Ha (I bonds of *37)
external readjustment
.....1979
J/N
external conversion..........1979
J/N
39 H
39 54
40
66
32h
6554
3754
33
53
*3554
39
31 54
34
51 54
8H-4-4HS (3 bonds of *37)
.......1978 J D
1978 F A
8H-3H-41 us extl conr
4-4H-4HS extl read)
3 Ha extl readjustment
1984
♦Venetian Prov Mtge Bank 7a
/
4054
41
J
36
36
36
66
0
*25
30 54
14
24
61
1952
A
♦Vienna (City of) 6s
1952
♦Warsaw (City) external 7a...—...1958
F
A
F
A
♦4 Ha assented
..........1958
M N
Yokohama (City) extl 6a..........1961 J
D
*1254
*3
3
47 X
8
354
3
50
4754
56 h
13h
5h
3
3
41h
5h
754
69
A
Elig. A
BONDS
N. y. STOCK
EXCHANGE
Last
Rating
Price
Week's
I Range
Sale
See k
Week Ended Deo. 27
RAILROAD
Friday
Range
or
Friday's
Bid
Since
Ask
A
Jan. 1
COMPANIES
2
1
*101
D
bb
1
*10054
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♦Adriatic Elec Co extl 7a....1952
A
bb
1
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D
aa
4
D
aa
4
1947 J
Coll trust 4a of 1907
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cons
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O
1943
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354a debentures
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b
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cc
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8
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3154
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91
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102
111
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♦Anglo-Chilean Nitrate—
8 f Income deb
.....1967 Jan
JAnn Arbor 1st g 4a
1995 q J
Ark A Mem Br A Term 5a.. 1964 M S
Armour A Co (Del) 4a B—1955 F A
1967 J
1st m a f 4a aer C (Del)
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1995 A
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.......1995 MN
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1955 J D
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J
J
Cal-Arla 1st A ref 4Ha A—1962 M S
1946 J D
aa
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a
100
10
18
2
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Hon
*112
1st 30-year 6s aeries B—..1944 J
/
bbb3
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50
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95
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77 H
88 H
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92
100
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96
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100
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2
99
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/
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Atl A Charl A L let 4 Ha A..1944 J
For footnotes see page
76
88 H
99
aa
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109 54
89 H
2
aa
14
10854
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D
10
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88 H
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....1948 J
23
99 54
10554
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50
*98 H
2
bbb3
Cony 4a of 1905
33
aa
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37 h
557
7h
14H
3
56 H
56 H
58
27
40
45
44 %
46
125
32
51
51
51H
30
93 H
48 H
"23
A
to Jan 1 1947) due—.1950
Toledo Cln Dlv ref 4a A..1959
z
Bangor A Aroostook 1st 6s._ 1943
x
Con ref 4s
b
4
ybb
2
bbb3
ybb
2
bb
2
47 H
ybb
1951
4s stamped
1951
Battle Cr A Stur 1st gu 3s__1989
Beech Creek ext 1st
g 3Hs—1951
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2
y
x
bbb4
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18
61h
49 H
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60
89
101
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37
72
84
47
67 H
113H
136
...I960
x
aaa3
Belvldere Del cons 3 Ha
1943
♦Berlin City El Co deb
6HS-1951
♦Deb sinking fund 6 Ha—.1959
x
aaa3
b
112
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z
45
72 H
117H
127H 136 H
113H
136
1st A ref 5s series C
♦Debenture 6s
z
1
b
1
z
♦Berlin Elec El A Undergr 6 Ha '56
Beth Steel 3Ha conv debs.. 1952
b
z
1955
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1
cccl
xbbb3
1959
x
x
x
a
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22
22
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25
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107
a
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,
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a
1960
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105
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9
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107
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27 H
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100
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105
99
105
106
102
107
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101
105H
104H
105 H
1944
J
D
F A
1st mtge 3 Ha
1950
Boston A Maine 1st 6s A O—1967 M 8
J/N
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1955
A O
1st g 4 Ha aeries JJ
..1961
J
J
1st mtge 4s series RR
1960
♦ino mtge 4Ha aer A. July 1970 J/N
t*Boston A N Y Air L lat 4s. 1956 F A
J/N
Bklyn Edison cons M
8Ha..1966
F A
Bklyn Union EI st g 5s
1950
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x
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18
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modified
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Consolidated 5s
Canada Sou
1944
1
1954
3
....
94
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114
4
94 H
13
106
111
106
6
111
111
1
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ccc2
101
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4
45
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101H
99H
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54
84 h
48
79
64
105
107 h
71h 103
87
113h
31
69 h
67 h
89 h
52
4
D
75 h
1
63H
47
68 h
74 h 107
72 h 105 h
72 h 103h
46
69
7
107 h
93
65
15
104 H
50 H
68
ccc3
a
b
Corp 5s w w_. 1950
Cart A Adlr 1st gu gold 4s...1981 F A
F A
Celanese Corp of America 3s 1955
H
46 h
72 h 103h
75 h 106h
6
62
a
J
J
Collateral trust 4 Ha
1960
J
^Carolina Cent lat guar 4«.1949 J
Carolina Clinch A Ohio 4s_.1965' M S
MN
Carriers A Gen
91H
91H
3
bbb2
J
J
46 h
100
6
aa
J
32 h
31
107 H
91H
94H
J
6
68H
H
bbb3
J
......1946
5s equip trust ctfs
Coll trust gold 5s..Dee
110H
6H
J/N
.1956
Sept 1951
1
4
Guaranteed gold 5a...Oct 1969
Guaranteed gold 5a
1970
Guar gold 4Ha..June 15 1955
Guar gold 4 Ha
23H
112
9 H
4
1962
Guaranteed gold 4 Ha
74 H
17
18H
aa
1960
1966
5s A
cons gu
79 H
76
aa
...1955
Bldgs 5a gu
Calif-Oregon Power 4s..
17H
9H
109 H
40 H
66H
x
1952
Bush Term
41H
1
38
71H
68
x
A
|*lst A coll 5s
1934
♦Certificates of deposit
Bush Terminal 1st 4s
57
H
76
66 Vs
111H
113H
3
J/N
at 3% to 1946) due
1957
tBurlington Cedar Rapid A Nor
41H
79 H
79
33
*103
1st Hen A ref 8s series A..1947
x bbb3
J D ybb 3
Debenture gold 5s
1950
J/N x bbb3
1st lien A ref 5s series B
1957
F A
Buffalo Gen Elec 4 Ha B
1981
Buff Nlag Elec 8 Ha series C.1967 / D
Buffalo Rochester A Pgh Ry—
74
71H
cccl
2
73
40
A
z
ccc3
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cc
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O
z
c
1H
A
O
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c
1H
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D
/
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|*Consol gold 5s
1945
Ha aeries B—1959
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur mon g 4s.. 1951
♦Mobile Dlv 1st g 5s
1946
Cent Hud G A E 1st A ref 8 Ha '65
♦Ref A gen 5
Cent Illinois
Light 3Hs
1966
A
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cc
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x
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1962
A
x
a
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F
ybb
2
65H
A
y
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F
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1960
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5sJ1942
65
bb
A yb
J/N y b
40 H
Ha A
106
63H
64H
40 H
*50
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3
Certaln-teed Prod 5
1948
1
25
29
4
30 h
31
H
29
H
4h
7h
3h
!M
4
H
106 H
86 H
86 H
106 H
106 X
4h
106
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54H
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12H
2
5H
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4H
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z
J
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—
cc
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J
^♦Central of N J gen g 5s—.1987
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z
J
M S
4H
1H
1H
♦4H
4H
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19h
109 h
109h 111H
13
37
58
108
12
20h
10 H
18
54 H
11H
53
106 H
65 H
25
13
65
41H
55
106 H
87 H
105h 110
86
9
57 h
59
66
225
31h
54
....
12
73 h
50
82 h
106 H 112,u
89h
65
Champion Paper A Fibre—
bbb4
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15 h
12H
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10954
37h
96
3
63 54
68 54
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15h
cc
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10354
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81
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2654
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18
Pgh L E A W Va System—
Ref g 4s extended to.. 1951 M N ybb
S'west Dlv 1st M(lnt at 3 H %
♦Conv due
68
10354
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75h
15 h
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103
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65
36
97 H
b
1961 A
1966 J
deb. 1950 J
74 h
34 H
87
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138
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66 h
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69
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1
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Celotex Corp deb 4 Ha w w.. 1947 J
♦Cent Branch U P lat g 4s.. 1948 J
J/N
J
1
154
aer
to 8ept 1
61
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2
M
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69
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91
246
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62 54
70
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46
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108 H
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45
55
81
30
109
105
30
10954
*46
A
A
2
2
O
—1949
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—I960
Allegh A West 1st gu 4a
1998
Altegb Val gen guar g 4s....1942
Allied Stores Corp deb 4 Ha.-1950
4 Ha debentures
1961
A Ills-Chalmers Mfg cony 4a. 1952
♦Alplne-Montan Steel 7a
1955
Am A Foreign Pow deb 6a...2030
Amer IG Chem oonv 6 Ha—.1949
Am Internal Corp cony 5 Ha. 1949
Amer Telep A Teleg—
20-year sinking fund 5Ha. 1943
b
b
60
9754 104 H
98 H 104 54
100
30
*10754
*11054
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1946
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27 H
103
*10754
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O
1948
46 54
4554
O
Albany Perfor Wrap Pap 6S..1948
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c46
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76h
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36
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cc
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5
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J
Canadian Northern deb 6 Ha. 1946 J
J
Can Pac Ry 4% deb stk perpet— J
M 8
Coll trust
and INDUSTRIAL
J|*Abitlbl Pow A Pap 1st 68.1953 / D
Adams Express coll tr g 4s...1948 Af 8
...
75 H
35H
1946) due—2000
Canadian Nat gold 4 Ha
1957
Guaranteed gold 5s. .July 1969
Bank
30
105H
1554
48
21
44
*49 54
34 h
105H
96 H
ccc4
to Sept 1
14h
554
J/N
..I960
23 h
*28 H
75 H
3
271
15h
...1964 J/N
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41
41
6h
7
21
44
28
39H
to Dec 1 1946) due—.1995 J
Ref A gen ser D (Int at 1%
7
754
*40
8
78h
72 h
6
41
Ref A gen
Big Sandy 1st mtge 4a
"7454"
65
33 H
53
Blaw .Knox
«
64
33
288
2754
25 h
3
A
67H
36
43 h
3h
0
F (Int at 1%
M S
1946) due.. 1996
62
61h
70
2654
4
A
z
77
41
81
35
A (Int at 1%
J
1946) due—1995
aer C(lnt at 11-5%
99
*354
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64 h
164
ser
43 54
D
J
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119
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42
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1952
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61
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to
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...1971
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76
70
Ref A gen
1554
/
.......1961
3
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J J
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4
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bb
z
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70
10
1958
5Hs_.
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z
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69
22
1958
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O
1
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70
17
13h
754
F
3
July 1948
6
654
*354
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3
bb
1953
Austin A N W 1st
gu g 5a...1941
Baltimore A Ohio RR—
1654
1554
42 H
1955
bb
y
Since
Jan.
74 H
3
y
Range
Ask
61
3
a
34
J/N
f 5 Ha
b
b
x
8 54
0
1947
a
y
y
Atlantic Refining deb 3s
21
D
Sydney (City)
3
1754,
D
♦Slleslan Landowners Aasn 6s_.
Jw {
{„ I
b
2554
J/N
♦4 Ha assented
Second mortgage 4s
1948
Atl Gulf A W I 8S ooll tr 68—1959
xbbb3
y
17
.......1962
♦Silesia (Prov of) extl 7a
70 H
33 H
25
........1962
extl
9h
22
60 54
Serbs Croats A Slovenes (Kingdom)
sec
12 h
10
"i 5H
J
5h
5h
25 H
8
J
6
8
60
60 H
J
1945
1154
45
5%
J
1946
g6Hs
6
M
...1940 A
♦Saxon State Mtge Inst 7a....
13
11H
854
J
1936
1956
7
*5H
.......1950
......1968
10 H
29
854
31H
1952
,
4h
8H
854
29 H
M S
§♦88 extl loan of 1921
5h
43
8H
8H
......1964
♦6 Ha extl secured a f
San Paulo (State of)—
13
22
8
O
Santa Fe extl
Sao Paulo (City of, Brasll)—
♦8a extl secured a f
27
7H
D
A
98
1054
A
F
103
41h
8
10
J
♦7s municipal loan
1967
♦Rome (City) extl 6 Ha
1952
♦Roumanla (Kingdom of) 7a
1959
♦February 1937 coupoo paid.....
♦Saarbruecken (City) 6a
1953
27
754
754
8
2
2754
59
8
0
♦8s extl s f g
♦7a extl loan of 1926.....
13
15
M
A
1950
11s1
11h
19
1947
J*
12
1
A
9h
854
"2
A
1941
16h
654
10 H
S
A
Stamped modified bonds—
11
3
/
bb
854
10h
1
M
y
1st mtge gold 4s
6
1966
MN
J J
10h
10
...1952
LAN coll gold 4s.__Oct 1952
Atl A Dan 1st g 4s
1948
1054
3H
J
78 X
454
854
3 H
1961
2
454
5H
13
3H
2
9
3 X
J
bb
bb
84
3 X
13
y
y
or
Friday's
Bid
Low
£
28
7 H
*5H
*4 X
Price
Range
Sale
See k
M 8
754
7H
7
Last
Rating
10-year coll tr 5s..May 1 1945
7%
?*
7H
«
^0,
Railroad ft Indus Cos. (Cont.)
Atl Coast L 1st cons
4s.July 1952
General unified 4 Ha A
1964
454
5h
J
♦Extl sec 6 Ha
♦7a series B
82
60 H
A
Rio Grande do Sul (8tate of)—
♦8a extl loan of 1921
♦8s secured extl
105 h
6254
A
♦Rio de Janeiro (City of) 8a
♦8s external...
58
75
6H
1952
r 4s
65
62 H
60 H
6 H
1968
f 6s
♦Sinking fun
104H
*
A
1963
♦7s extl water loan
♦6s extl dollar loan
39h
3754
19h
9654
59 54
1947
Queensland (State) extl a f 7a
25-year external 6s
♦Rhlne-Maln-Danube 7a A
a
10
.-.—1950
♦Porto Alegre (City of) 8a..
♦Extl loan 7 His
♦Prague (Greater City) 7 Ha
♦Prussia (Free State) extl 6 Ha
♦Secured
42
High
354
9h
♦4^8 assented
s
15
26 H
*103
A
1958
♦4J4s assented
♦Stabilisation loans 17a
♦4 Hs assented
♦External sink fund g 8s
s
J/N
1947
I^Poland (Rep of) gold 6a
♦External
D
No. Low
c
Week's
Friday
Elig. A
N. Y. STOCK EXCHANGE
Week Ended Deo. 27
Jan. 1
B503
45
41H
1963
f 6a 1st ser
a f
J
High
*23 H
M N
3857
BONDS
Since
Ask
A
44
O
1963
♦Pernambuco (State of) 7a
•Peru (Rep of) external 7a
a
41H
A
1953
♦Stamped assented
♦Nat Losd extl
M N
1955
f 5a ser A
♦Nat Loan extl
44 H
1958
4 Ha
s f
•Panama (Rep) extl 5 Hi
M S
Ranoe
Friday's
Bid
Low
(ConeJ) *
2
Bank
Ranoe or
Sale
Week Ended Dec. 27
Record-Continued—Page
Week's
Last
111H
10454 11154
114
"9854
"99 54"
114
92
93
issue)..1950
S f deb 4Hs (1938 Issue)..1950
Chesapeake A Ohio Ry—
General gold 4 Ha
-.1992
Ref A Imp mtge 3 Ha D..1996
Ref A impt M 3 Ha aer E—1998
Ref A lmpt M 3 Ha ser F—1963
Potts Creek Br 1st 4s
1946
R A A Dlv 1st con g 4s... 1989
2d consol gold 4s
1989
56—1941
38—1949
Chic Burl A Q—111 Dlv 3 Ha. 1949
Illinois Division 4s
1949
General 4s......
.—.1958
1st A ref 4 Ha series B....1977
Warm Spring V 1st g
♦Chic A Alton RR ref g
M 8 xbbb3
M 8 x bbb3
M S
*103H
131
aaa4
MN
aaa2
103H
F
aaa2
104 H
aaa2
108H
A
J
103fg
104H
108 %
106 H
105
131H
104 H
104 H
108 H
101h 106h
102
104h
8
118
35
94
41
94
131h
105h
105h
20
103
109h
/
aaa2
J
aaa3
*120
113h 120h
J
aaa3
*111H
106
M 8
109
110
116
aaa2
A
0
ccc3
8H
7H
8H
163
7h
J
J
aa
2
aa
2
93 H
97
90h
J
91H
96 H
28
J
33
3
83
60
93 h 102 h
82 h
93
71H
74
46
71
84 h
78
80 M
44
75
90
M 8
a
F
A
bbb4
91H
96H
82 K
71H
F
A
bbb4
78
82 H
16h
98
99
10054
8 f deb 4Ha (1935
Attention is directed to the
new column
1st
Aj*f 5s series A
1971
101H
incorporated in this tabulation pertaining to bank eligibility
and rating of bonds.
See i.
i
It
BONDS
Y
Ratino
See a
Price
Railroad S Indue. Cos.
Chicago A Erie 1st
A
1934
117
cccl
14%
14H
14%
31
10%
14
14
14%
20
124%
19%
10
19%
3?N
bbb2
8
ccc3
"29"
28%
"29"
"96
19%
30%
J
ccc3
21 H
20%
21 H
13
12%
21%
M
♦109H
109
88
/
ccc3
19
20
6
J
ccc3
18H
19
5
12%
12%
cc
2
5
3%
J
cc
2
6H
5%
J
bb
2
M N
series A
I960
J
♦1st A gen 6s ser B—May 1966
J
Chic Ind A 8ou 50-year 4e..l956
6%
ex
4:6
7
3%
7
*67
Y
EXCHANGE
STOCK
20
19%
10%
10%
53
70
15%
32%
Railroad & Indus. Cos.
30
71
28%
28
28 X
10
16%
30%
ccc3
29%
29 X
30
66
18
ccc3
z
z
1989
C.May 1 1989
•Gen 4%s series E.May 1 1989
♦Gen 4%s series F.May 1 1989
{Chic Mllw 8t Paul A Pac RR—
♦Mtee g 5« series A
1975
♦Cony adj 5s—
Jbd 1 2000
♦Gen 4%s series
29
ccc3
z
♦Geng3%s ser B.May 1
29
30
29%
30
34
17
32%
31%
32%
ccc3
z
29%
z
ccc3
F
A
z
cc
4H
A
O
z
c
1
M N
z
22
15%
4%
448
3%
1
665
X
30
.Friday
Rating
See i
1969
1969
1st A ref 4%s
F
X
7%
2%
14%
14%
M N
z
ccc2
M N
z
ccc2
15H
15%
M N
z
ccc2
15 H
M N
z
ccc2
16H
M N
z
ccc2
M N
z
ccc2
—
J
D
z
cc
J
D
z
cc
z
cc
M N
z
c
2
,
bb
z
A
/
12%
21%
113
0
10
71
11%
11%
IX
1X
45
13H
14X
1
I
1
1
30%
105
9%
7X
250
4
8%
ex
208
3%
8
93
4%
♦Gen
7%
8%
1
108
7
ex
X
X
bbb2
*72 X
bbb2
*63%
47
3<K
667
73X
%
conv
Station—
4s series D
1st mtge 3%s
67
45%
51%
1st lien
3
bb
3
53
52
53
36
48
63%
b
2
44
43
44 X
27
40
54
30-year deb 6s series B
3 He guaranteed
1st mtge 3He series
M
1951
1963 J
F
4s. 1952
series D.. 1962
Chic A West Indiana con
1st A ref M 4 He
103
107%
109%
109X
2
104
110
8
aa
3
106
106
2
104
104
34
a
3
90 X
89H
90 X
65
a
2
91%
90%
91X
17
O
b
3
34 %
32 X
34 X
84
27
69
cc
2
8%
8X
19
10
13%
•L
1962 il/N
{♦Choctaw Ok A Gulf con 5s.
F A
Cincinnati Gas A Elec 3He¬ 1966
1967 J D
ist mtge 3He
4s. 1942
3Hs D_. 1971
1969
1st mtge gu 3Hsser E
Clearfield A Mab 1st gu 5s.. 1943
Cln Leb A Nor 1st con gu
Cln Un Term 1st gu
99% 104%
87
96%
87
95%
aaa4
109
8
109
109X
3
109%
106X
♦110
104% 110%
V
A
aaa4
♦113H
107
112
J
J
75
85
bb
♦84
2
105%
St Louis Ry—
1993
General 5s series B—
1993
Ref A impt 4 Hs series E..1977
Cln Wab A M Dlv 1st 4S..1991
General g 4s
St L Dlv 1st
coll trg 4s...3990
J
D
x
bbb3
J
D
x
bbb3
J
J y b
2
J
J y bb
3
J x aaa4
1942
A
0
x
1942
1942
Series C 3Hs guar
1948
Series D 3 He guar.
3950
Gen 4Hs series A
3977
Gen A ref 4Hb series B..1981
Cleve Short Line 1st gu 4 Hs. 3961
Cleve Union Term gu 5H0-.1972
1st s f 6sseries B«uar...TJ973
1 st s f 4 %s series C—
1977
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron gen s f 6s..1943
♦6s Income mtge
—1970
Colo A Soutb 4Hs series A..1980
A
0
J
J
M N
Gen 4Hs
series B
Series li 3Hs guar
Series A 4Hs guar..
Columbia G A E deb 5s.May 1962
Debenture 5s._.
55 %
53
17
55%
53 X
54H
53
Tl7
14
109%
109 %
"35
91
37
68%
43%
67
78
106% 109%
*106 X
x
aaa2
*104%
X
aaa2
*103%
.....
X
uaa2
A
X
aaa2
X
aa
2
*106%
107%
X
aa
2
*106
Ox bbb3
82
82
Ox bbb3
83%
84 H
77 X
28
69H
25
Ox bbb3
bbb3
O
76 X
67 H
3
Af N xbbb3
76
67 X
*107%
—
*106%
*80
3
b
M N
13H
104 X
12%
104%
A
O
x
bbb3
J
x
bbb3
x
aaa3
106%
109% 100%
aaa4
112%
66
83%
12
72
90%
105%
105
104%
105%
64
82%
74%
56%
106% 108
102% 107%
81
104
To bx
2
-
13H
107
106% 107%
103% 106%
107
*112%
x
Jan 15 1961
A O
Columbus A H V 1st ext g 4S.1948
F A
Columbus A Tol 1st ext 4s.. 1965
♦Commercial Mackay Corp—
Income deb w w_—Apr 1 1969 May
Commonwealth Edison Co—
1st mtge 3Hs series I—...1968
104
107
aaa2
bbb3
b
107% 108%
65
170
30
4
30
....
112%
83
12
34%
99% 105%
99
106
97% 105%
113
114%
110% 112%
40%
16
107%
40 H
107%
4
115%
116
40
6
1
«
101%
Fort St U D Co 1st g 4 %s
♦Gen Elec
(Germany) 7s
1948
3 Hs debentures
1966
3 Hs debentures
1968
♦Consolidated Hydro-EIec Works
of Upper Wuertemberg 78.1956
105
105
106%
104% 108%
A
O
x
aa
4
103
J
x
aa
4
105%
108%
105%
J
108%
105% 109%
J
J
z
cccl
Consol Oil conv deb 3H8...1951
J
D
x
bbt>2
23
105%
107%
14
25
26%
102% 106%
J
J
z
cccl
*15
18
11
19
.1955 J
J
z
cccl
*15
17%
13
18%
1956 J
J
z
cccl
*15
18
11
18%
J
J
z
ccc4
66%
77
M N
x
aa
MA¬
x
aa
MA
x
aa
MA
x
aa
108%
MA
x
a
111%
J
D
x
aa
104%
F
A
x
bbb4
D
z
b
z
Y~j
y
75%
75%
27
*107%
109%
109%
4
109%
108%
110%
25
108%
5
111
111%
15
104%
104932
105%
28
109»i2
9
101
"T§~~
17%
18%
63
15
b
16%
12
16%
17%
19%
16%
19%
16%
b
20%
25
19
19
Consumers Power Co—
1952
♦Deposit receipts
J
♦7H« series A extended to 1946
♦6s series B
extended to 1945 J
D y ccc2
D y ccc2
3s deb. 1955
A
O
x
J
Curtis Publishing Co
J
j
Dayton P A L 1st mtge 38..1970
Af N
Del A Hudson 1st A ref 4b.. 1943
3
18%
18%
99%
aaa3
109%
a
bb
2
49
18
7%
104% 109%
18%
1
43
18%
18%
1
98%
108%
99%
39
109%
32
47%
50%
193
105
111
6%
7%
1%
%
1%
1%
-
40
19
17%
46
17%
35
98% 101
102% 109%
37%
63%
8%
38
101%
2
101%
★
40
3
24%
38
3
30
45
30%
4
25
37
87%
86%
87%
66
55%
90
-
^
-
9
9
1
17
—
17
2
29%
29%
1
-
29%
106
105%
*10 L %
18
106
75
74%
8
95
*33
«»
»
—
m
m
-
m
m
22%
18%
35%
100% 106
m
71%
80
63%
96%
90
61%
107
106%
107
16
bbb3
106%
106
107
66
94
109
x
bbb3
101%
100
102
19
87
103%
xbbb3
92%
92%
95%
12
77
95%
bbb3
93%
93%
76
96
x
bbb3
93%
103%
29
x
,
a
x
102%
4
98%
xbbb3
84
y
bb
3
y
bb
2
y cc
2
b
2
V
,
xbbb3
a
z
z
bb
y
y
;
ccc2
61 %
62%
62
35%
35%
35
32
*91%
75
mm
mm
100
87%
65%
90%
104
104
5
110%
110%
2
127"
104
127"
....
96
83%
,
64%
37%
90%
105%
106% 112%
21
36%
127
115
91
3
70
93%
53
53
92%
53
5
40%
57%
6
90% 103
102%
25
27%
aaa3
_
102%
27%
79
*127
3
42%
ccc2
:
aaa4
10%
108%
10%
108%
1st gold 4s
1951
11
148
12
108%
*87
*87
1951
155
37%
*35
127
30%
50%
9%
10%
108% 112%
*88
1951
1951
22
120
43
42%
1st gold 3%s
Extended lBt gold 3%s...
1st gold 3s sterling
80
mm
70
mm
95
83
mm
91
80
91
mm
"32%
1952
36%
36%
37
78
1955
38%
37%
39
51
36%
39
5
34%
45
36%
35%
36%
114
31%
46%
45%
34%
46%
13
46%
58%
..1952
Collateral trust gold 4s
1953
Refunding 6s
1955
40-year 4%s
Aug 1 1966
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s..1951
34%
111 Cent and Chic 8t L A N O—
Joint 1st ref 5s series A
1963
1st A ref 4%s series C
1963
♦Ilseder Steel Corp 6s
Ind 111 A Iowa 1st
g 4s
-
-
63%
12
43%
m+mm
44%
51%
51%
*75
«.
-
60
60
«.
60
50
40
mmrnrn
O
28%
46%
79
68
65
50
43
45
54
47
66
53
65
'mmmm
1
ybb
2
39%
38%
39%
73
33
60%
bb
2
35 X
35%
36%
114
30
47
z
cccl
28
28
1
19%
36%
y
bbb2
71%
71%
1
54
71%
z
ccc2
14%
14%
1
'
1950
'
14%
8%
A
I
For footnotes see page
3861.
Attention la directed to the
65%
42
y
1
'
1956
-
*_
1948
gu 4s.
-
*
62
48%
70
78%
62
*55
Gold 3%s
1951
Springfield Dlv 1st g 3%s 1961
Western Lines 1st g 4s
1951
34
188
35%
*
•
{♦Ind A Louisville 1st
8%
57%
35%
;
T„rA<?J 'ncom® 5a—....Feb 1957
Illinois Bell Telp 3%s ser B.1970
Illinois Central RR—
04
2%
62%
bbb2
b
1957
87%
1
80%
2
2
m
68%
68
5
*79%
aaa4
zb
5s. 1937
94% 107
88
100%
87
cccl
x
41
64
104% 109
*85%
3
x
♦Harpen Mining 6s
...1949
Hocking Val 1st cons g 4 %s—1999
Hoe (R) A Co 1st mtge
1944
84%
5
3
y
1st mtge 5s series C
lORn
Gulf Mobile A Ohio 4s ser B1975
^Gen mtge lnc 5s ser A—.2015
98%
98
2
bb
111
*62
1
c
y
!
bb
x
103%
97
83%
xbbb3
Gen mtge 3%s series I ...1967
♦Green Bay A West deb ctfs A—
Collateral trust gold 4s
Refunding 4s
Purchased lines 3%s
91%
101»T„104%
80
'
x
Great Northern 4%s ser A—1961
General 5%s series B
1962
General 6s series C
—..1973
cons g
13%
—
1
{{♦Housatonlc Ry
14
8
2
1952
1961
121
124%
100% 105
39
72
.
63
35
30
r74
Gulf A 8hlp Island RR—
1st A ref Term M 5s stpd.
Gulf 8tates Steel s f 4%s
2%
101%
39
—
72
♦Debentures ctfs B
Gulf Mob A Nor 1st 5%sB_.I960
2%
%
30%
mm
r74
General 4%s series D
1978'
General 4%s series E
1977
General mtge 4s series G..1948
Gen mtge 4s series H.....1946
1
100
-
*124
St Louis Dlv A Term g 38—1951
17%
8%
3%
7
*
-
38
38
IxuiJsv Dlv A Term g
3%s_1953
Omaha Dlv 1st gold 3s
1951
19
63
4%
2
1%
*99%
j
1950
104% 111%
103% 110%
31
46%
52
(Japan) 7s.. 1944
1st A gen si 6%s
106
111%
102% 109%
106%
107
48
62
Grays Point Term 1st gu 5s.. 1947
Hudson A Manhat 1st 6s A.
110%
104%
103
*82
108% 110
103% 107%
♦Deposit receipts
y
1966
107
115% 119
104%
104%
99
7
7%
w. 1946
Gout A Oswegatchle 1st 6s.. 1942
Grand R AI ext 1st gu g 4%sl941
108%
105
♦Cuba RR lHt 5s g
Goodrich (B F) 1st 4%s
Gotham Silk Hos deb 5s w
108%
1
63
62%
102
100
37
7%
{{♦Ga Caro A Nor 1st ext 6S.1934
♦Good Hope Steel A Ir sec 78.1945
*117
104%
J
22
43%
63
Gen Steel Cast 6%s w w__.1949
{♦Georgia A Ala Ry 5s.Oct 11945
*109%
104%
May 1 1965
1967
1st mtge 3 Ha
1970
1st mtge 3%s
1966
1st mtge 3%b
1969
Continental OH conv 2%b
1948
Crucible Steel 4Hs debs
—1948
♦Cuba Nor Ry 1st 6Hs
1942
103%
*35%
^
1948
1
aa
1st mtge 3Hs
f deb 6s
3
aa
1st mtge 3Hs
s
aa
75%
103%
-
{♦Sinking fund deb 8%S—1940
a
x
Consolidation Coal s f 6s.... 1960
9
1945
x
x
♦Debenture 4s_.
..1941
x
O
....
101%
103%
Houston Oil 4%s debs
1954
HudsoD Coal lstsf 5s ser A—1962
Hudson Co Gas 1st g 5s....1949
O
♦Debenture 4s.
.
*99
A
{♦Consol Ry non-conv deb 4s 1964
101
(Amended) 1st cons 2-4s..l982
MN
{♦Proof of claim filed by owner.
♦Certificates of deposit.
3
105%
3
105
{Fonda Johns A Glover RR—
aa
105%
100
100
7%
bbb3
88% 100
97
100
103%
♦Certificates of deposit
x
93
106
98
35%
104% 108%
103
103%
1974
x
.
*100
103%
1954
a
43%
A
1946
—
*102%
1942
aa
Consol Edison of New York—
3Ha debentures...
8 Hs debentures—
-
1942
b
27%
87
52
10
x
106% 111%
109% 130%
19
44
92
35%
y
116
104%
102%
x
3Hs.——-—1958
Conn A Pasump Rlv 1st 4s__1943
Conn Ry A L 1st A ref 4 Hs—1951
Stamped guar 4Hs
1951
Conn Rlv Pow s f 3%s A
1961
Conv debs
15
44
*93%
Gulf States UtH 3 %s ser D..1969
1
19
8%
87
106
106%
♦1st A ref 5s series A.
38%
37
8%
35%
....
38%
IR
6
Gt Cons El Pow
aaa2
J
F
81%
60
*7ex
109%
51
70
91
J
Apr 15 1962
Debenture 6s
80
*.
M N y bbb2
J
1970
Cleveland A Pittsburgh RR—
Cleveland Elec Ilium 3s
79X
292
44
14
102%
f 5s stamped
♦20-year
Cleve Cln Cblo A
!
Gas A El of Berg Co cons g 5s 1949
Gen Am Investors deb 5s A.1952
*109%
*105%
aaa4
229
18
87%
13%
19
*101
105
aaa4
aaal
18
69
85%
106
Francisco Sugar coll trust 68.1956 MM
M N
36%
17%
105% 111
109% 111%
M N
37%
36%
36%
{♦Fla Cent A Pennln 5s
1943
{Florida East Coast 1st 4 %s_ 1959
100% 107
aaa3
105%
103%
M 8
J
1943 A
Chllds Co deb 6s
*105%
195
50
44%
17%
177
36%
17%
60
61
56
87%
44
42%
36%
no
101% 104
106%
1st Hen 6s stamped
3
4
56
56
5s International series..1942
bb
aaa3
103%
"83%
99%
149%
104
103%
Federal Light A Trac 1st 58—1942
s
90%
141
13
85%
108
105
-.1958
Fairbanks Morse deb 4s
aa
105% 108%
12
30%
106% 109%
104*7,
O
102
104% 104%
6
1045n
1938
♦Ernesto Breda 7s
2%
0
99%
25%
88
..1954
7%
J
1963 J
series E
21
*_..
1953
{♦3d mtge 4%s
80%
J
A
Guaranteed 4s........... 1944
106%
103%
Firestone Tire A Rub 3%s„ 1948
Chicago Union
5
♦N Y A Erie RR ext 1st 4s. 1947
69
1
107%
16%
16
40%
20
2
104sib
♦Genessee River lstsf 6s..1957
67
"47"
30%
38
*107%
99%
*147%
♦Erie A Jersey 1st s f 68—1955
18
45
14
1953
19%
ex
10%
108% 113
1953
61
22
111%
104%
{♦Erie RR 1st cons g 4s priori996
♦1st consol gen lien g 4s... 1996
♦Series B
74%
108%
101%
1965
♦Conv 4s series A
5
49%
105% 110%
107% 111%
*34%
*23%
101%
104%
107%
1965
5s stamped
2%
8
3%
106%
♦{Ref A imp 5s of 1927
1967
♦{Ref A Impt 5s of 1930. —1975
7X
6%
c
4
1
ex
7%
c
393
13X
10%
7%
5%
c
5%
17
44 H
cc
{♦Secured 4%s series A...1952
z
♦Certificates of deposit
Af N;z
1960
J
Djy
Cb 8t L A New Orleans 6s.. 1951
J Dly
Gold 3%s
June 15 1951
J D y
Memphis Dlv 1st g 4s
1951
J D y
ChloT H A So'eastern 1st 58.1960
M By
Income guar 5s
Deo 1 1960
10
9
cc
♦Conr g 4 %8
11%
9%
z
O
0
9H
ccc2
M S.z
21
10H
,Z
A
1934
El Paso A S W 1st 5s
3%
X
4
72%
"16"
Elgin Jollet A East Ry 3%s.l970
16
9X
z
♦Certificates of deposit
♦Certificates of deposit
18%
19%
13
"61
105**32
104%
1952
10%
13%
10%
ccc2
J
Electric Auto Lite conv 4s
11%
45
1
z
F
18%
10
1X
2
12
59
19
4%
101%
Ed El Til (N Y) 1st cons g 58.1995
15H
9%
2
D
18%
16%
"l8%
61
lb~5»«
East T Va A Ga Dlv 1st 5s„.1958
10
11%
11%
X
.
16%
9%
2
J
"l9"
6%
5%
19
61
108
{{♦Dul Sou Shore A Atl g 6S.1937
Duquesne Light 1st M 3 %s_ 1966
18
109%
111%
1995
Detroit Term A Tunnel 4 %s. 1961
Dow Chemical deb 2%s
1950
10
16%
167
1%
*
♦Second gold 4s.
15%
i
7
7%
6
Detroit A Mac 1st lien g 58—1995
143
109
106
104
289
1965
21
16
15%
107
5X
*4%
10551a2
High
104
1
Gen A ref mtge 3 %g ser G.1966
46
15
14%
15
ccc2
2
Low
X
East Ry Minn Nor Dlv 1st 4sl948
Western Ry—
—-—1987
•General 4s_.
--1987
♦Btpd 4« n p Fed lnc tax. 1987
♦Gen 4 %s stpd Fed Inctax 1987
♦Gen 5h stpd Fed lnc tax—19K7
♦4%s stamped
1987
{♦Secured 6 He
1936
♦
1st ref g 5p
May I 2037
♦ 1st A ref 4 %s stpd.May 12037
♦ 1st A ref 4%s C..May I 2037
♦Conv 4%s series A.fc
1949
{{♦Chicago Railways lst£s stpd
Aug 1940 25% part pd —1927
{♦CblcRI A Pac Ry gen 4s_. 1988
{Chicago A North
♦General g 3 %s
108%
6%
%
Dul Miss A Ir Range Ry 3 %s 1962
4%
No.
6%
{♦Des M A Ft Dodge 4s ctfa.1936
{♦Des Plains Val 1st gu 4%s.l947
Detroit Edison 4%s ser D..1961
1
Jan
High
108%
■
B.Anr 1978
ser
Since
©
*104%
*108%
«
{♦Denv A R O W gen 5s.Aug 1955
♦Assented (sub! to plan)
Ref A Impt 5s ser
©
Ask
A
Low
{{♦Den A R G lBt cons g 4s__1936
{♦Consol gold 4 %s
1936
♦
Range
c2
Friday's
Bid
(Cont.)
1st mortgage 4 %s
1940
Range or
\ &*}«
I Priu
Del Power A Light Ist4%s..l971 -
Gen A ref M 4s
{Chic Milwaukee A St Paul—
♦Gen 4s series A
May 1 1989
„n
K<a*
Week Ended Dec. 27
Hioh
cccl
gold 5s_.1982
{♦Refunding gold 4s
No. Low
N
28,
Week's
Elig. <ft
bonds
Since
♦124 H
2
b
O
M N
1951
1st A gen 5*
„
HigH
Low
{♦Chicago Great West 1st 4s. 1959
J
{♦Chic Ind A Loulsv ref 08—1947
J
♦Refunding g 5s series B..1947
J
♦Refunding 4s series C_—1947
♦
Jan. 1
Bid
(Cont.l
{ {♦Chicago A East III 1st 6fl.
turtle A E 111 Ry gen 5s
♦Certificates of deposit
Rangt
Fridays
A
Ask
SaU
-*•
Week Ended Dec. 27
Range or
Last
Elig. <fc
3.
EXCHANGE
STOCK
Bank
Week's
Friday
Hank
N.
Dec.
New York Bond Record—Continued—Page 3
3858
new coining Incorporated in this caoulacion pertaining to back
eligibility and rating of bonds.
See
17%
Volume
New York Bond
151
Friday
Bank
BONDS
N.
Y.
Elig
EXCHANGE
8TOCK
Railroad
&
A
Ratino
Week Ended Dec. 27
See
Last
Ind Union Ry 3 4b series B_1986 M
8,x aaa2
J x bbb2
T Industrial Rayon 4 4s
1948 J
3s ser F 1961
A
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A
O y bb
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deb 48—1947
conv
x
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5 ©
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100
99X
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100
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7 4
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106 Vi
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89
103 Vi
61
974
78
7
97 Vi
84
32
•Adjustment 6a ser A.July 1952
z
cc
1
4
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Vi
209
Vi
1956
z
cccl
7 Vi
7 Vi
7Vi
23
6 Vi
14 Vi
1956
Internat Hydro El deb 6a—1944
z
cccl
7 Vi
74
22
6 Vi
14Vi
y
b
83
{♦Int-Grt Nor let 6a ser A.
_
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1952
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3
"47 4
71 Vi
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1955 F
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46 Vi
71
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1955 M S y b
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7%
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1941
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cccl
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103 Vi
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16 Vi
37 Vi
74 Vi
714
12
63
76 Vi
22
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39
103 Vi
90 Vi 105 Vi
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95
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1951
3
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1
b
55 4
564
13
38
58
1044
12
93
105
1
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4s—.1960 J J.x aaa4
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♦Ctfs with warr (par $925) 1943
Keith (B F) Corp 1st 6a
1946 M Sy bb 3
3s
Ref A lmpt 5a
Kansas City Term 1st
Kentucky Central gold 4s—1987 J
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1961
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1961
J
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1961
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50
69Vi
70 Vi
109Vi
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16
14
20
77
77
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deposit—1959
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1962 J
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106*4
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108 4
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93
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95
80
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1981
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97 Vi
{♦Mo Pac 3d 7s ext at 4% Jul.'38 MN
95
92 V*
95
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79 Vi
55 Vi
55 Vi
56
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63
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62 Vi
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56
56
56 Vi
6
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Monongahela Ry 1st 4s ser A I960 MN
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J
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1964
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44
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——
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Constr M 6s series A
1955
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1956
70
Mountain States T A T 3 Vis. 1968 / D
Mutual Fuel Gas 1st gu g 5s. 1947 MN
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MutUn Tel gtd 6s ext at 6% 1941
20 Vi
24 Vi
37 Vi
Nat Distillers Prod 3 Vis
1949
If
35
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1966
A
20 Vi
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Natl Supply 3 Vis
50
82
48 Vi
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30
51
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1945 J
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Louisville A
1944
7a
4a.. 1945
A
x
122 Vi
128 Vi
C.
2003
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1st A ref 34s series E
2003
Unlf mtge 3 Vis ser A ext..1950
Unlf mtge 4s ser B ext
1960
x
bbb3
x
x
bbb3
x
a
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a
3
Paducah A Mem Dlv 4s—1946
3s—1980
Mob A Montg 1st g 4 Vis..1945
South Ry Joint Monon 4a. 1952
Atl Knox A Cine Dlv 4s._1955
♦Lower Aust Hydro El 6 Vis.1944
St Louis Dlv 2d gold
McCrory Stores deb
3ViS—.1955
M 8
x
a
3
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S
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a
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x
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2
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2
70
A—1960
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Manila Elec RR A Lt a f 5s.. 1953
Manila RR (South Lines) 4s. 1959
2
46
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29
J
M
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3861
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y
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104
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1954
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83
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78
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102 Ji
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104
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73
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31
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of
♦
1966 FA
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♦
1956
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21
334
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gen
1945
111
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1998
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x
"63*4
384
20
23 4
29
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28 4
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28
33
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b
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--
23
36
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1
—
1954 OA
1st 5 Vis series A
714
55
ccc2
b
z
deposit
♦1st 4 Vis series D
6
z
'
..1964 AO
ertificates or
09 4
04
1054
1014 1064
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deposit.—__
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18
78 4
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♦Certificates
1054
1054
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1054
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5
1054
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70
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384
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444
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..1952 MN
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94
92 4
944
168
74
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394
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246
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604
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237
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944
N Y Cent RR 4s series A
N Y Cent A Hud River 3 4s. 1997
Debenture 4s—.........1942
Lake Shore coll gold 3 Vis..1998
Mich
Cgnt coll gold 3 Vis..1998
3
624
7
53 4
13
48 4
664
61
04
454
744
275
384
624
66 4
New York Chicago A St Louis—
Ref 5Via series A
....1974
.4
1978
M
1946
F
A
extended to 1947
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...1941
A
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1
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Ref 4 Via series
4s
C
t.
collateral trust
3-year 6% notes...
6s debentures
1950
I
D
2
*80 4
•»«*
-
-
77
80 4
100
1004
55Vi
30
*.
aa
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15Vi
*
1304
604
604
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New Orl Pub Ser lht5sser A. 1952 A
1st A ref 5sseries B.—...1965 J
99 Vi
87
1961
New Orl Great Nor 5s A
93 Vi
89
1st g 4 Vis series B
46
N Y Connecting RR
3Vis A..1965
A
O
1004
100
1004
49
*75
1
684
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7
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66
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85
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75
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57
83
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104 Vi
96 Vi
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1st A ref 5s series
434
—
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.1964 ;
♦Certificates of deposit...
6a debenture
1951 F A
J
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2003
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2003
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1951
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3
x
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tm
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MN y b
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tLehigh Valley RR—
a
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95 4 106
62
86
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113
....
36 Vi
43 Vi
46
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....
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79 Vi
bb
debs.....1953
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Long Island unified 4s——1949
Guar ref gold 4s
..1949
4s stamped
1949
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.....
a
42 Vi
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124
184
a
34 Vi
b
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124
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61 Vi
92
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34 Vi
b
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124
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..—
60 Vi
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4Vis..
debentures...
61
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5s series B...1956
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2
194
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184
184
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b
-—1951
Vis.. 1952
b
f 5s series D...1956
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cccl
s
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214
214
214
24
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.....1966
1st mtge
Gen A ref
J
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124
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214
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stamped
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-1974
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..1964
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1944
124
69 Vi
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1976 Dec y cccl
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Moh'k A Malone 1st gu g 4s. 1991
6s
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ccc2
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a
594
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♦1st A ref 68 sertes 1
2
x
43
324
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1949 MN
1980 A O
2
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24
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11
19
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1978 MN
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♦
1st A ref g 5s series H
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Lake Sh A Mich So g 3 Ha... 1997 /
2
4
56
55
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•1st A ref 6s series G
A y b
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10
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cc
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1947
1941
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41
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1953
D...1960
1942
24
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1977 M S
85
168
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1985 F
1st A ref 5s series A
♦Certificates of deposit
§♦ Laclede Gas Lt ref 4 ext 5s 1939 A
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—1942 A
84
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80
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....
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103 Vi
104 Vi 109 Vi
50
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5 Vis
105
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1954
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39 Vi
J
1946 J
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2
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1951 MN
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1934 UN
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Kan City Sou 1st gold
1939 J
3
105 Vi
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86
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Price
Lot
85 Vi
2
Friday's
Sale
See a
M S
Range
Range or
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"86"
{♦Iowa Cent Ry lBt A ref 4a.1951 M S
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99
70 Vi
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1955
2
1034
84
Y
Week Ended Deo. 27
104
107
96 Vi
3
BONDS
Since
100
31
1004
Range
Jan. 1
No. Low
High
♦105 Vi
3
2
fS
Friday's
Bid
Lotc
Cos. (Com.)
Indus.
3859
week t
Frxaay
Bank
Range or
Sale
Price
i
Record—Continued—Page 4
Week't
new
91 r'/i
column Incorporated In this
tabulation pertaining to bank eligibility aad
ratlnfl"o? bords. See
New York Bond Record—Continued—Page 5
3860
Bank
BONDS
N.
T.
Elig. dt
EXCHANGE
STOCK
Friday
Last
Sale
See a
Price
Bid
Railroad * Indus. Cos. (Cont.)
N Y Dock let
fold 4a..
Conv 6% notes
N Y Edison 3*8 ser D
1995 A
1st Hen A ref 3%s ser E...1966 A O
N Y A Erie—See Erie RR
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F
4s—1949
110
6%s'42
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x
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49
100%
48
60
*95
99
79%
96
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95
65
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15%
11
15
15
15
10
14
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15
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11
11%
J
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15
16
19
11
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16
15%
16
57
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19%
19%
20%
20%
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15%
15%
4
10
cccl
19%
18%
134
12%
cccl
30
19%
30%
O
A
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1940
1957 M N
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cc
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ISM
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80 M
29%
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17%
80%
M N
3
6%
67
3
47
1%
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85
99%
43
....
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49
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4%
109
109%
15
107
54%
110%
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107
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105
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101
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96
96
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111
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1
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140
....
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a
4
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b
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102 M
A
z
c
2
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12
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4
z
c
2
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12
12%
10
♦Ctfs of dep (Issued by reorga.lzatlon manager)..
1961
z
M N
108%
102%
12
z
ccc2
A
IB 13
5%
6%
12
14
39%
106
78
3%
107%
62%
112
92
97%
107
3
10
14
*73
vr 76%
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64%
79
69
79
126%
127
4
106 M
106%
106%
—1964
x
a
4
105%
1959
A
x
a
4
105%
104%
105%
105%
106
North Cent gen A ref 5s.—1974 Af 8
Gen A ref 4 Mb series A—..1974 Af 8
x
aa
2
*122
114
118
x
aa
2
*115%
107
115%
z
ccc3
z
*72
ccc2
z
♦Certificates of deposit
ccc2
75%
2
2
43%
49%
41%
ybb
ybb
106%
102% 108%
100
45
72%
76
43%
102
30
45
40%
69%
40%
76%
31%
33%
49%
51%
2
60%
60
62
381
bb
2
54%
54
55
10
40%
45%
55
68%
60
2
54
54
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31
40
60
x
aa
4
109%
25
x
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10
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J
{♦Og A L Cham 1st gu g 4a. 1948
Ohio Connecting Ry 1st 4s.. 1943 M S
Ohio Edison 1st mtge 4s
1965 M N
1st mtge 4s..........
1967 M 8
1972
Oklahoma Gas A Elec 3 Mb.. 1966
4b debentures
1946
C
2
109%
a
4
a
4
a
4
D
a
4
D
bbb4
A
Ontario Power N F 1st g 6s.. 1943
Ontario Transmission 1st 5s. 1946 Af N
aa
3
aa
3
109%
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3%
aaa3
J
3%
*108
107
108%
108%
110%
108%
106%
108%
110%
108%
104%
104%
102%
102%
*102%
4s.. 1946
D
aaa2
112%
J
aaa2
J
aaa2
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117%
1961
J
J
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Pacific Coast Co 1st g 5s
1946
Paelflo Gas A El 4s series G.1964
yb
2
3
x
x
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2
1938
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1966
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Panhandle East Pipe L 4s...1952 M 8
aaa4
x
aa
2
I 2
8
103
12
90
107
93
105%
108
104
112%
112%
112% 118%
2
113
119
11
104
108%
68
88%
58
58
2
53
111%
85
111%
111%
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109% 113%
110%
109%
111
5
108
109%
2
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85
85
30
109
109%
"l§
111%
111%
111%
3
*103%
102%
105%
71
85
74
*81
109%
2
112%
80
103% 110%
104% 112
102% 103%
4
2
52%
52%
52%
10
40
52%
Paramount Pictures 3Mb deb '47 M S x bbb3
Parmelee Trans deb 6s
1944 A O y ccc3
94%
93
95
25
76
97
42
43%
x
aaa3
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b
A
x
aa
x
aa
D
x
aa
*104%
*105%
107%
E trust ctfs... 1952 M N
28-year 4s
....1963 F
Pennsyl Glass Sand 3Mb. .I960
A
x
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69
108
x
a
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bbb3
106%
x
a
3
1981
x
a
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1969
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1974
Pennsylvania RR cons g 4s..1943
Consol gold 4s
1948
x
a
4
x
bbb4
x
*104%
103%
103%
3
aaa2
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Penna Pow
M N
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General 5s series B
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Gen mtge 4 %s series E
aa
cons
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"115%
2
1965
x
a
3
'"97%
x
O
aaa2
a
123%
108%
114%
3
3
1968
x
...1970
1981
bbb4
95
a
3
103%
a
3
103%
89%
1984
x
1952
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Peoples Gas LAC
x
*104
110
x
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1970 A
Consol sinking fund 4%s.-1960
x
bbb4
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x
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1947 M 8
6S..1943 A
x
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b
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b
For footnotes see page 3861
A
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a
113
93%
102%
103
89%
109
3%
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17%
4%
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...
2
x
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34
100
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111%
115
109%
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106
115
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37
191
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14
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bbb3
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33
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293
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J / x aa 2
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2
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2
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1975
Pitts Va A Char 1st 4s guar. 1943
Pitts A W Va 1st 4 %s ser A. 1958
1st mtge 4%s series B
1959
1st mtge 4 %s series C
1960
109
*107
aaa2
1977
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*110%
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104% 110
108
110%
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112
108% 111
*110
105
110
*119
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119%
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*113%
113
104
104%
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16
"54%
~Il
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3
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Pitts Y A Ash 1st 4s ser A...1948
1st gen 5s series B
1962
1st gen 5s series C
1974
1st 4%b series D
Port Gen Elec 1st 4 %s._.
1st 6s extended to
54%
54%
55
105
92
108% 108%
40
63%
9
54
54
55
43
3
*105
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3
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1977
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109
133
109
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96
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{♦Providence Sec guar deb 4s 1957 M N
cc
1
1%
2
29
b
3
1950
64
102
J
1960
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1951
63%
*99%
3
/ ®
40
40
bbb2
2
7
64%
104
81%
107%
106% 110%
79
97%
Gen A ref 4 %s series A...1997
Gen A ref 4%s series B...1997
^ 8
J
J
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155
222
140
8
104%
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226
106
110%
20
70
2
79
80
80
99% 105
60
14
17
77
60%
82
62%
20
79
bbb3
153
214
109%
104%
70%
79%
6
63%
113
108
108%
bbb3
bbb2
94
111%
*220
108%
1%
81%
Remington Rand deb 4 %s
4%s without warrants
w w '56
1956
Rensselaer A Saratoga 6s gu.1941
RepubUc Steel Corp 4 %s ser B '61
Pur mon 1st M conv 5%s.l954
M S
bbb3
M S
bbb2
104
bbb3
3/N
103%
103%
104
103
104%
104%
106%
MAT
bbb2
*100%
104%
104%
104%
104%
Gen mtge 4%s series C—1956 M N
J
♦Rhelnelbe Union s f 7s.....1946 J
bbb3
106%
F
1946 J
♦3%s assented
A
bbb3
89% 104
90
104
5
"99
90% 104%
68
103
215
92
109
106%
26
J
38
14
22
15%
27%
26
"22""
27%
29%
*
35%
15
*
1952 M N
1953 F A
1955 A O
♦Direct mtge 6s...
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
105%
103%
12%
22
13
27%
27%
22
14%
27%
Richfield Oil Corp—
4s
8
1952 Af 8
1955 F A
f conv debentures
♦Rlma Steel 1st
s
f 7s
bbb3
1
ccc2
*36
J
ccc2
♦1st
con A coll trust
107
*5
D
{(♦Rio Gr June 1st gu 5s...1939
{(♦Rio Gr West 1st g 4s...1939
4s A..1949 A
b
O
cc
2
106%
36%
6%
34%
6%
aa
2
2
8%
7
10%
30
45
40
20
41%
60
6%
12%
131
*109%
aa
130
2
aa
2
111"
2
cc
{(♦R I Ark A Louis 1st 4 %s. 1934 Af 8
♦Ruhr Chemical s f 6s
1948 A O
{♦Rut-Canadian 4s stmp...1949 J
J
cccl
c
2
{♦Rutland RR 4%i stmp...1941 J
cc
2
J
36%
*132
aa
Roch Gas A El 4 %s ser D...1977 M 8
Gen mtge 3%s series H...1967 U 8
Gen mtge 3 %s series I
1967 M 8
Gen mtge 3%s series J
1969 Af 8
103 % 109
_40"
10%
9%
108% 111
111
10%
3
*38%
"3%
6
10%
21
40
6
3%
4
111
105
81
4%
3%
9
12
3%
9%
Saguenay Pow Ltd 1st M 4%s *66
8t Jos A Grand Island 1st 48.1947
St Lawr A Adlr 1st
g 5s
1996
2d gold 6s
1996
St Louis Iron Mtn A Southern—
2
A O
x
J
J
"
x
bb
90
aaa2
y
J
a
89%
*111%
90
*55
10
68
98%
108% 112
70
*55
2
3
69%
36
47
121
126
72
56%
100% 102%
105% 106
102
108%
107
103%
7
18
"59
106
110
"~9
110
13
107%
99% 108%
99
107%
104% 104%
96
105
97% 104
104% 110%
100
110
107%
1
115%
6
107% 109%
110% 115%
115
5
111
97%
103
123%
9
108%
87
115
38
95
101
103%
103%
90
81
115
98%
115% 123%
94% 108%
100% 115%
94
79
98%
89% 105
39
89
77
75%
105
g
yb
z
68%
bb
z
4s... 1933 Af N
65
bb
68
*63%
{♦St L Peor A N W 1st gu 5s 1948 J
J z ccc2
St L Pub Serv 1st mtge 5s...1959 Af S y b
2
St L Rocky Mt A P 5e
J y b
2
stpd..1955 J
{♦St L-San Fr pr lien 4s A...1950 J
J z cccl
24%
66%
.....
23%
66%
*35
69%
24%
67
♦Certificates of deposit
♦Con M 4 %s series A
1978
Af_S
*Ctfs of deposit stamped
8%
9
z
/
cccl
cccl
8%
9%
8%
z
cccl
9
z
cccl
9%
8%
8%
8%
8%
9%
9%
9%
9%
z
cccl
9%
8%
32
8
49%
69%
48%
67
15
26%
65%
69%
33
40
z
♦Certificates of deposit
♦Prior lien 5s series B.....1950 J
72
70
7
62%
14%
50
6%
14%
47
8%
46
7%
16%
7
14%
176
236
16
93
118
111
51
51
43
52%
43%
1989 UN
♦2d 4s lnc bond otfs. .Nov 1989 J
J
(♦1st term A unifying 5S..1952 J
J
bb
2
b
69
"l6%
J
cccl
9
D
bbb2
J
cccl
"2%
{♦St
F
A
cccl
5%
1972 J
J
aaal
PAKCShLgu4 %s-.1941
St Paul Un Dep 5s
guar
S A A Ar Pass 1st gu
J ybb 3
1943 J
g 4s
Santa Fe Pres A Phen 1st 5s 1942 M 8 x aaa2
{♦Schulco Co guar 6%s
J z cccl
.1946 J
♦Stamped
♦Guar
s
J
Il946
♦Stamped
Scioto VANE 1st gi| 4s__
{Seaboard Air Line Ry—
J
93
6%
36
64%
69
25%
38 1
O
z
13%
69%
107%
x
aaa3
z
1950 A
Oct 1949 F
O
z
cccl
♦Adjustment 5s
A
z
c
2
(♦Refunding 4s
1959 A
O
z
cccl
z
82
"~7
2%
5%
4
8
85
2%
5%
95
116
U~8
125
110% 118
70%
35
64
71%
107%
2
107
109%
1
21
40
18%
40
38
38
2
125
10
9%
9%
10
%
3%
%
3%
*3%
cc
2
"4%
cc
1
3%
z
cccl
z
125
9%
z
M~8
13%
62%
29%
53
114% 125
28%
cccl
gu 4s_. -1933
21%
7%
65%
38
ccc2
{(♦Atl A Birm 1st
69%
107
12
64
0z
.1989 MiV
♦Certificates of deposit.
♦1st cons 6s series A
1945
♦Certificates of deposit.
5
*114%
"~51
9%
38
O
(♦4s g 8tamped
2%
16%
cccl
1950 A
(♦lstg 4s unstamped.
36
15%
8%
*73
z
A
A
f 6 %s series B._
69
*33
1
ccc2
♦Gen A ref g 5s series A...1990 J
St Paul A Dul 1st con
g 4s
1968 J
{♦St Paul E Gr Trk 1st 4 %s. 1947 J
68
4%
3%
*10%
%
3%
3%
4%
4%
10
6
8
15
54
6%
15%
24
%
189
2%
1%
6%
6%
2%
"l27
80
13
2%
3
8%
8%
7%
15%
71
52%
♦1st 4s bond ctfs
110% 116
118
51
♦(Rlv A G Div 1st
{♦St Louis-Southwestern Ry—•
113%
70%
10
cc
i
109%
109%
107%
115%
114%
97%
123%
107%
*111%
a
O
♦Certificates of deposit
♦Income 4s
Apr 1990 Apr
Peoria A Pekln Un Bt5%s._1974 F A
{(♦Peoria A East 1st 4s stmpl940
Gen mtge 5s series A
Gen mtge 5s series B
Gen 4%s series C
102% 105**31
*124%
2
4%s A '77
Pa Ohio A Det 1st A ref
102%
*100^3,
D
Guar 3 Mb trust ctfs C....1942 J
Guar 3%s trust ctfs D
1944 J
ser
42
58.1949 M 8
Penn Co gu 3 %s coll tr ser B. 1941 F
Guar 4s
x
1942 M 8
cons
106%
108%
16%
1970
4 %s
♦Certificates of deposit
a
Pat A Passaic G A E
115
*109
106%
72%
106% 111%
108% 110%
112
122%
62%
58
A y b
♦PauUsta Ry 1st s f 7s
*122
115
10
108%
21
3
x
4s. 1938
103%
12
8%
107% 108%
105
109%
104% 110
101% 112
107% 110%
117%
107%
aaa2
Paciflo Tel A Tel 3 Mb ser B._ 1966
106
~20
95
3%
85%]^86%
107
aaa2
x
1st A ref mtge 3%s ser H..1961
1st A ref mtge 3 Mb ser I...1966
aaa2
105% 111
86%
aaa2
Otis Steel 1st mtge A 4 Mb.. 1962
45
95
107"
Ore Short Line 1st cons g 5s. 1946
Guar stpd cons 5s
1946
Paramount Broadway Corp—
1st M s f g 3s loan otfs
1955 F
13
J
♦Rhine-Ruhr Water Serv 6s. 1953 J
♦Rhlne-WestphaUa El Pr 7s. 1950 UN
ybb
2047
2047
Ref A lmpt 5s series C
2047
Ref A lmpt 5s series D
2047
Northern States Power 3%s.l967 F
Northwestern Teleg 4%s ext 1944
3Mb series C
101
*42
76
ybb
Ref A lmpt 4 Mb series A
Ref A lmpt 6s series B
Ref mtge
117% 128%
102% 107%
*42
xbbb2
North Pacific prior Hen 4s...1997
Gen Hen ry A id g 3s Jan_..2047
g
107%
109%
122%
75
126%
a
O
cons guar
12
aaa4
(♦Pac RR of Mo 1st ext
(♦2d ext gold 5s
106%
109%
4%
1964
1957
1960
4 %s
Pub Serr of Nor 111 3 %s
1968
Purity Bakeries s f deb 5s...1948
x
Ore-Wash RR A Nar 4s
107%
109%
17%
1963
4s
cons guar
cons
{♦Providence Term 1st 4s
1956
Public Service El A Gas 3%s 1968
1st A ref mtge 5s
2037
1st A ref mtge 8»
2037
x
con g
72
45
f A x aaa2
J P x aaa2
Af N x aaa2
F A x aaa2
F A x aaa2
109%
96% 104%
8
18%
7%
17%
A
Oregon RR A Nav
45
6%
112
A
O
M^
Af N
1945
Reading Co Jersey Cent coll 4s '51
ccc2
z
♦Ctfs of dep (Issued by reorgan¬
ization manager)
1941
108%
c
30
80%
O
Nlag Lock A O Pow 1st 5s A. 1955
Niagara Share (Mo) deb 6 Mb 1960 Af N
102%
109%
9
8
*91%
aaa3
x
7%
59
"ee"
2
.1946
30
7%
7%
7%
59
J x aaa4
D y bb 2
"j
{ i'N Y West A Bost 1st 4 %s 1946
Niagara Falls Power 3%s.__1960 M S
1st mtge3%i
80
3
36
100% 106%
x
105%
107%
*24%
J
(♦2d gold 4 Ha
1937 F A
(♦General gold 6s—_—.1940 F A
5s—-.1943 Af N
Series H
Series J
1%
{Northern Ohio Ry—
♦
1st gtdgSs
1946 A
♦1st mtge g 5s (stamped can¬
cellation of guarantee). 1946 A
61%
71
71%
_
\ 9
1942
1942
Series G 4s guar
,
81
5
♦Terminal 1st gold
Debenture 3%s
Debenture 4s
z
43
1
High
71
cccl
x aaa4
----
Series E 3%s guar gold...1949
Series F 4s guar gold
1953
68
1%
Norf A W Ry 1st cons g 4s... 1996
bbb4
Low
70%
2
x
1948
conv
2
aa
79
No.
71
2
aa
x
M 8
4 %b A '62 Af S
3s
aa
x
M 8
f 4s._1937 J
J
Series B 4 %s guar
Series C 4%s guar
Series D 4s guar...
13
4%
North Amer Co deb 8%s_—1949
conv
3
aa„3
,
77
High
Jan.
71%
3
x
1949
s
bb
x a
A
J
D
&
Pittsburgh Cine Chi A St Louis—
80%
M
{(♦Norf South 1st A ref 5s..1961
♦Certificates of deposit—
Phillips Petrol
Series I
IM
—1967
1946
J
1967
♦Certificates of deposit
23%
4
{(♦N Y Susq A W 1st ref 58.1937
{(♦Norfolk A South 1st g 58.1941
19%
2%
cc
1958
F
.1981 J
5s series A
{(♦Philippine Ry 1st
12
c
N Y A Rlchm Gas 1st 6s A—1951 Af N
J
N Y Steam Corp 1st 3%s...1963
6s stamped
37
z
A
1942
sec
134
z
N Y A Putnam 1st con gu 4s. 1993 A O y b
N Y Queens El Lt A Pow 3%s *66 UN x aaa4
N Y Telep 3%s ser B
N Y Trap Rock 1st 6s
59
3%,
D
-—....1955 J
bb 3
bb 3
1977-1
18%
M 8
{♦N Y Ont A West ref g 48-1992
y
1974
♦Conv deb 6s
24%
36%
J
(♦Collateral trust 6a.
♦1st A ref 4^s ser of
y
y
Phlla Electric 1st A ref 3%s.l967 M 8
{♦Phlla A Read C A I ref 58.1973 J
J
20
z
J
J, J
^ 8
Since
Asked
20
cccl
z
♦Debenture 4a
N Y Rys prior Hen 6s stamp.
90
J
1980
General g 4 %s series C
General 4%s series D
Phlla Co
A
Range
12
Friday's
Bid
Low
conv
Pitts Coke A Iron
1956 M N
1956 J J
{♦N Y Prov A Boston 4s
71
Price
General 5e series B
86%
*79
92%
Range or
Sale
See 1
3%s deb. 1952 J D
Bait A Wash 1st g 4S..1943 M N
Phelps Dodge
64
z
♦Conv debenture 6s......1948 J
♦General 4s.
100%
O
A
♦Non-conv debenture 4s.. 1955 J
1927.1967
{♦Harlem R A Pt Ch 1st 4s 1954
20
49
97
26
43%
cccl
♦Conv debenture 3 Ha
4
8%
50
z
♦Non-conv debenture 4s
14
26
23%
100%
57
♦Non-conv debenture 3 %s 1947 M 8
1954
111
1st g 4 %s series C
120% 126%
113% 119%
119%
Rating
Pere Marquette 1st ser A 5s.1956
1st 4s series B
1956
60%
105
Elig, <k
►«£
i
1940
28,
Week's
Last
£
j f
EXCHANGE
61%
104% 110%
110
Friday
Railroad & Indus. Cos. {Cont.)
*52%
{♦N Y New Hav A Hart RR—
♦Non conv deb 4a
1947 Af 8
♦Non-conv deb 3 %s
46
STOCK
Week Ended Dec. 27
High
3
J ybb
S ybb
♦N Y L E A W Dk A Impt 6s 1943 J
N Y A Long Branch gen 4s.. 1941 M
N. Y.
Jan. 1
No. Low
15
46%
58
60
109M
BONDS
Since
k
Phi la
x
A
Af N y bbb2
Af N
Nib
.1973
♦N Y L E A W Coal A RR
*108M
aaa4
x
(♦N Y A Greenwood Lake 5sl946 Af N x cc 2
N Y A Harlem gold 3 %s
2000 MNxaa 2
N Y Lack A West 4s ser A—1973 Af N y bbb2
4%s series B
59 M
MM
aaa4
x
Range
Asked
High
67 M
57 %
~
Purchase money gold
A
Lov
3
1951 FA y b
1947 A O yCCC2
Bank
Range or
Friday's
Rating
Week Ended Dec. 27
Dec.
Week's
5
*107%
Atteatloo Is directed
5
109%
to the new
3%
....
118%
106% 110%
column Incorporated In this tabulation
pertaining to bank eligibility and rating of bonds.
See k
Volume
New York Bond Record—Concluded—Page 6
151
BONDS
N.
Y.
STOCK
h
Railroad & Indus. Cos.
Last
Elig. A
Sale
Price
Bid
A
z
A
z
2H
c
1935 F
c
♦6a Series B certificates
High
Low
(Cont.)
t#Seaboard All Fla 6s A ctfs.1935 F
Shell Union Oil 2 Ha debs—1954
Shlnyetsu El Pow 1st 6 Ha—1952
J
z
Slleslan-Am Corp coll tr 78—1941
Simmons Co deb 4s
—1952
2H
*2H
aa
D y b
♦Siemens A Halake deb 6Ha_1951 M S
♦Silesia Elec Corp 6 Ha
1946 F A
100
112
52
3
bbb3
x
aaa4
107H
43
a
x
aaa3
108 H
1979
x
aaa3
108 H
Southern Colo Power 6s A.. 1947
x
Southern Kraft Corp 4Hs
Southern Natural Gas—
1946
xbbb3
1st mtge pipe line 4 Ha
Southern Pacific Co—
1951 A
1950 A
104
85
105H
9
106H
35 H
35
43 H
38 H
38 H
101
106H
104
137
43 H
36 H
44 H
206
38 H
39
207
37 H
38H
451
37H
45H
38 H
475
68
68
71H
31
55 H
55H
56H
249
90 X
58
90 H
"_49
60
1955
1955
y
bb
y
bbbl
Southern Ry 1st cons g 68—1994
Devel A gen 4s series A
1956
x
bbb3
90 H
y
bb
59 H
48
_
y
y
bb
y
239
161
St Louis Dlv 1st g 4s
76 H
48
80 %
81X
119
bbb2
_
81
1951
y
bbb2
~77H
*80 H
77
So'westem Bell Tel 3 Ha B—1964
1st A ref 3s series C
1968
x
aaa4
110
110
x
aaa4
cccl
109 H
31
4
z
109 H
29
109 H
^♦Spokane Internat 1st g 58.1955
Standard Oil N J deb 3s
x
aaa4
106H
106H
106 H
9
x
aaa4
105
105 H
19
104H
105H
38
100
100
5
105H
106
29
cons
5s..1944 F
1953 J
Gen refund s f g 4s
Texarkana A Ft 8 gu 5Ha A.1950 F
3s debentures
1943 J
Texas A N O con gold 5s
bb
x
aa
105H
bbb3
x
2
4
x
x
aaa4
J
x
aa
"i05H
*127 H
aaa3
A
"113 H
x
28
90 H
106 H
106 H
106 H
*77
3
106 H
bbb3
62
Gen A ref 5s series C
1979 A
O
bbb3
60 H
Gen A ref 6s series D
1980 J D
bbb3
141
106 H
""2
61
"96 ""
30
61H
20
60
2
62 H
60 H
H
a
Tex Pae Mo Pac Ter 5 Ha A.1964 M S
106 H
30
82
4
Texas A Pacific 1st gold 5s..2000 J D
Gen A ref 5s series B
1977 A O
7
90 H
107
62
43
96
5
H
96
1960
y
b
2
63 H
62
64 H
85
Jan 1960
y
cccl
23 H
22 H
24 H
362
*101H
104 H
Third Ave Ry 1st ref 4s
♦AdJ Income 5s
ybb
|*Thlrd Ave RR 1st g 5s—1937
3
30 H
48 H
53
M 8
J
aa
y
ccc3
29
z
b
45 H
45 H
50 H
42 H
58
63H
80H
Wash Term 1st gu 3
Ha
1st 40-year guar 4s
52
65 H
83
95 H
42
61H
14
68
28
30
10
b
50 H
51H
z
cc
z
cc
z
b
z
cc
8H
8H
7M
z
58
214
8%
70
J04H
104H
7%
105
92 H
92 H
96
60
*31
y
b
A
x
aaa3
x
65
Westchester Ltg 5s stpd gtd.1950 J
D
x
x
aa
x
aaa3
J
J
x
aaa3
J
D
x
a
128
aaa4
D
M S
J
60
78
108 H 112
102
15
109H
33
101H 107
100H 107
81
113H
99H 101H
103 H 108 H
128 H
111H 115H
104 H 111H
76 H
92
108 H
103 H 107 K
77 H
55
102
104H 110H
53 H
72 H
53 H
72
53 H
72
1952 A
11
109H
114H
1
HON
7
90 H
ser
O
x
aa
A—1946 M S
z
z
107
30-year 5s
i960 M 8
♦Westphalia Un El Power 68.1953 / J
West Shore 1st 4s guar
2361 /
Registered
y
2361 J
1955
97 H
Wisconsin Public Service 4s..1961 J D
f*Wor A Conn East 1st 4 Ha.1943 J
J
45
66 H
57
74
75
aaa2
ccc2
z
cccl
z
cccl
z
cc
aa
106H
1
103H
2
96 H 107 H
100H 107
115
1
29
27 H
21
6%
6H
9H
103H
96
111
8
6H
110
115
109H
1
107H
108M
3
103H
13H
31H
14
*5H
109H
3
110 H 116H
22
106 H
27 %
1
x
27 H
64 H
50 H
18H
32
....
.
28H
28 H
81
10 H
35
11
....
103H
115
115
82 H
51
106H
3
bb
53 H
106H
H6H
bbb3
79
28
47 H
46 H
*114H
18H
50
....
51 %
108 K
10H
10H
77
27 H
51H
51H
z
88 H
76 H
*
x
♦Certificates of deposit
|*8u A Du dlv A ter 1st 48.1936 J/N
♦Certificates ol deposit..
Wisconsin Elec Power 3Hs—1968 A O
59
74 H
74 H
y
Winston-Salem S B 1st 4s._.1960
J*Wis Cent 50-yr 1st gen 4s.. 1949
78
74 H
107 -T
95
14
b
x
...1947
14H
13H
72 H
76
Wheeling ALE RR 4s
1949 M 8 x aa
Wheeling Steel 4Hs series...1968 F A xbbb2
Wilson A Co 1st M 4s A
13H
93 H
103
79
2
13H
J y bb
J y bb
104 H
72
73
14
bb
z
107H 112
93
74 H
2
104 H 110H
114H 120
X|
107
cccl
♦5s assented
2
Western Union Teleg g
4HS.1950 J/N ybb
25-year gold 5s
1951 J D y bb
Conv deb 3Ha
102
107
ccc2
.1946 M 8
!♦ Western Pac 1st 5s
103
J xbbb3
1977 J
West N Y A Pa
gen gold 4s.. 1943 A
104H
92 H
103
92 H
O xbbb3
70
108 H 109 H
120
128 H
108H
4
H
62
37
106H 109 H
1
128
110H
104H
.....
97
31
114H
108H
3
95
16
*108H
128
82
78
aaa3
Gen mtge 3 Ha
1967
West Penn Power 1st 5s
E—1963
1st mtge 3 Ha aeries 1
1966
West Va Pulp A
Paper 3s__.1954
Western Maryland 1st 4s
1st A ref 5 Ha series A
66
40
*61
9H
63 H
9
59
A
4
38
59
9H
9H
9H
101H 106 H
5
95
b
3H
4
28
79
47H
4
5
79
79
13
5
38H
8%
....
1945 F
51H
14H
9H
112
8H
92 %
1945 F
31
41
r
.
7%
cc
y
.
8H
8H
cc
z
..
8H
cc
z
47 H
7H
7H.
cc
z
20
9
8H
*
48
10 H
25H
....
....
109 H
30 H
6
*11H
84 H
82
12H
29H
z
Washington Cent 1st gold 48.1948 Q Af
73 H
63
13H
b
1
84
68H
54H
102
71
ccc2
z
O y b
8 y bb
30
79 H
46 H
z
2
111H
52 H
70
7
67
107H
D xbbb2
1955 A O ybb 2
1948 M
65
107H
^♦Warren Bros Co deb 6a__—1941 M 8
Warren RR 1st ref gu g 3 Hs.2000 F A
53
......
1945 J
...1955 A
1
65H
♦Ref A gen 5s series B
1976 F A
♦Ref A gen 4 Ha series C—1978 A O
♦Ref A gen 5s series D
1980 A O
Walker (Hiram) G A W—
50 H
40
84
107H
g 4s._ 1941 M S
Ha A *75 M S
Walworth Co 1st M 4s
6s debentures
Warner Bros Plct 6s debs
107
1
84
2
gen 5
High
3
52 H
aaa2
1939 J/N
l42d gold 5s
1939 F A
♦1st lien g term 4s
J
1954
♦Det A Chic Ext 1st 5s
J
1941
l*Dee Moines Dlv 1st 4s..1939
J
♦Omaha Dlv 1st g 3Hs—1941
O
X*Wabash Ry ref A
No. j
High
109H
x
I Wabash RR Co.—
IMst gold 5s
A/JoJedo A Chic Dlv
Jan. 1
52 H
......
J y bbb2
O ybb
A
Since
Ask
A
109 H
109H
2
x
Range
Friday's
Bid
Low
8
M S
50 H
57
Price
Railroad & Indus.
Cos.(Concl.)
M
2
Range or
Sale
See i
Va Elec A Pow
3Ha ser B—1968
Va Iron Coal A Coke
1st g 5s. 1949
Va A Southwest 1st
gu 5s...2003
let cons 5s
195s
Convertible deb 4 Ha
122
110H
90 H
a
129
6
106 H
J ybb
7
110
110
4
17
113M
aaa4
x
"l2
113H
aaa4
A xbbb3
1959 A O
1965 J/N
Texas Corp 3s deb
z
29
77 H
110H
Rating
30
75
bb
1956
1996
STOCK EXCHANGE
Week Ended Dec. 27
30
76 H
1956
107H
35
81H
Devel A gen 6s
Devel A gen 6 Ha
Mem Dlv 1st g 5s
106
97 H 102 H
47H
J y bb
O x bbb2
110H
101H 108H
5
102
1981 MJV yb
San Fran Term 1st 4s
102 H 108
115
> 119
"25
105H
4s (Cent Pac coll)
1949 J D y bb
1st 4 Ha (Oregon Lines) A.1977 M S y bb
Gold 4 Ha
1968 M S y b
Gold 4 Ha
1969 J/N y b
1946 J
108 H
H
99 H 104H
102
O *bbb4
10-year secured 3Hs
4
108 H
bbb3
Gold 4 Ha
10
109"
27
71
12 H
94
103H
8
107H
108H
55
Last
Elig. A
Y.
yfrflnteo Ry 3Ha series A...1966
67
14 H
29
103 H
104
*117
3
x
Term Assn St L 1st
3H
26
70
70
x
debenture
1953
Studebaker Corp conv deb 6s 1945
Superior Oil 3 Ha debs
1950
Swift A Co 1st M 3Ha
1950 Af N
J
Tenn Coal Iron A RR gen 5s. 1951 J
4
93 H 100H
24 H
70
ibbb2
2 H»
High
1H
52
cccl
y
1961
N.
1H
99
1950
So Pac RR 1st ref guar 4s
1st 4s stamped
No. Low
73
H
52
1
z
South A Nor Ala RR gu 5a..1963
South Bell Tel A Tel 3Ha—1962
BONDS
Since
Jan. 1
100
4
Socony-Vacuum Oil 3s debs_1964
3s debentures
2H
2
S3
z
102 H
103 H
Skelly Oil 3s debs
Range
Friday's
A
Ask
Week's
Friday
Bank
Range or
RaXing
See a
EXCHANGE
Week Ended Dec. 27
3861
Week's
Friday
Bank
30
10H
4H
22
....
4H
106
9
110H
Youngs town Sheet A Tube—
11H
95
25 H
101
Conv deb 4s
1948 M 8
x
4
a
z
c
a
*5H
2
x
107 H 110H
4
102H
102 H
6
14
101H 109H
Tokyo Elec Light Co Ltd—
Tol A Ohio Cent ref A Imp 3 Ha *60
Tol St Louis A West 1st 48—1960
O ybb
43
Tol W V A Ohio 4s series C—1942 M 8
Toronto Ham A Buff 1st g4a_ 1946 J I
Trenton G A El 1st g 5s
1949 M 8
A.1953
♦Tyrol Hydro-El Pow 7Hs—1955
Trl-Cont Corp 5s conv deb
J
94 H
H
3
a
x
94 H
8
73
1
*
aaa3
98
*107
1
*
z
b
z
y
A
121H 125
108H
109
104
80
78
14H
21H
b
O
J|*Unlon ElevRy (Chic) 58.1945
UdIod Oil of Calif 6s series A. 1942 F A
3s debentures
1959 F A
95 H
77
65 H
27
cccl
Ujlgawa Elec Power s f 7a—1945 M 8
J
Union Electric (Mo) 3Ha.—1962 J
66 H
82 H
96" "99H
*124H
1
A
1952 F
♦Guar see a f 7...
40
*105
4
x
65
43
aaa2
x
J y bb
J/N
94
46 H
73
D yb
1
D xbbb3
1953
1st 6s dollar series
13 H
27H
21H
80
60
99 H
106H
105H 109
z
cccl
*7H
X
aaa4
107H
107 H
107*31 112 H
106M
aa
x
106 H
7H
9
3
105H
105
105 H
100H 106 H
aaa3
114H
100 H
114H
114H
110
"Toe"
*106H
71H
107H
71H
86 H
*107H
87 H
aaa4
x
*99H
100 H
aa
Union Pac RR—
1947
1st A land grant 4s
1970
34-year 3 Ha deb.
J
A
aa
United Biscuit
United Clgar-Whelan Sts 58.1952
United Drug Co (Del) 5s
A
a
4
bb
1953 M S
3
b
O
100 H
100 H
105 H
106 H
3
aaa3
3Ha debs>..1955 A O
100 H
99 %
3
aa
35-year 3 Ha debenture.-.1971 M N
Ref mtge 3Hs ser A
...1980 J D
4
86 H
115
92H 101H
92 H 101H
101H 106H
104 H
-
38
108 H
68 H
77 H
75H
90 H
108
110 H
«
United States Steel Corp—
debentures—
May 11941 MN
Nov 1 1941 MN
.8753
1.00s
aa
2
x
aa
2
x
aa
2
*100
x
aa
2
I Negotiability impaired by maturity,
t The price represented Is the dollar quota¬
per 200-pound unit of bonds.
Aocrued Interest
payable at exchange rate:of
$4.8484.
% The following Is
a list of the
x
aa
2
*100H
aa
2
*100 H
......
*100
Industrial Rayon 4Ha 1948, Deo. 27 at 105.
t Companies reported as being in bankruptcy, receivership,
Section 77 of the Bankruptcy Act, or securities assumed by such
•
....
....
100H
100H 100 H
Nov
1 1943 MN
1.25s
May 1 1944 MN
x
aa
2
*100H
100
1.375s
Nov
1 1944 M N
May 1 1945 MN
x
aa
2
*100H
100
100 %
100 H
x
aa
2
*101H
100
102H
Nov 1 1945 M N
May 1 1946 MN
x
aa
2
102 K
x
aa
2
*102H
....
x
aa
2
*102
....
1.85s
1 1946 MN
May 1 1947 MN
x
aa
2
*101H
1 1947 M N
x
aa
2
*101H
MN
MN
MN
MN
x
aa
2
*102 H
x
aa
2
x
aa
2
*102 H
*102 H
x
aa
2
x
aa
2
x
aa
2
x
aa
2
x
aa
2
x
aa
2
x
aa
2
*103 H
102
x
aa
2
*103H
Bonds selling flat.
Cash sale transacted during the current week
x
1.80s
-
Nov
1.90a
Nov
1.95s
May 1 1948
2.00s
Nov
2.05a
May
2.10s
Nov
2.15a
May
2.208
2.25s
Nov
May
2.30s
Nov
2.35s
May
2.40s
1 1948
1 1949
1 1949
11950
1 1950
1 1951
1 1951
1 1952
MN
..—Nov
2.45s
1 1952
May 1 1953
Nov 1 1953
May 1 1954
103
^
m .
.
.
.
—
....
.....
102 H
....
103 H
....
....
....
....
103
rl04H 7*104 H
*103
104H
104 H
103H
104 H
*103 H
104 H
104 H
.
.
.
m — .
aa
2
aa
2
aa
2
x
aa
2
Corp6 Ha A..1961
1951
1951
♦3Hs assented C
1951
♦Sink fund deb 6 Ha ser A.1947
♦3Ha assented A
1947
United Stockyds 4Ha w w„1951
Utah Lt A Trac 1st A ref 5S.1944
Utah Power A Light 1st 56—1944
z
*103H
*104H
29H
29H
10
....
....
15
....
*102 H
x
5
*103 H
x
1 1954
May 1 1955
5
103 H
*102 H
......
2.60s
2 55s
2.60s
2.65s
....Nov
•Un Steel Wks
♦3H8 assented A
♦Sec s f 6 Ha aeries C
....
.
29
ib
*
1
100 H 102 H
100 H 102 H
100
103
100 H 103
100 H 102 H
100 H 102 H
100 H 102 H
100
103
100 H
y
Indicates those bonds we believe ara not bank eligible due either to rating status
provision in the bond tending to make lt speculative,
Indicates Issues in default, In bankruptcy, or In process of reorganization.
or some
s
The rating symbols
A great majority
of the Issues bearing symbols ccc or lower are In default.
100 H 103
100 H 103
100 H 104 H
100H 103 H
Transactions
103 H
100
104 H
18
36 H
30
3
20
20
35H
36 H
30
30
xbbb3
92 %
91H
36
'""I
30
1
United
Total
Mis cell.
Municipal
States
Bond
Shares
Bonds
For'n Bonds
Bonds
Dec. 27, 1940
Saturday
34 H
Monday
36 H
Tuesday
6,989,000
6,561,000
832,950
84
93 H
30
96
104 H
23
95
Sales
$82,000
86,000
$4,308,000
7,869,000
68,000
7,253,000
47,000
71,000
7,752,000
10,916,000
$354,000
$38,098,000
$414,000
$3,812,000
817,660
20 H
20
25
State
Railroad A
Stocks
420,992
35
York Stock Exchange,
New
Number of
Week Ended
794,000
624,000
HOLIDAY
Wednesday
105H
x
bbb2
104
104
92 H
104H
x
bbb3
105H
104 H
105H
x
aa
2
*111H
109
109H
x
aa
2
*111H
109
109
838,362
1,272,540
Friday--
9,872,000
551,000
973,000
4,182,504
Thursday
Total
Vandalla cons g 4s soles A..1955
Cons s f 4s series B
1957
the
at
Daily, Weekly and Yearly
33
"36"
cccl
z
z
All issues
bearing ddd or lower are In default.
100 H 103 H
36 H
bond
The letters Indicate the quality and the numeral immediately
the bonds. In all cases the symbols
will represent the rating given by the majority.
Where all lour agencies rate a b nd
differently, then the highest single rating Is shown.
following shows the number of agencies so rating
100H 103 H
1
....
In this column are based on the ratings assigned to each
by the four rating agencies.
103
29 H
.....
30
z
and not Included In the year's range.
A Bank Eligibility and Rating Column—x Indicates those bonds whloh we believ
eligible for bank investment.
99 H 103 H
100 H 104 H
101
104 H
1.75s
No sales transacted during current week.
Friday's bid and asked price.
♦
100H 100H
100
101H
1.125s
1.625s
or reorganized under
companies.
100H
x
1.50s
New York Stock Exchange bond Issues whloh have
been called In their entirety:
None
*100
May 1 1943 MN
.6258
,75s
x
May 1 1942 M N
Nov 1 1942 MN
.60s
only
tion
e
U N J RR A Canal gen 4s... 1944 Jf S
Serial
r Cash sale; only transaction during current week,
a Deferred delivery sale;
transaction during current week,
n Odd lot sale, not Included In year's range.
$34,388,000
$3,356,000
7,154,000
Jan. 1 to Dec. 27
Week Ended Dec. 27
Sales at
New York Stock
1940
1939
1940
Exchange
1989
4,182,504
204,456,732
256,955,321
$354,000
Stocks—No. of shares
4,183,390
3,366,000
34,388,000
$710,000
6,973,000
35,687,000
$38,613,000
213,754,000
1,391,622,000
$310,493,000
249,579,000
1,439,081,000
$38,098,000
$43,370,000
$1,643,989,000
$1,999,153,000
Bonds
Government
State and foreign—
—
Railroad and Industrial
t
Attention la directed to the new
Total
column incorporated in this tabulation pertaining to
-
bank eligibility and rating
of bonds.
See note * *Dove
f=41
New York Curb
3862
Exchange—Weekly and Yearly Record
Dec.
28,
1940
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unJees they are the only transactions of the week and when miiid* outside
of the regular weekly range are shown In a footnote In the week In which they occur.
No account Is taken of such sales In computing the range for the year
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week
beginning
Saturday last (Dec. 21, 1940)
on
and ending the present Friday (Dec. 27,
entirely from the daily reports of the Curb Exchange itself, and is intended to include
bond, in which
dealings occurred during the week covered.
any
bales
Friday
Pan
Acme Wire Co common-10
Aero
Last
Week's Range
for
Sale
|
stocks
of Prices
Low
High
Friday
Week
Price
Range Since Jan. 1, 1940
Low
Shares
18 H
20
1814
Pat
High
13
May
20%
18%
—-1
July
Jan
|
22%
Jan
22%
Mar
-1
6%
6 X
6%
600
4%
Alnsworth Mfg common..5
5%
5%
o
11%
800
4
May
300
10
Jan
14%
May
IH
200
1% May
3%
30%
Apr
75N
104% 105
93%
94
50
Class B
Air Associates Inc (N
Air
J)..l
11
Investors common—*
Conv preferred
11
1%
IN
*
17%
Warrants
Alabama
ht
Southern..50
Gt
Alabama Power Co $7 pf-*
-*
Allegheny Ludlum Steel—
7% preferred 100
100
$6 preferred..
75%
104%
94
120
40
Dec
"it
Apr
June
84%
Apr
Nov
90%
May
108%
Apr
82
May
z58
98
Mar
111%
July
111%
July
2
Feb
3
Aug
*
11 lance In vestment
May
7% Nov
% May
1%
Feb
Allied Intl Investing
$3 conv pref
2
15
15
15
150
25
Class A conv com
153 %
152k 154"
T266
6% preferred
100
Goods Mfg-..*
Aluminum Industries com-*
113
112N H3N
1,200
Ltd common.*
72
Aluminum
6%
preferred.
8
May
July
108
5%
71
73%
95
95
1,900
200
Book Co
"34%
""SO
4%
"34"
"T%
10c
A common
Common class B
4
%
700
%
10c
%
Class B
%
Bell Aircraft Corp com...1
Bellanca Aircraft com...
Bell Tel of Canada
Bell Tel of Pa
Benson A
100
100
6%
4,800
22%
5,600
4
,
Conv preferred..
100%
35
35
35
'it
25
X
12 60 preferred.
39
•
39
27%
26%
%
Sept
Blue Ridge Corp com
1
%
%
#i«
500
•
38
38
7
Dec
1%
4
Dec
49%
Apr
7%
Apr
%
8%
Nov
2%
Nov
'n
Dec
20%
June
80
% May
$3 opt conv pref
7%
*
1st preferred
%
27%
100
25% June
35
200
22%
June;
33%
%
June;
18X
17%
X
%
'it
4,600
%
Dec
10%
10%
100
9%
May
May
July
May
"28%
112 X
2%
29%
27%
2,500
38
7%
300
1%
200
25
Bourjols Inc
Bowman-Blltmore com... *
Jan
%
%
2%
%
Amer Lt A Trac com..—25
12%
25
900
27%
1,500
%
31%
Apr
May;
19%
Apr
8%
6%
Am Superpower Corp com *
6%
1st $6 preferred
*
%
50%
50%
$6 series preferred
*
7%
6%
2%
American Thread 5% pf—5
*
"~2%
Angostura- Wupperman —1
Apex Elec Mfg Co com...*
%
Jan
60%
Dec
109%
Apr
7%
4,100
4%
Aug
10%
May
May
6%
Mar
*16
28", 500
%
Dec
75
Jan
Jan
800
May
2% May
17
400
1
3%
Feb
2%
Deo
%
May
2
Feb
May
15
Apr
6% preferred
8
8
8
Feb;
%
Jan
May,
2%
2%
Apr
8%
Apr
1%
400
Arkansas P & L $7 pref...*
1
May;
6% May
Dec
85%
8%
5%
4%
200
4
600
4
Dec
May
May
Associated Elec Industries
£1
Dec
§AsRoclated Gas & Elec—
ht
%
2,400
...1
Ht
'll
llt
*
1%
1%
Assoc Laundries of Amer *
9,700
1,000
%
1%
%
%
700
'it
%
%
60
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries.. 1
100
2%
2%
Atlantic Coast Line Co..50
Atlantic Rayon Corp.—.1
"3%
14%
3%
3
540
3%
900
%
2%
1%
1%
*
3%
5
5
200
14
15
1,100
3
700
2%
1%
4%
17%
4%
17%
200
100
Mar
5%
Jan
8%
Aug
Feb
Oct
»ii
Jan
Nov
%
5%
Jan
Apr
%
Apr
Jan
Dec
*11
Feb
2%
Apr
Apr
108
Oct
June
June
4%
23%
3%
Dec
6
%
Dec
2%
2
May
11% May
1%
Sept
% June
3
Dec
3%
13
May
Apr
Jan
Feb
Mar
Nov
5%
19% May
3% Nov
Jan
1%
6%
7%
Feb
Mar
*
Barlow A Seelig Mfg—
$1.20 conv A com
Feb
Apr
100
1,100
18% May
3%
30%
Apr
27%
7%
4,400
4% May
8%
May
35%
1,600
May
35 %
Dec
4% May
7u July
% Mar
7%
Apr
%
1%
Nov
2%
34
27%
7
27
35
6%
34%
6
1%
5
Basic Dolomite Inc com—1
Bath Iron Works Corp
3
Sept
1%
4%
3%
6,000
6
%
1%
300
3,400
9%
"6%
10
200
6%
6%
24%
200
23%
dep rets ord reg. .10s
British Col Power cl A..
May
3
Jan
Class A preferred.
16
preferred
Bruce (F
L) Co
EE
15
53
4,600
18
8
May
3% May
9% May
ji.iy
15
May
Feb
10
*
3%
1%
22
Mar
Feb
36
.May
Dec
5%
600
7
Dec
18 %
Feb
1%
200
1%
2%
May
1%
10%
3%
2,700
30
1%
10
Dec
1%
*
.6
common
Bruck Silk Mills Ltd
Line
May
June
38
Feb
May
1%
Dec
4%
200
6H
.1
iv
11'«
Jan
100
3%
Dec
3%
Dec
50
$1 60 preferred
1st
85
26
preferred
28
19%
18%
96%
"11%
11%
•
Bunker Hill A Sullivan 2.60
Burma Corp Am dep rets
Jan
Oct
11%
7%
Dec
24%
Dec
Oct
1,700
150
16
May
90%
9
Jan
Vot trust ctfs
May
4<s
Feb
22%
108
Jan
Jan
#I8
*16
10%
700
1%
300
2%
Jan
Dec
June
1%
1%
Apr
»u
600
Dec
Dec
%
60c
14%
N
%
200
May
%
1,500
Burry Biscuit Corp.. 12%c
Sept
3%
Apr
Dec
18%
Mar
Feb
2%
1
Jan
Jan
Mar
Cables A Wireless Ltd—
Am dep 5 %% pref she £1
Caiamba Sugar Estate..20
Calllte Tungsten Corp
1
10
10%
1%
1%
Camden Fire Insur Assn..6
Canada Cement Co Ltd..*
Canadian Car A Fdy Ltd—
7% partlc preferred..
Canadian
Capital
Marconi
City
$6
200
9%
July
22
Jan
5,300
4%
Dec
11%
Apr
June
2%
1%
100
1%
%
%
2,300
H,
1
%
6%
"
""a
'""466
"5% "5%
'""loo
37%
37%
111% 111%
200
'lt
111%
7N
♦
1st partlc pref
Cent Hud G A E com.—
3
2%
128%
*
.
9%
7%
1%
1%
25
May
4%
May
May
97%
May
rll2
May
109
7%
♦0%
15%
6%
6%
May
6
May
12
June
23
3,500
"260
3%
275
98
43
98
13%
13%
400
2%
200
4%
41
May
7%
20%
May
3%
May
1%
2,100
98
134%
Dec
6%
Nov
June
Jai
49
Dec
103
"94%
"93"
8%
8%
69%
Jan
100
12%
Nov
Jan
"95"
"326
106%
87%
Nov
8%
300
6
'A
May
105%
10%
95%
"l"3%
Cent A South West UtlJ 60c
Cent States Elec com
1
May
118
10
Dec
17%
112
Feb
Dec
Apr
Apr
Nov
%
Ht
%
%
1,900
%
Dea
'at
'16
Deo
%
Jan
ioo
%
%
%
14,500
1,550
'32
preferred
%
Dec
2%
Jan
preferred
6%
7%
100
2%
2%
%
2%
1,700
Dec
8%
Jan
%
%
125
%
May
7i«
%
500
N
Dec
2%
2%
Jan
%
4
3%
5%
5%
12%
12%
107% 107%
200
Conv preferred
100
Conv pref opt ser '29.100
Chamberiln Metal Weather
Strip
Co
5
Corp common...io
Cherry Burrell common. 5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach. .4
4
Cities Service common
$6 preferred
preferred B
"l*2%
.
Chief Consol Mining
l
Chllds Co preferred....100
60c
10
127% 128%
4%
"43"
•
Cent Maine Pow
7% pf" 100
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
Dec
15
•
preferred
1%
9%
27
86
8%
$7 dlv
»ie
Dec
Ma)
May
18%
37%
•
7% 1st partlc pref... 100
Celluloid Corp common. 15
Apr
4%
Carrier Corp common
1
Carter (J W) Co common. 1
Castle (A M) common.. 10
CatalJn Corp of Amer... 1
Celanese Corp of America
Apr
Oct
6%
14%
•
Products...
20
1%
♦
preferred
Apr
4%
25c
Carnation Co common...*
Carolina P A L 87 pref 1.1*
May
13%
4%
Products...*
Carman A Co class A
Class B.
1%
5%
1
Cartb Syndicate
10
17
26
Can Coloulal Airways
I
Canadian Indus AlcoholClass A voting
•
Class B non vot
*
.
Apr
19%
97%
11%
Jut
Cable Elec Prod com... 50c
86
3867
*
Brown Rubber Co com... 1
10
__"_*
I "I*
pref I*
preferred
City Auto
.
16
•
Brown Forman Distillers. 1
86 preferred BB
Cities Serv P A L 87
see page
%
Charts
1
Barium Stainless Steel...1
18
3%
com
Bardstown Distill Ino
Jan
July
Aug
4
Baldwin Locomotice—
30
Mar
3%
10
Ayrshire Patoka Collieries 1
com.
20
%
3%
Nov
14%
Warrants
1
Am
Casco
68
July
1%
500
2,500
11%
6%
Oct
12
5,300
3
Avery (B F) & Sons com.5
6% preferred w w
25
6% preferred x-w
25
4.000
15%
Jan
May
1
100
99
Apr
May
*!•
1
.*
Assoc Tel A Tel class A.
7% preferred
% June
June
Mayf
Apr
Buff Niagara A East Pow—
Dec
75
200
14%
Feb
Jan
400
%
*
20%
20
Am dep rets ord reg... £1
Buckeye Pipe
31%
51
Dec
7% July
7% June
Am dep rets ord bearer £1
Jan
"65"
36
May
British Celanese Ltd—
11,,
May
Oct
1%
55%
Apr
June
%
*
May
Mar
1%
23
Dec
20
Jan
JaD
4%
14%
Jan
4,300
5
'ii
Dec
17
Apr
3
2%
Auburn Central Mfg
Automatic Products
1%
49
34
25%
%
Apr
M ay
3%
May
29%
3,200
Mar
36
May
May
13% May
65
May
'16
17
Apt
May
25
May
Mi)
Ml)
10%
4,100
73
Feb
30
12%
27%
Jan
1%
10
1%
16%
Feb
Apr
Nov
29
100
1%
2%
»is
11%
or
Fei
*
Nov
4,700
5
11%
4
Dec
*
A
British Amer Oil regis
British Amer Tobacco-
20
6
Atlas Drop Forge com..
Atlas Plywood Corp
350
13% June
11% May
100
Mar
8%
1,100
550
1%
Atlas Corp warrants
%
50
18%
7%
1
%
49
7%
48
6%
%
49%
Brillo Mfg Co common...*
Class
Mar
8%
1%
900
2
7
1,300
4%
•
100
10
7
1%
Purch warrants for
1%
30%
Nov
1%
Babcock A Wilcox Co
*
30%
1%
22
Mayj
Common cl A non-vot..*
common
30%
B.
Nov
2%
8%
36
100
preferred
Apr
9
Aug
8
3,200
11
Ht
5%
Class
7%
10%
100
1%
Aviation & Trans Corp
Axton-Flsher Tobacco-
2",400
"in
550
800
—
"~i"% "In
♦
Preferred
45
Mi)
June
'A Nm
2% Jun«
3% Ml)
1,500
1%
Automatic Voting Mach
2,300
2%
1%
V t c common
7%
10%
15%
1
Atlanta Birmingham &
Coast RR Co pref
6%
1%
1%
Class A
7%
10%
2%
8%
1
June
700
15%
Arkansas Nat Gas com...*
$5 preferred
Apr
33%
3%
1%
250
100
%
%
Common
Dec
3%
"63"
Republics
10
Amer Seal-Kapcommon._2
5
4
Jan
'it
Amer Potash A Chemical.*
Ashland OH A Ref Co
39%
114%
Jan
Apr
Jan
4,200
IBrown Co 6% pref
Amer Pneumatlo Service.*
Amer deposit rets
%
Brown Fence A Wire com. 1
X
30%
2%
*11
14%
1%
%
Mar
25
100
..*
Apr
Nov
Dee
Sept
Mar
175
Amer Mfg Co common. 100
1
1%
%
%
2%
4%
Machine
Jan
May
1,700
2%
Aeronautical.-.!
Nov
6
22%
7%
2%
%
Bridgeport
8%
lug
48 %
3%
1
Ma}
12
31%
31%
17%
11%
18N
10
Mat
40
Mai
34%
17%
Aro Equipment Corp
Art Metal Works com
4%
2%
»n
Mi)
22% May
26% May
17
Amer Laundry Mach_..20
Apr
Mar
39%
107%
Amer Hard Rubber Co..50
jArcturus Radio Tube
14%
June
Bridgeport Gas Light Co.*
37%
300
33
Anchor Post Fence
Ju'y
Juim
4%
%
100
Brewster
Jan
111% 113
3%
2%
29%
American
'i»
10%
36%
16%
4%
1st preferred
preferred
2d
Jan
May
25%
33
Amer Meter Co
Sept
28
•
7%
Jan
26
12,600
29
Amer Maracalbo Co
Dec
100
*
.
Breeze Corp common
31
28%
preferred...1
Preferred
♦6%
»u
100
Borne Scrymser Co
Apr
Mar
26%
Export Lines com..l
preferred
4 1 %
JlltH
*
1%
Amer Foreign Pow warr...
preferred
100
Amer General Corp com 10c
82 conv preferred
1
125
30
3,000
May
33%
1,800
"
Amer Fork & Hoe com...*
%%
136
Apt
Foundry
common
7%
Oct
25
23
Feb
8%
Jul}
100
Mar
32%
Ma>
1,700
*
*
7^60
American Gas & Elec_..10
88
8H
Jul}
23
6,000
11%
5%
Ma>
'»<
Blckfords Inc common
Birdsboro Steel
6
15
114
Berkey A Gay Furniture.1
Blauner's
Nov
Ma>
3
180
♦
•
May
FpI
3%
13%
1,500
6%% pf.100
Blumenthal (S) A Co
%
EE
3%
Bohack (H C) Co com...*
37%
18%
...
22
Apr
•n
■
5%
21%
3%
Nov
35%
For footnotes
100
6%
119%
87 X
Jitas=
1
Hedges com..
Brill Corp class A
.1
Baldwin Rubber Co
1
192%
10
Class A
Aircraft Corp
7%
109% May
1%
Apr
*11
"lJO
Cynamld class A.. 10
Class Bn-v
6%
Beech
Jan
May!
Hig
12
20
17%
110%
65
25
conv
3%
3%
1
nref
conv
7%
Sept
1,100
8%
Class A with warranta.25
$2.50
50
SI
16%
18%
1, 1940
Low
Beaurilt Mill* Inc com.. 10
17%
Amer Cities Power & Lt—
4
Beau BrummelJ Tie# I tic
1
May
.....
*
$5.50 prior pref
*
Amer Centrifugal Corp_..l
Class A.
Range Since Jan
Shares
Brazilian Tr Lt A Pow.. .*
S3 preferred
Amer
High
Bliss (E W) common
90
7i«
100
Amer Box Board Co cora.l
Amer
Lou>
Nov
May
American Capital—
Class
Price
17%
4
42%
American Beverage com..l
American
Week
May,
138%
16% June
100
.
Nov
17
Aluminum Co common...*
Aluminium
for
of Prices
Baumann—See "Ludwlg*
A Machine Co com
—*
Allied Products (Mich)-.10
Week's Range
Purchase warrants
Alles A Fisher Inc com---*
a
Jan
7
Sales
Last
Sale
STOCKS
(Continued)
Supply Mfg—
Class A
It is compiled
1940).
every security, whether stock or
Stamping...I
"69%
■
50
'
2
2%
4%
50
10
50
96
May
117
69%
150
55
June
83
100
6
May
*16
aie
"9%
7%
600
4%
4%
9%
5%
77%
5,300
1,800
6%
64
6%
11
*n June
%
7
Aug
29%
4
Jan
6%
49
May
3,500
69
4%
7%
13%
10
68%
10
68
July
Sept
June
%
4%
May
85
8
6%
100
69
69%
40
45
May
81%
95
95%
60
85
May
115%
93
93
10
75
May
110
4% May
7%
J*n
Jan
New York Curb
Volume 151
Friday
STOCKS
bast
(Continued}
Sale
rtw
Price
Week's Range
of Prices
H*gk
Low
for
Week
Range Since Jan. 1,1940
1
16
16
16
X
X
50
Si«
12
700
Clayton A Lambert Mfg..4
X
3X
Cleveland Elec Ilium
*
'38~X
38 X
~39~"
"266
30
Cleveland Tractor com
*
5X
5X
800
4
700
Cllnchfleld Coal Corp__100
2%
2X
5X
2X
Club Alum Utensil Co
3
2%
3
*
600
Cockwhutt Plow Co oom..»
Colon Development ord__
6%
conv preferred
£1
Colorado Fuel A Iron warr.
Colt
~~3~X
Patent Fire Arms.25
79
Dec
X
Mar
Mar
May
May
48 X
Feb
Feb
2X
Nov
Falrchlld Aviation
1
Fairchlld Eng A Airplane. 1
Falstaff Brewing
....1
Fanny Farmer Candy.... 1
Fansteel Metallurgical
♦
Fedders Mfg Co
6
3 X
1,900
X
100
3H
May
May
1,600
3X
Dec
67
Feb
8X
2X
Jan
4X
Jan
Jan
7X May
May
88
June
70 X
Feu
2X
Jaq
May
Columbia OU A Gas
1
67
IX
IX
7,000
51
1
Dec
Commonwealth A Southern
Warrants
Commoner
lit
V t
e
ht
ext to 1940
Dec
28,900
Distribution..!
1X
Community Pub Service 26
Community Water Serv__l
Compo Shoe Mach—
22 %
~22X '22X ""456
Oct
Jan
IX
Dec
38 X
Apr
X
Apr
X
13 H
14 X
600
10x
Sept
X
100
X
Dec
42 X
14
200
X
1
X
21X June
X Deo
May
IX
IX
IX
IX
500
X
Aug
IX
Oct
1,200
IX
May
3 X
Feb
18
Feb
Conr> Gas A Coke Secur—
Common..
*
S3 preierred
Conn Telep A Eleo Corp..!
IX
ConsoJ Biscuit Co
1%
J
Coneol G E L P Bait com.*
4 X% serlee B pref
4% pref series C
100
100
66
66 X
1,600
118X U8X
40
ill
110
30
108
IX
23 X
h%
110
1
IX
23X
24 X
750
3X
Coneol Min A Smelt Ltd..6
Coneol Retail Stores
65 x
118H
110
Cousot Gas Utilities.....!
3X
300
IX
700
preferred.. .....10f
Roll A Steel
91
*
Cooper Bessemer
*
prior
S3
com
preference
4X
90
UH
9
*
nx
8X
.....
X
X
Oorreptt A Reynolds.....)
*
Oosdr* Petroleum com..
Ltd
9
700
X
X
200
1
150
X
X
May
X
Dec
9X
Nov
May
11X
Dec
ex May
11 X
May
33 X
6X
Nov
Nov
1
Nov
May
3X May
X May
Dec
IX
Feb
May
X
77 X
Feb
2H
Apr
Apr
7X
Jan
...6
12 X
5X
X
*
IX
13X
9,100
ex
1,900
X
X
IX
100
2
700
4X
700
X
""166
2
4X
4
1
1
7% conv preferred
26
Crystal Oil Ref com
»
$6 preferred.........10
Cuban Atlantic Sugar
6
6
Darby Petroleum com
5X
'"5~X'~5X
""566
IX
IX
108X 108X
100
'l08X
210
3X
iox "~9% "iox
1
Stores
28
"Ix
100
28
'""600
10
IX
IX
3X
Dec
IX
Apr
Jan
July
»»• May
5
Sept
7X May
15X May
X May
Feb
IX
X
Dec
12 H
May
Sept
2%.
77
2X
77
"400
25
10X
10X
1,900
2X
53 X
2X
1,300
7% 1st preferred
.
35X
53X
35X
12
12
12
Eastern States Corp.....*
87 preferred series A...*
96 preferred series B
*
Easy Washing Mach B
"l6X
•
16
X
15X
15X
x3X
325
1,300
75
X
Nov
Apr
Nov
28
Apr
Mar
13 X
Jan
Apr
Apr
X
May
25 X
May
June
4
12 X
/ Jan
Mar
5X
Mar
Mar
32
Mar
110
IX
Jan
Mar
78
May
64
May
Dec
X May
57X
58X
..*
66 X
66
67
»
11X
1
"l2X
10X
IX
12X
11X
IX
12X
28
28
warrants.....
16
'~3~X
3X
3X
1,700
1,700
1,650
1,300
200
25
800
Empire Diet O 5% pf 100
Empire Gas A Fuel Co—
6% preferied
...100
6X% preferred
100
7% preferred.......100
8% preferred
100
Empire Power part stock.*
*11
—
—
-
30
—
Mar
Apr
Mar
25X
H
110
.....
WO
May
48
May
1
Apr
Apr
X
Deo
IX
Jan
....
—
------
-
--
-
-
-
m
m,
mm m
1
.....
-----
-
—
-
-
------
-----
*
------
-----~
-----
-----
-----
jm —
-----
------
— -
"
-----
—
mm
8X
19 X
4X
—
-
-
-
-
—
-
-
------
-
-
Nov
101 x
91
Mar
7X
Apr
------
Oct
OX
Apr
6X May
2,600
200
4X
17
Deo
400
20
4X
91X
Deo
Nov
40
Feb
May
5X
6X
9X
32 X
nx
Apr
Apr
Nov
Apr
Apr
Apr
106
•is
Feb
X
IX
Nov
7i8
1,100
----
......
26
Feb
100
1
Oct
15X
IX
16X
300
11
June
18
Oet
30
33
600
18
June
33
Dee
200
4
June
8
Apr
ht
— —
Dec
May
4
------
8X
8X
17X
4X
Deo
44 X
4X May
40x July
------
—
---
11X
May
87
150
98 X
Aug
May
88
------
97 X
97 X
8
32
-
-----
—
-
lx»
-
-----
——————
IX
15X
33
lu
Jan
28
Oct
Jan
X
Apr
Apr
3X Sept
79X May
IX
Jan
4X
5X
4X
5X
129
Jaa
..—25
32 x
31 X
32 X
7,300
25X June
preferred
*
9X
------
^
.
-
-
-
*18
6%
conv
Heel a Mining Co
Helena Rube ostein..
Class
""27"
21
IX
5X
22
Preferred
Preferred
25
w w
ex-warr
June
17 X
JaD
8X
Jan
Hubbell (Harvey) Inc....6
Humble OU A Ref.......*
66
Oct
Hummel-Roes Fibre Corp
75X
Oct
20
Jan
75
75
82
100
June
May
55 X June
preferred
88 X
Oct
89
56
June
91
26
Mar
Dec
Nov
May
------
------
12 X «12X
75
300
8
May
3X
13X
200
60
May
92
100
13 X
May
22 X
June
nx
arl7X «17X
10
10 x
7X
8X
"
•
m*
— —
«•
7X
-
-
—
33
A
-
—
—
May
9X May
300
-
14 X
—
-
Dec
x5X
500
—
"50
Feb
29 X
Jan
2X
33
—
6
300
12
12
-
June
3X
Aug
120
"30X "30 X
Jan
26
May
""50
108
July
13 X May
47X May
4X
Feb
■
'
"*61X "Hx ~6§X "MOO
5X
5%
900
X
7
X
IX
7
X
IX
37 X
X
7X
X
IX
37 X
3X
Oct
X
700
7
400
......
3
Illinois Iowa Power Co..
29 X
6
29 X
6
30
6X
Dec
Dec
X
Deo
IX Dec
28X May
2X Mar
21X May
4X Mar
100
800
50
600
1,000
1,900
Oct
Nov
27
— — — — —
Oct
20 X
27 X
24
— — -
-
AIM1
Mar
11
——
8
5% conv preferred—50
Dlv arrear ctfs
Apr
12 X
-
72 X
A.
5X
Hydro Electric Securities
Hygrade Food Prod.....6
Hygrade Sylvanla Corp..*
14
-
.100
1
Jan
May
7X May
23 X May
Oct
91
7
-----
•
..
May
4X
100
Jan
—
•
V t c for 1st pref
4
100
9X
Apr
3X May
22 X Sept
Jan
7X
—
Hussmann-Llgonler Co...
Huyler's new com
6%
May
8X
29
-
O Co common..!
Hardart—
11
3,500
11
9X
12X
3X May
57
5X
5X
75
1
Horn A
57
50
May
IX May
-
Heyden
Apr
20
Jan
—
m
.25
Chemical......10
16
------
Henry Holt A Co part A..*
Hewitt Rubber common..6
28
80
Nov
4X May
600
Heller Co common......2
May
May
75
Dec
X
IX
200
2
11
9X
•
Horn A Hard&rt Baking..*
Oct
May
9ie
"27"" """266
IX
11
*
Apr
80X
Feb
May
"ix
22
25c
A
28
Dec
20 X
62
.
preferred—60
May
May
1,000
------
IX
Horder's, Inc
Hormel (Geo A) A Co com*
6X
Nov
5X
~""x """200
-----
—
Corp..,......*
Hearn Dept Stores com..5
Horn (A
33
May
3
-
mmmmmm
Haieltlne
Apr
Jan
June
107X
100
8X
25X
8X
25X
B non vot common..—1
Nov
Jan
102
50
------
Jan
X
Jaa
89X
Jaa
nix
115X Sept
3X Nov
14
Apr
40X May
Apr
70X
Jaa
IX
Feb
X
2X Jaly
Hat Corp of America—
IX
3X
30
109X 109X
112X 112X
------
Brewing Co....I
Dec
14
Apr
Apr
X
May
7X May
X May
10 X May
21
May
2X Sept
76
July
Nov
2X
8X
51
Jan
X
40 X
iox
Holophane Co common.
May
135
Aug
June
X
36
Dec
Nov
Apr
Jaa
Apr
Nov
Nov
4X
123 X
1,200
------
UX
U4X
May
40 X
14 X
42
X
May
May
IX
60 X
2X
50
128X 129
*18
4X Sept
88
1,375
-----
*
4
98
610
Gypsum Llme<fcAl abas tine*
Hall Lamp Co........—fi
Hammer mill Paper..
10
Harvard
800
5X
96
96
Gulf States UtU 95 50 pf. *
90
4X
6X
May
May
12X
80 X
ll»
Mar
May
700
6
75
footnotes see page 3867
Apr
Apr
06
65
-
Jan
/
For
Feb
50
400
Bollinger Consol G M
71
"200
20
Deo
n.
X June
X
2,700
Mar
IX May
26
May
75
~22~X
----
2,000
----
-
41
l32
Hires (Cbas E) Co...
71
"22"
-
*17
Feb
IX
Jan
14
58.600
.
Mar
Dec
May
~~9X
Jan
Apr
350
"~3X "3X
.....
15X
4
9
-
182
2X
8X
12
3X
-
9X
IX
12X
16
57 X
—
Oot
Nov
25
400
--
Jan
IX
IX
ht
July
275
•
-
July
78
1
X May
16X
700
55 X
29
•
6
13
Economy Grocery Stores.*
Elee Bond A Share com..6
4
67
66X June
20 X
600
3X
——
X
55 X
------
..100
Hoe (R) A Co clase A...10
2X
55X
36X
X
X
55X
Greater N Y Brewery....1
Ut Northern Paper.....25
5
10 X
-
90
62
1,200
1GX
—
....10
Hartford Elee Light....26
"266
*
10
4X
16
Feb
86 X
-
'
"moo
1
4
4X
16
stock..—*
Hartford Rayon v t 0
1
Hartman Tobacco Co....*
X
prior pref—...100
Emerson Elec Mfg
IX
23
107 X
preferred.......100
Eastern Malleable Iron..26
Option
oom
Apr
67
6%
Eleetrograpbio Corp
Elgin Nat Watch Co
Non-vot
Kept
6
30
-
•
-----
X
X
93
15X
IX
25 H
Common............
preferred
Elee P A L 2d pref A
*
Gulf OU Corp
9H
7X
200
—
-
»
—
No*
IX
2X
Dec
75
—
,.
preferrsd
Nov
East Gas A Fuel Assoc—
<6
B
.*
Guardian In vest ore
June
100
preferred....
GUebrtet Co..
Nov
Durham Hosiery cl B com *
96
Gilbert (A C) common...*
Preferred
Grocery 8ts Prod oom_.25c
6X
Duro-Test Corp common. 1
4
Georgia Power 90 pref...*
95 preferred
.*
Greenfield Tap A Die
3X
23 X
-
Nov
May
Nov
100
73
—
Dec
54X
July
IX
Dec
X May
20
L
Deo
37 X
106
Nov
200
22
88 X
12'
30
98
May
7
75
88 X
Jan
July
May
May
32 X
44
.-.4-
6% preferred A
100
Gen Water G <& E com...l
13 preferred
18 X
4X
23X
60
200
Apr
12
375
52
20 X
Nov
Apr
87 X
12 X
7
Dubiller Condenser Corp.l
Duke Power Co.......100
■
IX
4X
*
44
32
48
"*
May
81
10 X
13
10
38
32
48
Aer
**
16 X
18
June
Apr
IX June
100
300
55
12
Dominion Tar A Chemical
Jan
70
*10
"166
X June
Great Atl A Pae Tea—
300
Dominion Steel A Coal B 26
200
X
2,500
Gray Mfg Co
21X
1
Apr
X
Jan
May
June
Us May
Ltd—
common.
1,300
Jan
17
July
58 X
Apr
Feb
4X
3
600
Dominion Bridge Co Ltd.*
20 X
22
Grand Rapids Varnish... 1
29
dep rets ord reg_..£l
Dlveo-Twln Truck corn._l
*11X
21X
17 X
8X
X
Jan
Jan
Am
8X May
20
21X
8X June
600
58 X
Feb
Oct
2X
Apr
4,300
•
7i«
19X
Nov
Diamond Shoe common..
Nov
IX
*X
58 X
32
May
2
300
IX
25X
Jan
June
1
21
33
ix
X
con v
rSX May
103
20
96
Gorbam Inc class A
Feb
X
18X
Jan
X
1
preferred...... *
Common.
Goldfleld Consol Mines.. 1
Goodman Mfg Co
50
Feb
900
12 X
1,000
General Tire A Rubber—
Jan
Dee
IX
100
2,000
*
Oct
X
IX
IX
Gen Pub tterv 90 pref
4X
Feb
Oct
Feb
X
------
6% pf 100
8
19
Feb
20
preferred
*
Gorbam Mfg common.. 10
14
preferred........10
Duval Texas Sulphur
Nov
Dec
70
115X
23 X
Gen Rayon Co A Stock...*
Genera] SbareboldingsCorp
97
84X
IX
Warrants
Class
2,900
1
Eagle Plcber Lead
IX
Mar
X
»
Gen Outdoor Adv
Jan
'"""26
1
preferred
Feb
i6I~"
X
96
Apr
Aug
36 X
21
X
23X
X
Investment oom.l
10X
Nov
Dec
Jan
9X
9X
Glen Alden Coal........*
Godehaux Sugars class A.*
1,600
400
General
Feb
2X May
16
July
Mar
9X
61X May
84 X May
.
8 X
2X
I'X
9X
Amer dep rote ord reg.£l
Gen Fir#proofing com
*
Gen Gas A El 6% pref B ♦
Gladding MeBean A Co..*
112
Apr
June
9X
1
Oct
Dec
May
Apr
28
9X
9X
General Alloys Co.......*
Gen Electric Co Ltd—
May
IX
1,300
Gellman Mfg Co corn
X
May
May
6X
IX
i
22X
July
1
12X
10X
1
eonv preferred—.100
Nov
108
Apr
1
......
conv stock
4%
Dec
3
De V11 bias Co common.. 10
preferred...
Feb
18
Jan
X
5H
Detroit Steel Prod......10
preferred..
Feb
IX
"ioi"
Detroit Gray Iron Fdy._.l
Det Mleb Stove Co com._l
Draper Corp
May
8X
IX
5X
20
Driver Harris Co
4
3
A eonv preferred
*
Detroit Gasket A Mfg...l
Llouors
Apr
IX
95 prior pref....
50
8% debenture
100
Derby Oil A Ref Corp oom*
Detroit Paper Prod..
X
3
1
Dennlson Mfgcl A com..6
w w
Jan
IX
3X
24X May
6X Dec
X
6X
"~3X
conv........36
Decea Records common..1
Aug
3X May
4
Davenport Hosiery Mills.*
Dayton Rubber Mfg
11X
18
6
Curtis Mfg Co (Mo)
900
X
Cuban Tobacco com.....*
Cuneo Press 6 X% pref TOO
Curtis Llgbt'g Inc com 2.50
X
600
Crown Drug Co com
25c
2,900
12X
5X
CrowD Cork Internet A..*1
Dobeckmun Co
J*D
98
Jan
May
13 X
Crowo Cent Petrol CMd).6
7%
Dec
Dec
IX
IX
6 H%
7X
Dec
Crowiey, MUner A Co
Distillers Co
May
Dec
1
Distilled
Nov
Jan
55
50
5% preferred...... .100
105
June
9X
200
Game well Co 96 conv pf.--*
Gatlneau Power Co—
Deo
2
*
7%
May
4
6
Crocker Wheeler Eleo..
0% preferred
2X
Feb
Apr
2
6X
5X, May
33
May
......
68
31
Oct
8
300
......
67
......
Dec
7X May
3X Nov
6
Sept
17X May
200
113X 114
......
Mar
IX
150
.....
Feb
25 X
2X
100
.....1■
Common.
.....1
Conv partlo pref.....15
Fruebauf Trailer Co
l
Fuller (Geo A) Co com
1
99 X
Apr
IX
400
.....
Jam
•11
Aug
Dec
20 X
800
9X
8X
11
H May
19
3,500
25
High
Dec
Froedtert Grain A Malt—
Jan
23
.....
100
iox
3X
7X
......
Fox (Peter) Brewing Co..6
Franklin Co Distilling
1
Nov
120
Oct
7
200
2
......
•
83 X
May
4
8X
Class B voting
*
Ford Motor of Franoe—
Amer dep rets... 100 frcs
112 X
3 X
84
50
Ford Motor of Canada—
Class A non vot
2X
1,550
2,700
20 X
6
9,100
9X
8X
......
£1
June
IX
X
nx
•
Dec
IH May
""7OO
Florida P A L 97 pref
Ford Motor Co Ltd—
Am dep rets ord ref
May
Sept
18
60
"~8X
70
*68
J
Croft Brewing Co.
Dejay
veb
60
Creole °etroleum
Clase A
Dec
....£1
*% «onv preferred
Court auldu
7,500
""356
Copper Ranee Co.......*
Coraueopta Gold Mines 6<
preferred A...
7X
91
"s"
1
Cook Paint A Varnish
X
45
IX
7X
Cont G A K 7% prior pf 100
Continental Oil of Mex
J
Cont
65 X
75
Coneol Royalty OU
10
Consol Steel Corp com...*
Fed Compress A W'b'se 26
Flat Amer dep rets
*18
9X
3X
7X
24 X
7X
24 X
Low
200
20 X
2
9X
May
6
Fire Association (Phlla) 100
57
2X
......
Range Sinee Jan. 1.1940
Share
6
X
19X
2 X
20 X
......
3H
%
380
Enquire Inc..
......1
Eureka Pipe Line com..50
Eversharp inc com_._.__l
May
Columbia Gas A Elec—
5% preferred....... 100
fi16
20
....
High
6
---
— -
May
4
58X
IX
Oct
-
1
3%
350
6
7X
Emsoo Derrick A Equip..6
Equity Corp common.. 10c
S3 conv preferred..
1
for
Week
of Prices
Low
2
X
79
Apr
17X
3X
78
7
Week's Rang*
Last
Price
Par
Nov
May
Mav
4
"A
3863
Sal«
Sale
High
3H Sept
6X May
Cobn A Roeenberger Inc.*
STOCKS
(.Continued)
Lew
5X
Claude Neon I Igbt* Inc..!
2
Friday
Shares
City A Suburban Homes 10
Clark Controller Co
Exchange—Continued—Page
oaies
Jaa
Apr
Deo
Jan
12
14
Jaa
14X
Feb
36 X
Apr
3X
Apr
120
Jan
:,5X
113
19
Apr
Nov
X
Apr
9X
May
68
Jan
tX June
Dec
X
7X
Dec
2X
Feb
3
Jan
47 X
Apr
5X May
Apr
83X
9X May
New York Curb
3864
I
Friday
Last
STOCKS
I
{Continued)
Par
Sale
Price
of Prices
High
Low
834
9
Illinois Zlno Co
for
Low
Shares
4,200
9
3%
6X
£1
954
Dec
6334
Mar
Jan
6
Jan
12 X
Jan
Jan
7X June
1234
1334
0
July
24 34
Feb
3
Sept
434
July
Indiana Berries
8,000
500
5X Dec
5X May
834
834
600
3%
700
1334
20
10
Mar
22
Mar
21J4
X
X
Line——734
8% pf-100
7% preferred
100
Indiana Pipe
5%
5%
1034
654
834
534
534
1334
534
Registered
—*
Imperial Tobacco of Can.fl
Imperial Tobacco of Great
Britain A Ireland
£1
Dec
July
*i«
Dec
J»u
1
7%
9
100
preferred
Am.10
Insurance Co of No
*72
k
1834
International Cigar Macb
*7254
1834
75
1854
Jan
Inter nat
Internat
Internat
534
534
154
134
Vitamin.—1
Interstate Home Equip.. 1
Interstate Hosiery Mills—*
Interstate Power $7 pref.*
International
Jan
1
Nov
8
Apr
Apr
Apr
634 May
834 June
1934
100
834
3
Feb
1934
400
*16
400
Ye
900
,
Dec
May
Feq
634 May
Sept
134
Apr
Sept
34
ht
H
'""250
"31 k ~32
11H
300
9
2%
354
325
234
34
1,200
1,100
Jacobs (FL) Co
1
*
1
1334
Jeannette Glass Co
*
134
Irving Air Chute
Italian Superpower A
34
3%
9534
100
Julian A Kokenge com..*
Kansas G A E 7% pref.100
Kennedy's Ino
6
34
Monogram Pictures oom.l
X
1834
Jan
Monroe Loan 800
37
Jan
Montana Dakota Util
434
1034
1334
July
Montgomery Ward A
Mar
634
Jan
34
July
Dec
95
9534
101 J*
125
80
70
90
35X
2,000
8
3X
700
450
May
18
103
May
Oct
Dec
98
May
111
June
Feb
IX
IX
IX
IX
800
10 x
10 X
4
200
.
Sept
Dec
900
Nat Bellas Hess
National Candy Co
National City Lines com
Nov
120
Mar
May
834
634
11234
Deo
2J4
Dec
Jan
Oct
Apr
Jan
National Breweries
National Fuel Gas
Nat Mfg A Stores com
National P A L 36 pref
*
95
Mar
7334
Mar
May
IX June
2
Jan
Jan
National Refining com
Nat Rubber Mach
134
Jan
Apr
Jan
Apr
National Steel Car Ltd
Sept
15
Aug
Dec
1034
834
Sept
11
Nov
100
Dec
Nat Union Radio—
Oct
75
Apr
Nebraska Pow 7 % pref. 100
Nehl Corp 1st preferred..*
1334
Nov
4%
100
434
May
*034
Apr
60
3434
Dec
4434
Oct
8,300
June
2534
Jan
Mar
'lok "lox
"260
900
10
234
May
Jan
934 June
434
May
1234 May
100
2
X
7,800
10,700
27X
500
8%
950
2X
he
27%
8
Apr
1034
Feb
Aug
Apr
634
34
Mar
Feb
Nov
634
Dec
Nat Tunnel A Mines
*
»i6
21
13
9
9%
2,400
6% pref class B
Loudon Packing
Louisiana Land A Ezplor.l
Louisiana P A L $6 pref..*
100
24
X
734
4350
1,125
IX
4%
8,500
2354
IX
IX
4X
100
25
25
25
150
"650
Mar
Apr
Dec
1034 May
2X,
3
300
...1
IX
28X
~~ik "2k
28 X
30
"760
1,150
May Hosiery Mills—
J4 pref with warr
...»
IX
IX
1%
454
4%
2,400
Mead Johnson A Co
*
Memphis Nat Gas com..6
140
Merchants A Mfg cl A...1
Participating preferred.*
Merrltt Chapman A Scott *
140
142
200
4X
4%
15X
3X
4%
16
400
3%
100
27
4%
Mercantile Stores com...*
27
4%
5X
100
For footnotes see page
3867.
80
12
May
17334
Dec
26
Jan
Jan
30
Jan
34 May
Nov
434
2134
Feb
Apr
142
1334
1734
Mar
June
10
Mar
May
8134
May
1134
Jan
May
34
Nov
May
Apr
Jan
1134
900
11
1134
3,000
Jan
1134
Feb
1754
May
35
1034
1134
31
Nov
June
634
11
Apr
Apr
4734
1434 May
734 May
10
June
4%
23 34
734
234
100
9534
450
2
*9034
234
400
134 May
7634 June
2
July
434
434
500
334 May
234
*9034
23
—
-
-
23 34
200
734
834
3,300
754
734
25
1034
m
1054
23
Dec
634
Oct
534 May
3
254
34
934
34
934
834
113
400
1,800
1,200
1,600
Jan
Apr
Feb
Jan
Feb
Mar
10
113
'Ik ""3k "4" "i"66o
1234
334
134
1234
May
11734
Apr
8434
May
Jan
1
11034
3*
May
434 May
34 Aug
234
39
434
39
100
25
134 TJan
1834 June
Deo
51X
350
12434
90
124125
534
200
13
1334
700
6654
6834
1,750
3,500
5
5
6754
1
1
1
Dec
1734
49 X
50
734
4934
Dec
110
June
1634
1634
700
100
7
7
7
Jaa
954
Dec
1
Jan
434
Dec
39
Deo
1334
7634
2534
13034
Jan
Jan
Jan
Apr
834
May
1534
Apr
May
6934
Deo
July
July
134
30
Feb
334
Jan
Apr
Apr
834 Sept
1634 May
26*
15
Apr
2834
Jan
May
934
Mar
10334 May
11834
Jan
7
May
1
New York State El A Gas—
2834
2,500
May
10734 10734
20
98
40"" ""496
17
105
Jan
49
2
1634
0
Apr
Dec
July
334 June
1034 May
11
Jan
Jan
Feb
May
34 May
8
May
834
98
25
1334
334
9734
334
034
54«
1134
834
8434 May
3
Jan
109
Niagara Hudson Power-
Jan
20
June
Jan
Jan
Mar
Apr
Deo
30
preferred
N Y Shipbuilding Corp—
Founders shares
534%
preferred
2834
100
25
Jan
Common
2934
134
Apr
Apr
5% 1st preferred.—1100
5% 2d preferred
100
3534
"34k
2
Oct
Mar
10
Jan
May
29
Feb
Jan
17
2
June
434
Apr
Feb
34
Deo
154 May
2134
Jan
234
Jan
5
Jan
42
Apr
Nineteen Hundred Corp B1
N1 pissing Mines
fi
Noma Electric
Sept
Sept
64
July
234
Feb
934
17034
Jan
123
May
334 May
6234
50
6234
249,200
iii«
1,200
34
Dec
334
25
2,400
Apr
534 May
1834
Apr
Class B common—.
5
Class a preferred....100
334
1,000
334
Dec
N ilee-Bement-Pond
30
preferred
North Amer Rayon cl A
Class B common
*
10
85
June
600
50
May
Sept
*
2
354
8834
8834
354
8834
6034
5934
6234
Jan
Nor Ind Pub 8er 6% pf.100
July
34
Mar
Oct
7% preferred
Northern Pipe Line
100
50
May
89
Nov
109
34
34
354
334
34
334
1,400
1,200
34
Deo
754
43
Apr
Dec
634
Jan
92
Mar
Dec
87
Apr
34 May
834 May
3.500
Deo
May
73
8
•it
1
Feb
Feb
534
Feb
9934
Feb
7134 May
934 Mar
634
Jan
Jan
134
125
85
84
Jan
57
May
134
10334
Mar
15
'i«
84
May
2034
Apr
2034
Jan
5234
Nov
7n
15
Dec
5134
100
4434
May
May
34
100
34
Dec
*
Jan
4
275
*
3034
634
Apr
Mar
2834
Dec
34
>168
Class A opt warrants
Class B opt warrants
51
0% prior preferred—.60
No Am Utility Securities.*
Nor Central Texas Oil...6
May
Dec
334
79 34
6234
3
Niagara Share-
May
11
234
234
7834
44,600
7834
6234
Nor Amer Lt A PowerCommon
.1
34
Jan
May
34
...10
39
434 May
May
534
New York Transit Co
34
-----
10934
118
118
118
234 May
111
Dec
May
120
Dec
100
6
May
834
834
2034
2,200
7
May
300
12
29
334
500
May
2634 June
610
134 June
"~8X
2034
20
2754
2734
334
3
Mar
May
834
Northern Sts Pow cl A..25
Northwest Engineering
*
334
95
97
834
10
Jan
25
109k 109k
Novadel-Agene Corp....*
Ogden Corp com
—4
78X
Jan
Dec
12634 July
634 May
1134 May
30
Jan
34
'79X
1
234
934
034 May
27
21
...
634% A preft ired—.100
Apr
1134
Jan
934 Apr
4734 Sept
5
105
5
N Y Water Serv 0% pf.100
100
325
Dec
434 May
_•
Apr
400
4%
July
11834
534
34
Apr
234 May
234 May
30
2
64
*
Dredging...*
McCord Rad A Mfg B
13934 May
1534 May
11434 11434
Mar
...
1
May
5,600
Warrants
N Y A Honduras Rosario 10
N Y Merchandise
10
N Y Pr A Lt 7% pref..100
June
June
25
Margay Oil Corp
*
Marlon Steam Shovel....*
34
*
134
4834
4434
234
634
10834
24
2334 Dec
134 May
334 May
Jan
N Y Auction Co com..
N Y City Omnibus—
10
*
Master Electric Co
Dec
100
*
New England Tel A Tel 100
New Haven Clock Co
*
Jan
...1
Massey Harris common..*
100
3534
1234
134
1434
10
200
*
preferred
32 preferred....
New Jersey Zlno
25
New Mex A Aria Land—.1
New Process Co
1
2234
Dec
834
New Idea Inc common...*
34 May
134 May
30
May
Maniscbewltz(The B) Co.*
Mapes Consol Mfg Co...*
o
Pow Assoc
0%
Oct
June
May
May
Jan
34
75
34
34
10
Jan
Jan
Apr
534 May
0
4% non-cumlOO
34
20
"20k ~23k
Manatl Sugar opt warr...
preferred
34
7.700
26
24%
4X
Conv 7 % 1st pf v t C.100
Lynch Corp common
6
Mangel Stores
cum
1
26
Ludwlg Bauman A Co com*
Conv 7% 1st pref
Common (new)
3%
92
*16
25 X
*16
*
100
100
*
(Herman) Corp
5
Neptune Meter class A
»
Nestle Le Mur Co cl A...*
Nevada-California Eleo—
334
Long Island Lighting—
7% pref class A
Nelson
Dec
July
X
10
....6
*
May
734 June
3,300
2,300
100
1134
14
1334
30c
May
134
15
*136
1134
National Sugar Refining.*
New Engl
1534
434
X
234
534
*136
*
May
35
12X
3X
4%
34%
11X
3X
334
5
*
75
...26
Common
1,200
MOO
234
*
National Tea 534 % pref.10
National Transit
12.50
*71
9
734
22
*
234
1
Llpton (Thos J) Ino—
*
734
"X ~"~X
100
*
Nov
Lit Brothers common....*
Lone Star Gas Corp
May
18
33 conv preferred
60
National Container (Del).l
Mar
June
1134 June
8X
5
*
400
*
.....6
500
com
49
2X
X
27X
834
18
1
230
100
*
..»
8
Feb
__
com
8
3X
99
1
Lehigh Coal A Nav
Nov
1
7034 May
9434 Nov
July
Oct
1034
834
334
*
Leonard Oil Develop...26
Le Tourneau (R G) Ino-.l
3
15
Nov
Mar
Langendorf Utd Bakeries-
Conv preferred
900
180
common
3934
2734
June
May
334
170
Murray Ohio Mfg Co
*
Muskegon Piston Ring. 2 34
Muskogee Co common.
0% preferred
100
Nachman-Sprlngfllled-,
•it
5
June
Lane Bryant 7% pref.. 100
Class B
90
|Mountain States Power—
Navarro Oil Co
Lefcourt Realty com
4334 May
168
Mountain Sts Tel A Tel 100
79
4% conv 1st pref.
Class A
550
51X
18
55
3X
Dec
6
Montreal Lt Ht A Pow.
354
234
May
*16
'lok
1334
600
934 May
7ie Dec
168
Apr
X
1
Kresge Dept Stores—
Lakey Foundry A Mach._l
Apr
734
May
10
IX May
100
Kobacker Stores Inc.....•
Lane Wells Co common.. 1
234
834
Mtge Bank of Col Am she..
111
11X
Jan
May
134 June
Mountain City Cop com.5c
Mountain Producers
10
3
Lake Shores Mines Ltd.—1
IX
034
1
Oct
Nov
100
Moore (Tom) Dist Stmp.l
A
Jan
600
121
Oct
Apr
800
2434
Feb
2,500
May
Jan
Jan
134
Moody Investors part pf.*
Dec
23
35
97
734
19
10734 June
734
113
100
25
Mar
Jan
111«
934
May
334
1
34
1834
X
334
IX
June
734
Monarch Machine Tool
1734
7X
100
Kress (8 H) special pref.10
Kreuger Brewing Co.—1
Lackawanna RR (N J). 100
115
.....
Jan
May
Kelln (D Emll) Co
Koppers Co 6% pref... 100
12
7i«
Mar
Mar
May
IX
134
634
Mar
June
434
100
300
5034
834
12
3 X
5
7
16
934
Apr
34
700
17
5134
32.50
Common
12
34X
com..*
KleinertCI B)Rubber Co. 10
Knott Corp common..... 1
734
Missouri Pub Serv com..*
100
*16
IX
IX
2,200
Mock Jud Voehrlnger-
600
97
Ken-Rad Tube A Lamp A •
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
6% preferred D
—100
Kingston Products...... 1
Klrby Petroleum
1
Klrkl'd Lake G M Co Ltd. 1
6
MlnnesotaP&L7% pf 100
Mississippi River Power—
6% preferred
....100
14
101
35
434
Dec
134
10
17 X
Johnson Publishing Co.. 10
Jones A Laughlln Steel.
July
115
*
1334
X
Jersey Central Pow & Lt—
—100
—.100
100
234
7
50c
17
Iron Fireman Mfg v t O.¬
1,300
16
1
May
9y8
3Ys
934
334
334
34
Dec
2334 May
2% May
034 June
11X
8%
934
9
3
5X
Aug
*n
8
'32"
334
Mining Corp of Canada._*
Minnesota Mln & Mfg...
11,500
934
Nov
300
Midwest Piping <fc Sup.
Jan
834
3X
634
34
Jan
Apr
8%
834
334
3
100
534
1534
234
9
200
.1
Mid-West Abrasive
1
34
334
634
B v t 0
Midvale Co
2,800
X
354
634
Middle West Corp eom—6
Apr
Dec
334
1
v
Apr
5X
200
t 0
Class A
Deo
600
34
434
34
200
634
X
10
Preferred
1634
—1
Investors Royalty
Warrants
10834
103
34
6
Micromatlc Hone Corp..
75
1234
1
—*
13.60 prior pref——...*
McWilliams
Aug
May
May
Dec
Molybdenum Corp
Class B
Mass Util Assoc v t
Jan
•
2334
June
*
11.76 preferred
$6 conv
Feb
4234
preferred
1734 June
5
Locke Steel Chain
36
6034 May
Class A..
preferred
34
334
Dec
32 non cum dlv shares.
International Utility—
6%
Oct
3334
Midland Steel Products—
434 June
134 May
Internat Safety Razor B
Line Material Co
134
40
Metropolitan Edison—
800
*16
*
Coupon shares
6%
7%
100
Apt
"~2k "2k "~2M "moo
Registered shares—
International Products
preferred
preferred
preferred
134
3354
Midland Oil Corp—
International Petroleum
634%
134
3354
Michigan Bumper Corp..l
Michigan Steel Tube_-2.50
Michigan Sugar Co
T,w
534
IX
Jan
1
15
Midwest Oil Co
60
Industries I no—1
Metal Indus A..*
Paper A Pow warr
Oct
25c
Metal Textile Corp
Feb
Internet Hydro Eleo—
Pref 13.60 series
7i»
1,500
Feb
X
High
Low
X
32 conv preferred
1,000
*16
-—1
o common
Range Since Jan. 1,1940
Shares
Middle States Petroleum—
Industrial Finance—
V t
Price
*16
Mesabl Iron Co
Class
1
1940
Week
Apr
Apr
Indian Ter Ilium Oil—
Class B
for
of Prices
Loto
High
Par
Sept
334
Imperial Oil (Can) coup—*
Non-voting class A
Week's Range
Sals
Par tic preferred
Imperial Chemical Indus—
regis
Last
High
June
55
Illuminating Shares A.
Am dep rets
STOCKS
(Continued)
Range Since Jan. 1,1940
Weet
28,
Sales
Friday
Sales
'eel's Range
Dec.
Exchange—Continued—Page 3
934
1534
23
Apr
Jan
Nov
3834 May
834 Aug
Volume
New York Curb
151
Friday
Week's Range
Sale
Par
0/Prices
Price
Ohio E<ll»on $0 pre!..
11634
10934 10934
10934 10934
250
150
20
*
3134
1st preferred.-.2 5
107
Pacific Lighting $5 pref..*
High
Par
24 34
May
95
May
11034
Mar
Ryan Consol Petrol
94
June
111
Nov
Ryerson A Haynes
117
Sept
104
May
11034
Mar
109
Oct
Apr
Dec
Salt Dome Oil Co
Dec
11634 11634
225
100
May
117
Mar
634
50
234
400
434
Nov
Feb
1634
May
2634
May
3434
3134
10834
9534
634
Nov
Jan
Feb
3134
200
110
100
June
40
72
May
84
334
"1734 ~1734 ""166
*
Schlff Co common..
334
Feb
July
Dec
1734
Dec
20
Jan
Feb
Paramount Motor* Corp.l
Parker Pen Co
10
334
"12k "1234
Parkersburc Rig A ReeL.l
Patchogue-Ply mouth Mills *
534
20,600
50
1,000
6
"33"
"34"
""360
Feb
Cent
Airlines
38
May
$0
Penn Salt Mfg Co
11234
...50
18334
Pilaris Tire A Rubber
34
May
3034 May
33
Oct
Mar
34
Sept
3
Mai
3
Oct
'
Apr
534
"Ik
Selby Shoe Co
89
534
50
"450
50
16 34
134
134
34
Dec
50
1534
16
Dec
26
28
700
Dec
May
34
May
116
116
100
34
50
"64 k
"§9k
7.50
"734
334
Common...
Convertible
1
stock
5
$5.50 prior stock
25
Allotment certificates
May
2234
10
116
Dec
19
July
300
44
75
8834
1134
100
134
134
34
234
Jan
34
Dec
Dec
2934
Mar
June
434
95
Dec
May
1334
134
Nov
Nov
»u May
Oct
1
June
34
40
Nov
«x.
11,600
234
5,800
2
Dec
150
35
May
150
37
May
34
2
44
44
45
4434
4434
45
Apr
Apr
134
834
11
Mar
Jan
Jan
34
Aug
34
634
Jan
59 34
60
Apr
Jan
Apr
1
si«
*ie
34
300
Jan
134
Mar
Serrlck Corp
Seton Leather common
1
134
134
134
100
1
May
234
Mar
Sept
834
Apr
434
900
534
334
634
Apr
1134
7234
7534
10934 10934
300
May
May
*
bherwln-Wllllami
7434
Feb
6% cum pref ser AAA 100
192
Nov
Oct
1034
6334 May
1034
53
May
7234
9134
May
2834
834
834
Dec
300
6
334
434
113 34
June
3034
June
25
2934
July
6,100
120
com..25
87
Powdrell A Alexander...5
"Ik
1134
Mar
May
1534
Apr
Jan
Slmmons-Boardman Pub—
Deo
Mar
Nov
Simmons H'ware A Paint.*
Jan
$3
conv
pref
Jan
Apr
1834
May
May
4434
75
39
May
834
4634
75
750
43
May
7334
1334
100
9
May
1434
3,000
65
June
934
Jan
June
3
300
134 May
754
8
400
7
2
Jan
20
1
Prentlce-Hall Ino com
11
Providence Gas
Solar Mfg Co
Apr
Sonotone
Corp
134
Jan
100
334
May
10
May
34 May
44
Jan
Nov
Deo
Bouthwest Pa Pipe Line. 10
22
2234
400
21
Aug
36
Feb
May
Southern Calif Edison—
Mar
Dec
5% original pref erred. 25
0% preferred B
25
Jan
Feb
May
June
07
May
35
5
Jan
934
934
Feb
Apr
103
Oct
107
May
11334
Mar
*
*
Standard Brewing Co
*
Standard Cap A Seal com.l
Conv preferred
10
Standard Dredging Corp—
May
10634 May
6934 May
20
99
June
10434 June
111
Nov
$1.00 conv preferred. .20
11334 May
15
10034 10334
58
6034
1434
15
575
""634 "'ek ""e?4
0% preferred
100
Quebec Power Co
...»
Radio-Kelth-Orphuem—
1,975
900
"366
May
10534
Nov
Common class B
Deo
May
Preferred
9834
9934
180
434 May
Standard Products Co
Standard Silver Lead
Mar
Standard Steel Spring
125
Feb
Standard Tube clB
May
16934
Deo
Standard
8
May
834
»i«
34
4,300
•is
Oct
734
734
25
5k
June
•is
Dec
1634
1634
450
45
45
9
13
Feb
Wholesale
600
34 June
1034
Feb
34
Feb
Raymond Concrete Pile—
$3 oonv preferred.....*
*
1
Reed Roller Bit Co
*
22
1
2034
200
400
34 June
34 May
400
1034 May
434
Relter Foster Oil Corp..60
Reliance Elec A Engrav..5
1
May
34
22
Reeves (Daniel) common.*
Republic Aviation...
1
Rheem Mfg Co
1
Rice Stix Dry Goods.....*
34
134
34
Raytheon Mfg com....50c
Red Bank Oil Co
50
hi
16
Stein (A) A Co
common._•
434
1334
1334
434
434
134
100
10
May
5
6,600
4
July
1334
4 34
134
100
100
2,800
Sterling Brewers Ino
1
Sterling Inc
—1
Stetson (J B) Co com....*
1234 June
334 Aug
134 May
Jan
34
Feb
634
1934
Apr
Mar
Jan
18
Oct
z634
234
Apr
Rio Grande Valley Gas Co•is
1
•is
34
100
95
Rochester GAE10% pfClOO
11634
11
Roeser A Pendleton Ino..*
6
6
Tti
Jan
(Hugo) Corp
5
Stroock (S) Co..
...*
Sullivan Machinery ......*
Sun Ray Drug Co
1
Sunray Oil
....1
5 34 % conv pref
50
Superior Oil Co (Calif)..25
Superior Port Cement—
105
10734
Deo
11634
Feb
Taggart Corp com
1434
Oct
1234
Jan
Class B common
Technicolor Ino common.*
...6
134
Jan
334
Mar
Root Petroleum Co
1
134
134
134
500
334
Feb
1334
334
4
500
Dec
734
Jan
Thew Shovel Co com
100
34
Apr
•is
Feb
1
Tlshman Realty A Constr *
34
42
5734
58
100
June
65
Mar
234 May
•
234
5
Mar
Texas P A L 7%
Apr
Mar
734
Deo
Jan
>11
Jan
Deo
234
Mar
334
12
«i#
334
2,400
1334
900
9 34
100
9?4
1934
300
1834
3534
934
37
934
9
37
108
108
50
34
he
18
800
2,300
108
34
34
18
4,200
1,300
50
Hi
1134
«n
Deo
1034
Mar
Dec
24
Mar
234
1434
Nov
Nov
11
Mai
May
834 May
734 June
1634
2634
May
May
10034 June
34 June
«n Aug
"l2k
Ordinary reg
Jan
Jan
May
Apr
hi May
*ii
Jan
Dec
May
Jan
41
Jan
Dec
134
Fob
21
5,000
May
hi May
47
3934 June
02
Feb
1234
1234
40
1834
434
Dec
500
1034 June
Feb
134
Jan
Feb
2
734
"734 "Ik
'"360
May
33
Jan
6
25
May
934
May
Jan
934
Apr
Jan
634
40
Oct
34
"Ik
334
34
200
2
134
2,000
34
134
Aug
134
Dec
3
334
375
234
May
334
434
34
100
»i»
Mar
34
Jan
Dec
034
May
May
1834
1334
Apr
8
May
15
2
Jan
41
Dec
36
Jao
13
Jan
34
734
1134
934
934
1134
200
934
300
134
1,900
"28"
28
100
300
40
28
134
3334
21
Aug
Feb
May
13
134
40
Jan
6
3
2434
9
3
334
2534
1,600
2434
834
934
7,600
600
July
234
May
934
6
Feb
Jan
Apr
Jan
Jan
Dec
23
834
3034
Jan
May
1634
Feb
114
Mar
103
234
18
734
"62"
734
34
52
434
100
May
2
May
334
Oct
1234 May
2434
Apr
15
Apr
Apr
234
1834
350
734
300
34
400
34
50
4834
434
100
52
7
July
Dec
May
334 May
1034
Def registered
9734
9134 10034
680
Mar
34
£1
...6s
Todd Shipyards Corp
*
Oct
10
»u
40
5
Tobacco A Allied Stocks..*
111
2734
1034
18
1534
47
2054
Fob
4134 May
34
34
1
34
Jan
2
Jan
19
»»
Aor
16
Dec
34
3
'17666
;
Tobacco Secur Tr—
Nov
0
r
Tobacco Prod Exports.—*
3867
34
900
pref..100
Tilo Roofing Inc
May
734
1
Texon Oil A Land Co....2
434
134
334
Dec
$1.20 conv pref—...20
Roes la International.....*
20
254
*
...1
Tampa Electrlo Co com..*
Roosevelt Field Ino
34
Jan
134
Swan Finch Oil Corp....15
Feb
May
May
Nov
1434
200
1
•n
Stlnnes
May
May
94
100
Rochester Tel 034% prflOO
Oct
May
1,100
•
234
2634
6
Apr
434
Dec
1
0% 1st preferred
60
5% 2d preferred
20
Sterling Aluminum Prod.l
Jan
Jan
1134
Jan
July
6
Dec
45
Sept
134 Feb
he June
700
16
16
434
134
m
Dec
1734
634
Oct
Steel Co of Canada—
Sterchl Bros Store*
634 May
Jan
May
Phos¬
*
Apr
Mar
434
1
Corp v t o.l
Ordinary shares
Jan
2
72
17034
5
phate A Add Wks Ino. 20
Starrett (The)
*
34
1
June
34
Option warrants
Ry A Light Secur com
•
Railway A Utll Invest A.l
8
1
Apr
94
834
425
8
*
1034
734
Dec
300
8
*
6234
142
99
500
134
1
1334 May
1134
Jan
29
'"256
134
10
734 May
5834
~19
134
Standard Invest $534 pref •
Standard Oil (Ohio) com 25
$5 preferred
...100
Deo
Mar
Mar
>ii
6
1
Standard Pow A Lt
68
""206
5
"l9"
Spencer Shoe Corp
Stahl-Meyer Ino
Tis June
34
164
Nov
234
19
5k
200
""16
Oct
48
3134
3034
434
*
Spalding (A G) A Bros_..l
6% 1st preferred
*
Spanish A Gen Corp—
Am dep rets ord reg..£l
164*
"_7k "734
25
Preferred A
May
2434 June
60
Southland Royalty C0...6
Standard Oil (Ky)
10134
34
"164"
Southern Union Ga
Public Servloe of Okla—
*
27
300
100
7% preferred
Common
•
35
600
2934
34
Jan
Public Service of Indiana—
$0 preferred
170
3034
Apr
Jan
Feb
109
$5 prior preferred
4734
2934
2934
South New Engl Tel...100
10
rl0434 May
111
46
3034
Southern Colo Pow cl A.25
Jan
Apr
46
534% pref series C...26
May
hs Dec
434 May
Jan
May
Mar
2,900
Apr
Apr
234
28
42
834
5
'"700
May
434
Dec
39 34
Southern Phosphate Co. 10
1,200
May
1
Southern Pipe Line.....10
250
Jan
39
Jan
100
9534
234 May
10534 Mar
25
Penn Oil
Feb
$0 preferred
155
July
South
434
0% 1st preferred....100
7% 1st preferred
100
Puget Sound Pulp A Tim *
Pyle-Natlonal Co com
5
Pyrene Manufacturing..10
Quaker Oats common
*
500
834
8134
2434
134
234 May
834 May
111
134
334
134
95
100
South Coast Corp com._.l
Dec
July
96
100
7% prior lien pref_..100
Puget Sound P A L—
Dec
Jan
134
334
134
234
May
*
0% prior lien pref
Dec
234
300
95
34
Aug
99
Nov
Public Service of Colorado
9534
400
134
834
*
334
34
3
15
4 34
he
*
Dec
he
134
*
Prudential Investors
Feb
100
Dec
4 34
*
34
334
34
334
Dec
334
May
"600
Producers Corp of Nev._20
Prosperity Co class B
"164"
104
Skinner Organ..........6
Solar Aircraft Co
li
June
834
8
100
34
32
1
""926
34
600
Apr
Mar
134
600
20 34
34
Oct
134
934
107"
"s'ooo
*
Pressed Metals of Am
2034
634
June
Mar
134
.100
reg_£l
Bloux City G A E 7% Pf 100
104
Sept
65
*
Jan
34
934
234
1
1
1
Mar
634
100
Premier Gold Mining
2534
134
2,000
19
234
34
1
15 34
334
Pratt A Lambert Co
Jan
300
1
•
Slmpllolty Pattern com..l
Simpson's Ltd B stock...*
4734
1
700
Jan
May
May
5
0
334
Jan
Apr
11434
634
Amer dep rets ord
900
Power Corp. of Canada.
100
May
106
Singer Mfg Co Ltd—
300
•is
6234 June
1834
8
Singer Mfg Co
2,900
"~~k ""34
20
..*
Jan
10
"~"k
11,100
10
Sllex Co common
Feb
3
5
10 34
Sherwin-Williams of Can. *
Feb
Dec
9034
634
4434
6234
1334
434
•it
Apr
3134
634
3
17J4
134
10
25c
For footnotes see page
9
180
1934
.*
Boss Mfg com
634
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Royal Typewriter...
2,100
16
35
Deo
1,000
700
1734
Pittsburgh Metallurgical 10
Russeks Fifth Ave
14
Jan
Selected Industries Ino—
2034 May
*
Pittsburgh A Lake Erie.60
Rome Cable Corp com
Jan
13
1134
8834
*
com
Warrants
112
Dec
Pltney-Bowea Postage
0% preferred D
Water Servloe $6 pref..*
11434
May
634
Pioneer Gold Mines Ltd.-l
Voting trust ctfs..
Jan
1
34
1534
1934
May
9734
tl5834
1
$7 prior preferred
35
116
"2054
*
Scranton Lace common. _•
Scranton Spring Brook
May
10334
70
3
Pierce Governor common.*
Richmond Radiator
25
Mfg..
Scranton Elec $6 pref
Shawlnig&n Wat A Pow..*
100
Conv $3 pref series A. 10
Common
Scovlll
34
Jan
11234 11234
110 34 H034
18334 18434
3034
*
$0 preferred
Dec
Aug
13
13
1
2
34
Phoenix Securities—
0% 1st preferred
134
26
434
1034
600
434
Pnlla Elec Pow 8% pref.25
Potero Sugar common
934 May
Dec
May
May
34
4
Philadelphia Co common.*
Phlla Eleo Co $5 pref
*
Polaris Mining Co
Deo
334
834
27
22
1
Pneumatic Scale com
May
34
1,000
6034
Oct
3834 May
*
Plough Inocom
4834
234
334
Apr
87
89
100
Perfect Circle Co
Pitt* Bess ALE RR
100
334
June
"5334 "~53k "54"
Penn Water A Power Co.*
Meter
5u
Selberllng Rubber com...*
2234
Pennsylvania Sugar com 20
Common
234
34
Jan
Jan
*16
110 34
Phillip* Packing Co.
5,200
1,100
34
"3 k
25
Bhattuck Denn Mining...6
*
Pepperell Mfg Co
334
34
234 May
•
Sentry Safety Control
•
preferred
Dec
8,500
34
64
.*
PennPr ALt $7 pref
82
79
234
7934
6,300
Pennsylvania Gas A Eleo—
Class A common
Apr
Apr
234
34
1134
*
*
$2.80 series pref
234
»n
Pennsylvania Edison Co—
$5 series pref...
Jan
1534
4 34
9
34
May
1,700
434
»i«
May
1434
Feb
Aug
May
Segal Lock A Hardware..1
134
1334
Deo
2
Securities Corp general...*
Seeman Bros Ino
*
83
com.l
3
May
Jan
34
234
®i«
May
34
1,000
1,100
"koo
k
234
1334
1
134
300
Deo
334
1234
1034
Dec
1,200
34
Feb
Jan
Dec
""2k "234" 2i"666
60c
234
Penn
634
30
25
Penn Traffic Co
534
20
Peninsular Telephone com*
Penn-Mex Fuel
234 June
3
Sept
8
May
*
Schulte (D A) com
Conv preferred
July
234
5
8c ul In Steel Co
234
1
High
5
Dec
134
100
Savoy Oil Co
May
134
preferred
Feb
28
10734
3134
8 34
7%
Low
34
34
Samson United Corp com. 1
Sanford Mills..
_.....*
83
American shares
Pennroad Corp com
6
834
Pan tepee Oil of Venezuela-
$1.40 preferred
St Regis Paper com
2134
107
Range Since Jan. 1, 1940
Shares
234
•
54
""3334 "34" "l'eoo
High
434
00m. .1
May
1,300
Low
St Lawrence Corp Ltd...*
Class A $2 oonv pref..50
June
Price
Ryan Aeronautical Co...l
39
50
*
1st preferred
Week
May
1334
3334
Pacific P A L 7% pref ..100
11.30
for
of Prices
2
'11(534
Pacific G A E 0% 1st pf.25
Pacific Public Service
Week's Range
Sale
Oct
534
1334 May
2134
Pacific Can Co common..*
634%
Last
200
21
49
$534 oonv prior pref...*
1
Securities
STOCKS
634
"2134
50
Omar Ine
Oversea*
17
"'ek "6k ""160
5
Oklahoma Nat Gas com. 15
preferred
Low
300
11534 11634
Sates
Friday
2034
100
1st preferred
OUstock* Ltd ocmmon
$3
Shares
3865
(Continued)
Range Since Jan. 1, 1940
96
10934
100
100
Ohio P 8 7% lat pref
High
for
Week
11034 May
*
Ohio Oil 0% preferred._100
Ohio Power 0% pre!
Loto
19
Ohio Bras* Co ol B oom__*
0%
Sates
Last
STOCKS
(Continued)
Exchange—Continued—Page 4
Apr
May
65
134
59
534
Jan
May
1034
34
Apr
10034
Dec
Jan
SBB
r3866
New York Curb
STOCKS
Last
(Concluded)
Sale
Par
Pries
Week's
Rang*
Low
Shares
100
7% preferred
100
Tonopab-Belmont Dev. 10c
May
May
104
*i»
of Nev
To no pah Mining
Trans western
%
4
24
2X
2%
'x#
*it
ht
Trl-Contlnental warrants
Class
2,400
23,700
64
39
6%
6%
22%
224
224
64
64
♦MaranJhao 7a
1958
*134
84
84
3X
Nov
*16
Jan
Dec
z8%
Jan
May
May
10x
39%
3%
Feb
Jan
♦03*8 stamped
♦Issue of
5213*
121**
♦Issue of Oct 1927
34
303*
173*
1%
7%
400
6%
May
8
Jan
Mtge Bk of Denmark 5s '72
♦Parana (State) 7s
1958
17
17
4%
1,800
3%
May
ex
Apr
♦Rio de Janeiro 63*8.1959
7
7
1H
Dec
%
Nov
%
May
Unexcelled Mfg Co——10
34
'3%
3%
200
14
Union Gas of Canada
8%
8X
9
400
7% May
2H Mar
Omaha—100
United
11%
9%
U%
10c
100
Corp warrants.-.
com..—1
United Gas Corp
1st $7 pref.
7X
%
110x
non-voting.*
Option warrants
%
16
Mar
173*
Dec
10 H
Mar
Jan
X
1,000
Oct
3*
Jan
93*
Dec
%
173*
Mar
Apr
65
Friday
Elig. &
Last
Weeks'
Rating
Sale
of Prices
Low
High
X
Jan
Feb
%
Dec
2%
113%
July
ri»
Jan
1st 5s
Jan
1st A ref 5a
1951 x a
1
Jan
1st A ref 5a
1950 x a
i
Range
.
%
Dec
May
*ti
Dec
*i6
8,900
Dec
89
IX
1%
BONDS
Alabama
Power
See
Price
a
Since
I
Jan. 1
Co—
1946 x
105
*1074 108
a
1053* 106 4
*104
103
Jan
1st A ref 5s
1908 y bbbi
104%
1044 1043*
1907 Y bbbi
103
1024 1034
13,000
23*s s f debs
1950 * aa
1960 x aa
1053*
1084
33*«sf debs
1970 * aa
2016 Y bb
1054
2,300
16% May
39
May
27
Apr
"76""
"""16
70
Feb
70
Dec
100
2
Amdeprcta ord reg
United N J RR A Canal 100
X
United Shoe Mach com.25
58%
26
44%
Preferred
United Specialties com
U 8 Foil Co class B
1
U S Graphite oom
"55% "59"
44%
7%
3,025
130
45%
5
8
1
4%
Feb
Nov
Nov
7X
Apr
4%
000
8
64
May
3934 June
83%
46%
Dec
3% May
3% May
9X
7X
Nov
Arkansas Pr A Lt 6s
2024
1956
Feb
Associated Eleo 43*s
1963 Vb
5%
2,000
Apr
Feb
%
16 1st pref with warr—
56%
*
3%
700
56%
3%
1,500
May
*16
3,200
55
8
X
Dec
47
Feb
Jan
June
Mar
May
IX
71
0
Feb
Am Pow A Lt deb 0S
1903
1st mtge 4s
Debentures
1948
43*8
Appalac Power Deb 6s
x
28
1
2
28
150
28
1033* 1054
68,666
20
May
1
35%
904 1054
x
106*j» 1114
103 4 108
a
bbb3
x
bbbi
x
bbb3
3
434 130,000
12 3*
124
124
z
dddl
1949
z
dddl
123*
1950
z
dddl
123*
123*
124
z
dddl
1977
z
dddl
Assoc T A T deb 5 3*8
2%
1,100
May
2X
Apr
2%
%
100
2%
Feb
6%
May
%
100
he
Jan
X
Jan
*
3X
3%
10
2%
Dec
Jan
%
X
Apr
14
1,000
2,200
3
63 J*
13
10,000
11
30
124
204
12 4
61,000
81,000
10
124
124
10
284
124
89,000
10
284
124
03 4
13
18,000
10 4
343*
53
75
3,000
634
*1064 1074
110
110
Avery A Sons (B F)—
United Stores common_50c
A '55 y b
Atlantic City Eleo 33*8
129
1024 108
384 024
10,000
424
1948
1968
1054 100 3*
423*
♦Conv deb 4 3*s
♦Conv deb 53*s
121
*1284 130
106
♦Conv deb 5s
♦Conv deb 43*s
♦Debenture 5s
20
2,000
Appalachian Elec Pow—
Apr
U S Plywood Corp—
1% conv preferred
104
1064
1074 1094
1084 112
4,000
1053* 106
1084 1084
*111
112
§ Associated Gas A El Co—
3
U S and Int'l Securities.
U 8 Lines pref
5%
245%
1%
6
10
10% preferred
Dec
X
500
ht
American Gas A Elec Co.—
May
Jan
239
United Profit Sharing..25c
1064
99
1064
984 1044
19,666
1st A ref 43*s
000
23%
109
1044 1074
15,000
1054
Apr
%
21%
"76"
Range
for
Week
Jan
87% June
Milk Products-..*
—•
Feb
Sales
Bank
Mar
Apr
1%
United Molasses Co—
U S Radiator
46%
Jan
Jan
64%
15X May
20
23%
S3 partlc pref
Apr
June
5
Feb
X
1st preferred
United
3*
♦Santiago 7s
Mar
Feb
3X
Mar
14%
33*8 8 f debs
♦
Common class B
10
Oct
13 X
26 X
3*
93*
3*
Apr
Oct
Dec
93*
%
8%
900
V*
16
26 X
16
9%
Jan
79
United Lt A Pow com A—*
Jan
Sept
10,000
1921
1949
♦53*8
Nov
4,000
*i6
Dec
15
12,000
1,000
♦Russian Govt 03*8—1919
hi
pref-100
United G A E 7%
Jan
Jan
7
21,000
14,000
64
31,200
4
Apr
14
10
*16
250
7
no% nox
%
\»
4
Jan
8,200
iit
United Elastic Corp
May
%
600
%
%
Jan
5%
Jan
8% May
69% May
400
114
*
$3 cum A part pref
Un Cigar-Whelan BUS..
Feb
64 %
9%
United Chemicals com—
103*
June
203*
30>*
lX
United Aircraft Prod
May
June
73*
5,000
10
4
Un Stk Yds of
5X
20
10
♦Mtge Bk of Chile 08.1931
7%
*
Nov
5,000
34
May 1927
14
Union Investment com...•
203*
Mtge Bk of Bogota 7s. 1947
May
4%
800
Jan
144
♦Medellin 7s stamped. 1951
Apr
7%
—
Nov
12
8
1958
Apr
Feb
preferred-——*
1
lUIen & Coser A pref mi¬
series B pref
'
80c coov
2734
4,000
ht
Tung-Sol Lamp Works—1
Udyllte Corp
Apr
Lima (City) Peru—
IX
20
900
High
11
2,000
6,000
Oct
*16
1,600
39
37
Low
$
21%
Dec
8
Corp.—1
A.-------------1
♦Hanover
Apr
Rangs Since Jan. 1, 1940
for
Week
204
%
2
Trunz Pork Stores Inc..
Tublze Chatlllon
Jan
hi
Apr
1939
(Prov) 03*s. 1949
"Hanover (City) 7s
%
2,100
2,000
'it
1
OH Co.--.10
Trans Lux Corp
115
Mar
Range
of Prices
Low
High
Price
High
109
Week's
Last
Sale
1940
28,
Sates
Friday
BONDS
(Continued)
Range Since Jan. 1, 1940
for
Week
of Price*
Low
High
96
Toledo Edison 8% pref
Exchange—Continued—Page 5
Saltt
Friday
Dec.
com
2
U S Rubber Reclaiming..*
2
U S Stores common—--50c
1st 17 conv pref
United Wall Paper
%
2
1X
Universal Cooler class A—*
Class B
Universal Pictures
1
1
1
5X
5%
900
—8
Insurance
com
6
Utah Pow A Lt 37 pref
Utility Equities com
14
"ix
76X
lOo
1
47%
Utility A Ind Corp com..6
Conv preferred
-.7
"2OO
~n%
"ix "ix
76
Valspar Corp com
34 conv preferred
*16
—1
x
19%
6
47%
Venezuelan
"15"
..5
Petroleum
i
7% pref—100
Vogt Manufacturing
•
'90%
Vultee Aircraft Co.—__.. 1
"7X
7% preferred
150
600
19%
8*
1,100
15%
Deo
23 H
Apr
Mar
2
May
1998 * aa
Birmingham Elec 43*8 -—-1968 *
bbb3
bb 3
Birmingham Gas 5s
1959 Y
Feb
Broad River Pow 5e
1954 Y bb
1%
55%
Jan
Apr
ht
38
June
44
894
894
93 4
2
i
Ry 53*S A —1952 Y bb 4
1,000
U54
IX
97%
Dec
Cincinnati St
300
7
700
ex
July
700
3
12
9X
6%
300
%
300
%
May
May
10
74
4%
Apr
75
3X June
% July
Jan
Deo
Apr
Sept
Apr
Apr
4,800
5%
200
Jan
May
IX May
102
3% May
Oct
3%
59
10
31
May
14
May
94 May
10
Sept
34 May
Jan
July
%
2
800
"*800
"5"
Wisconsin PAL 7% pf 100
Wolverine Portl Cement.10
%
"7% "7%
*
~T"
"166
5%
1,800
4 May
74 May
54 May
98
4%
4x
l
May
34 May
44 May
44 Sept
1034
1004
1024
104
784
79 4
15,000
65
69
694
50,000
63
66,606
264
41
75,000
254
414
74,000
904
18,000
64 4
37
11,000
77
934
954
88
834
954 103 4
7,000
784
86 4
87
2,000
70
82 3*
824
824
854 313,000
33,000
844
824
844
4
933*
934
94
94
1949
50
654
854
60
854
66
85
95
71,000
71,000
944
32,000
754
43,000
81
704
Feb
Dec
97
96 4
1014
1254 1354
*129 4
1114
Cont'l Gas A El 5s
*1104 1124
105
1969 * aaa4
6s ser A stamped
Apr
991*
100
*111
1044 1H4
112
Consol Gas Utll Co—
Apr
100
1971 * aaa4
(Bait) 33*sser N
1st ret mtge 3sserP
3%
77
1943
1958 y bb
75
904
924 112,000
53 4
524
3,000
102" 1014 1024 77,000
*100 4 1074
fis.ooo
"884
854
874
88
874
874
63,000
130
*120
80
94
45
014
93
1024
1944 y b
1955
x
a
2
1969
x
bbt>4
2
2
Dec
Eastern Gas A Fuel 4s
1966 y bb
114
Apr
Eleo Power A Light 5s
2030
y
b
4
104
74
74
74
Sept
Elmlra Wat Lt A RR 5a—1956
x
a
4
El Paso Eleo 5a A
x
bbb3
184
2
Feb
1960
97 4
98
904
Cudahy Packing 3%$
Delaware El Pow 63*s
1024 102 4
1054 1054
"2.666
x
bbbi
1953
z
cccl
1967
x
a
3
109 4
109 4 109 4
1954
V b
4
1024
1024 103
1961
7 cccl
1900
x
bbb3
1064
106 4 106 4
x
bbbJ
1064
1054 106 4
50,000
104
744
70
Empire Dlst El 5s
Mar
1054
3,000
107
884
89
110
1254
102 4
106
1014 106
3,000
1954
Sept
99
20,000
98
y b
124 4 130
*1284 131
1954 * aaa4
Oct
♦Brcole Marelll Elec Mfg—
Jan
1952
0 4s series A
124
Nov
Erie
94
Mar
Federal Wat Serv 63*a
1164
54
Nov
Deo
Lighting 5a
45
45
45
23
1,000
5,000
12,000
49
1004 109 4
89
103
Finland Residential Mtge
Banks 6s-5e stpd
Jan
Florida Power 4s
Jan
Florida Power A Lt 5s
4%
4%
10,000
June
124
Feb
34 June
64
Jan
ser
C
*39
78
224
45
1948 2
1943 7
Georgia Power ref
1967 * a
Georgia Pow A Lt 5s
*214
*214
1961
214
Bogota (see Mtge Bank of)
♦Cauca Valley 7s
1948
7
23
204
24
20
Sept
29
Feb
Aug
284
Feb
214
1,000
12
Jan
264
Nov
74
6,000
7
Dec
15
Jan
Cent Bk of German State A
1978 y
♦Geefruel 6s
for
57
984 106 4
1064
100
1953 *
1965 y
Gobel (Adolf) 44s
Grand Trunk West 4s
*20
*20
20
14
284
♦0 series A
1952
—1955
50
50
1953
*20
-
_
*5
4,000
22
20
Nov
264
Dec
18
May
63
Dec
May
49
5,000
12
784
1014 1014
*65
974 102
6,000
21.000
56
94
102
"3"6OO
83
1014
102
674
72
87 4
75
1664
100 4
1004
is'ooo
1
1074
1074 1074
36,000
b
4
b
1
bb 3
713*
714
*20
72 4
10,000
59
75
18
29
"804
804
"804
52^000
654
804
ccc4
3
Gr Nor Pow 5s stpd
.—1950 * a
2
Green Mount Pow 34s.—1983 * aa 2
Grocery Store Prod 6s
1945 y b
2
Guantanamo A West 6s—.1958 7 b
2
1941 y
.1950 * a
89
65
65
2,000
70
78
784
5,000
57
8,000
100
110
110
*107
108
53
52
634
28
294
53
*23
25
23
424
15 4
26 4
*20
1935 1
dd
79
994 108
*25
1938 * cccl
♦Hamburg Elec 7s
91
1104
*56 4
1
1
1948 y c
101
1034 1074
*25
♦Hamburg El Underground
Mar
Nov
6
18
22
*20
22
264
Aug
20
20
1947
Feb
124
78
ccc2
bbb2
Guardian Investors 5s
♦Prov Banks 6s B..1951
"l01%
1956 7 bb
oa
1014 1014
*101
Gen Wat Wks A El 5s
Week
1014
1944 7 bb
6s ex-warr stemped
Gatln»au Power 33*8 A—-I960 * a
General Pub Serv 5a
1953 J b
♦General Rayon 0s A
Sales
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1940
♦20-year 7b
Jan 1947
♦Secured 6s—
95
82 3*
Glen Alden Coal 4s
Ext 58—.
3,000
1952 7 b
63*8
74
54
5
4%
BONDS
Danzig Port A Waterways
♦External 64s
1952
♦German Con Munlo 7s *47
89
*83""
1969 y
7X
6%
GOVERNMENT
Danish 548
90
15,000
94
934
156
..18,000
3
3
3
1958 Y b
Debenture 5s
Cities ServP A L 53*s
138
Gary Electric A Gaa—
,5s
MUNICIPALITIES-
♦Baden 7s
1,000
b
1960 7
Debenture 5s.-
Gen Pub Utll 6 3*s A
FOREIGN
.
b
Conv deb 6s
Consol Gas (Bait City)—
Gen mtge 43*s
Woolwortb (F W) Ltd—
Wright Hargreavee Ltd..*
110
893* 117
12,000
3
Cuban Tobacco 5a
59
54
AND
4
May
2
92
3%
5%
bb
15 X
May
10
3
1304
88
Consol Gas El Lt A Power—
Jan
1
95
10,000
1900 7 b
-
Feb
4
900
1955 Y
Cities Service 6s
Apr
Oct
1%
fie series B
13*
13*
53*
1X
1,600
Tb
1927 2 bb
yb
4
Community Pr A Lt 5a—,.1957 7 bb 3
Conn Lt A Pr 7« A
1951 * aaa4
Aug
May
May
1%
100% 100%
"3%
444
274
884
444
904
Dec
12 X
"
86 4
53*8
16
7%
1%
1%
26 4
883*
1948 y cc
{♦Chic Rys 6s ctfs
63*
924 1004
131,000
*102 4 103
1957 y bb
D
Cent States P AL 53*8—1953
Nov
*16 July
"i%
263*
ser
32%
May
May
May
7%
3%
27
Mar
10
103
26 4
1X
1,900
103
"27"
Cent Power 5s
—1942 * a
Cent States Eleo 5a
**16
1033*
1114
1544 154 4
1024 1024
1034 104
4
1
1954 7 cc 1
Jan
90%
9%
102 4
111
693*
May
15%
1114
111
2
Apr
Apr
1104
Canadian Pac Ry 6s
8t«
July
1184 124
"784
2%
29
124
Canada Northern Pr 5s .—1953 * a
Dec
*16
954 105
101
3
2
IX May
% May
34
Amer dep rets
1960 * aa
C—
Bethlehem Steal 6s
21
1
Petroleum
5s series
3
3
2
Nov
Wichita River Oil Corp..lu
Woodley
1967 * aa
50
10
com
1st 5s series B
1034 110
Bell Telep of Canada—
1%
Williams (R C) A Co
»
Williams Otl-O-Mat Ht—*
Wilson Products Inc
1
Wolverine Tube
3
25
Westmoreland Coal-——20
Co..-
1960 * b
Convertible 6s
19%
Western Tablet A Statlon'y
Common
Wilson-Jones
*100.
1044 1084
5~666
*1014 105
2
30%
4%
100
Weyenberg Shoe Mfg
2
1947 Y bb
80%
Western Maryland Ry—
Westmoreland Inc
1947 7 bb
6a without warrants
Feb
Dec
116"
6s with warrants
May
90%
%
Wayne Knitting Mills—6r
Wellington Oil Co—1
7% 1st preferred
aa
z 48%
1
Western Air Express..—1
Western Grocer oom
20
Aug
6
4%
*
Wentworth Mfg
1.25
West Texas Utll 30 pref..*
West Va Coal A Coke
«
Mar
May
1
24
a
x
Baldwin Locom Works—
18
.....
*
Class B
Walker Mining Co
6%
4
600
*
100
Watt A Bond class A
Mar
2
May
1,500
*16
48
1
9%
»
Wagner Baking v t c
2X May
lhi
Va Pub Serv
Waco Aircraft Co
150
H
1X
Van Norman Mach Tool.5
Common (new)
2~l"66
76 4
"ix
36.60 priority stock
May
x
'04
1%
*
1
Utah Radio Products
X
14% May
"14"
»
Utah-Idaho Sugar
Aug
2% May
0
Sept
15
1
Universal Products Co
Dec
0
July
"lOo
*
Universal Corp v t c
Universal
%
IX
3%
1955
Atlanta Gas Lt 43*s
Mar
74 May
264
Deo
7 4
264
A St Ry 54s
Nov
May
A
I
For footnotes see page
3867.
Attention la directed to the
new
column in this tabulation pertaining to bank
eligibility and rating of bonds.
See t.
New York Curb
Volume 151
Badk
Friday
Last
Elig. A
BONDS
Par
Houston Lt A Pr 3His
See
Week's Range
Sale
Rating
(Concluded)
gf Prices
High
Price
i
Exchange—Concluded—Page
Sales
.1966
x
♦Hungarian Ital Bk 7X8—1963
z
c
1
$3
y
b
2
$71
73
71
71
1949
68 series B..
aa
3
-.1949 y b
2
1967 x aa 3
1953 x bbb3
Idaho Power 3%s
111 Pr & Lt 1st 6s ser A
1st A ref 5%s ser B
1964
x
1966
x
bbb3
106%
106%
101%
101%
6,000
2,000
107%
106% 107
106
106%
101 % 102
100% 101%
73%
73
73
72%
73%
73%
1
80
80
a
3
......
..1966 y b
...1967 y b
1
20
19
1952 y b
_.1957 y b
1
21%
24%
20%
68%
♦Indianapolis Oas 6s A
1962
Indianapolis Pow A J.t 3X81970
*
x
bb
"l.OOO
107% 107%
7,000
19,000
10,000
7,000
106% 111%
81
66
79
105% 109%
107%
98% 107
101
96% 106%
87
102
93
101%
74%
73%
99%
11,000
57
16,000
56
80
3,000
60
$108% 110
......
108% 109%
international Power Sec—
♦8 %s series C
♦7s series B
♦7s series F
Interstate Power 6s..
Debenture 6s
Iowa-Neb LAP 6s
.
1
•
3
70%
38%
1952 y ccc2
....1957 y bbb4
1961 y bbb4
5s series B_.
Iowa Pow A Lt 4%s
1958
♦Isarco Hydro Eleo 7s
Italian Superpower 6a
105%
•
M
$105
v
1962 z cccl
Jacksonville Oas
x aa
mrnmmmm
1
$106%
$20
$
9,000
25
9,000
22
22,000
70% 253,000
38%
19,000
105%
12,000
105%
108%
m
—
— —
-
—
26
m.m mm mm
35
......
17%
43%
21
51%
49%
47%
72%
29
51
19%
103
106%
103
106%
106% 109%
25% 52
29%
42
—
6s stamped............1942 % b
KansasEleePow3Xs
Kansas Gas A E
3
1963 y cc
37%
105
20
1966
6s
ee
.2022
3
x aa
2
x a
2
Lake Sup Dlst Pow 3XS...1966 x a
4
♦Leonard Tlets 7Xa
1946 z cccl
Long Island Ltg 6s
1945
1957
1941
Louisiana Pow A Lt 6s
x
z
bbb3
4
x a
mm
—mm
m-m-mm
128
44% 44%
$104% 110
128
2,000
mm
128
mm
mm
2.000
$108% 111
mm-mmm
104 %
107
$25
40
104% 104%
107
107%
63%
102% 107%
117
128%
104% 109%
39
30
mm—*
1,000
10,000
33
103% 106
103% 108%
Mansfeld Mln A Smelt—
♦7s mtgesf
1
$25
35
6sstamped.......
.1948 y b
4
Memphis Comml Appeal—
Deb 4Xb
1952 xbbb2
75
75
1,000
103
103
1,000
—...
19
23
McCord Bad A Mfg—
Mengel Co eonv 4Xs
1947 y b
-1971 x aa
..1966 x aa
Metropolitan Ed 4s E
4s series G
Middle States Pet 6Xs
Midland Valley BB 6s
1945
1943
2
2
2
2
bb 2
1967 x bbb2
1978 x bbb3
Mllw Gas Light 4X8
Minn PAL 4X8
1st A re! 68
y
bb
y
1956 x bbb3
Mississippi Power 5s
1955 x bbb2
1957 x bbb3
Miss Power A Lt 6s..
Miss Blver Pow 1st 6s
..1951
X aa
2
103
mmmmmm
$95%
mmmmrnrn
108
1960 y bb 4
Nassau A Suffolk Ltg 5s... 1945 x bb 2
Nat Pow A Lt 6s A
.....2026 y bbb2
2030 y bbb2
109% 109%
-WW--
102% 102%
52
mm*
mmm'mmrn
104H
mm-mmm
103M
mmmmmm
mm-
97%
mmmmmm
113
x
aaa2
mm-mmm
x
aa
2
mm-mmm
New Amsterdam Gas 6s... 1948
......
27
110% 110%
128% 128%
3,000
2,000
1,000
12,000
1,000
5,000
1,000
23,000
23,000
8,000
8,000
6,000
15,000
5,000
mmmrnmrn
2,000
1,000
106%
aaa2
5,000
106% 107
92
88%
95
424,000
$121% 123
64
64% 29,000
64
64
1,000
62
62%
63% 63,000
$109% 111
97
97
97% 39,000
99%
98%
99% 100,000
1947 y b
4
......
....1948 yb
4
......
N E Gas A El Assn 5s
5s
97% 97%
100% 101%
$25
1981
x
104
103% 104%
104% 105
108% 108%
107% 107%
2022
Nelsner Bros Realty 6s ....1948 Xbbb3
Nevada-Calif Eleo 5s
1956 y bb 3
104
m.rnmmmmr
Nebraska Power 4X8
6s series A.........
-
105% 105%
104% 104%
mmmmmm
1
mm
55
112% 113
|*Nat Pub Serv 5s ctfs...l978
m
96
108
109%
Missouri Pub Serv 5s
Deb 5s series B
Conv deb 5s..
......1960 y b
4
New Eng Power 3Xs.—..1961 X aaa3
New Eng Pow Assn 6s ....1948 y bb 3
Debenture 5Xs.
..1954 y bb 3
mm
-»—
mmmmrnm
*
58%
99
83
103
81
96%
104% 109%
106
111
91% 102%
61% 70
98
106
98% 104%
102% 108
96
105
97
105%
108% 110%
86
96
109
101
20
98
102%
113%
109
28
108% 111%
120
128%
102
110
62
65
115
122%
61
71%
62
71%
51
71%
110
105
88%
93
99%
100%
New Orleans Pub Serv—
1942 ybb
5s stamped.........
♦Income 6s series A
New
3
bb
4
.1949
y
mrnmmmm
$100% 103
103% 103%
......
8,000
100% 103%
97
104%
81
103%
York Penn A Ohio—
♦Ext 4%s stamped
N Y State E A G
1950
4X8 —.1980
y bbb2
103%
X a
4
105%
x
4 'mkmmmmm
1st mtge 3Xs
1964
N Y A Westoh'r Ltg 4s
2004
Debenture 5s
......1964
x aaaa
Nippon El Pow 6X8
v
.1953
x
a
aa
b
3
1
103% 103%
105% 105%
$106% 111%
$106%
$115
44% 44%
1,000
12,000
mmmmmm
m
„
+
rn
mm----
102% 106%
104% 110%
106%
111% 115%
102
1,000
40
14,000
94
65
No Amer Lt A Power
5Xs series A
....1966 ybb
No Boet Ltg Prop 3%s...l947 X aa
Nor Cont'i Utll 5Xs
1948 y b
TIN'western Pub Serv 5s
Ogden Gas 1st 5s
Ohio Pow 1st mtge
103
103%
104% 104% 104%
50
50
50%
1957 Xbbb4 'm
$103% 104
.1945 ybb 2
113% 113 %
103%
m
3%s.,..1968
Ohio Public Serv 4s
1
Power
.1962
x
aa
x a
4
mm mm
„mmmmm
3
Okla Nat Gas 3%s B.....1955 xbbb3
Okla Power A Water 6s...1948 X bb 4
'mm-mmm
mmmm mm
109
109
108% 109
106% 107%
103% 103%
4.000
6,000
rnmmmw'm
1,000
1,000
14,000
22,000
1,000
103%
35
101
107%
103%
103%
106
53%
100%
113%
110%
109%
Ratino
Sale
(Concluded)
See a
Price
Corp(Can)4XsB
1959
x a
2
b
]
1964
x aa
2
1949
x
♦Prussian Electric 6s
1954
Publlo Service Co of Colo—
1st mtge 3%S
f debs 48.........
s
z
bbb4
71%
Sales
Week's
Range
for
of Prices
High
71%
$20
6% perpetual certificates
Since
%
Jan. 1
1st A ref 6s ser C
1st A ref 4%s ser D
61
109
"loi"
109%
105
105
4,000
6,000
105% 109%
104% 107%
8,000
128
3
159 %
159% 159%
4
lOfif
106
106
10,000
1949 y bb
...1950 y bb
3
101%
3
102
101% 102
101% 102
1950 ybb
3
78,000
86
102
21,000
99% 113,000
83
102
98%
81
100%
89
5%s series A
......1952 y bb 4
♦Ruhr Gas Corp 6%s
1953 z b
1
♦Buhr Housing 0%s
1958 z cccl
88%
89%
80
99
27
27%
18
29%
13%
15
27
13,000
2,000
$20
Safe Harbor Water 4Hs... 1979 x aa 3
San Joaquin L A P 6s B...1952 x aaa2
♦Saxon Pub Wks 6s
1937 z cccl
♦Schulte Real Est 6s
...1951 z cc 2
Sorlpp (E W) Co 6%s
.1943 x bbb2
Scullln Steel Ino 3s.:
t..1951 y b
2
"'5,060
107% 107%
$137% 138%
$20
37
101%
81%
Shawlnigan WAP 4%S—.1907
101
81
86
110%
102%
48
86
87
87
48
b
2
1948 y b
3
69%
1948 y b
1961 yb
3
69%
69
3
70%
69%
69%
69%
69%
z
26%
39
100% 104
67
83
64
2,000
1,000
16,000
53,000
11,000
14,000
91% 91%
103% 103%
110% 110%
102% 102%
47
23
5,000
4,000
25,000
28,000
$104% 106
$105% 108
42%
42% 45
1946 x bbb4
105% 109%
127
137%
12
"37
101%
81%
87
x a
2
1st 4%s series D
...1970 x a
2
Sheridan Wyo Coal 6s
1947 y b
2
Sou Carolina Pow 6s..
1957 y bbb2
Southeast PAL 6s.—
2025 ybb 4
Sou Counties Gas 4%s
1968 x aa 3
Sou Indiana By 4s
...1951 y bb 2
So'west Pow A Lt 6s
2022 y bb 4
1989
161
104% 108
99%
Queens Boro Gas A Elec—
Spalding (A G) 6s..
26%
4,000
x a
S'west Pub Serv 6s
91%
14
71%
30%
y aa
Pub Serv of Oklahoma—
4s series A
-...1966
Puget Sound PAL 5%s
Range
Week
Low
Publlo Service of N J—
64
98%
97%
87
95%
96% 103%
113%
102% 105%
102
37
90
105
53
105%
108%
44,000
40
60
36,000
49
74%
30,000
29,000
6,000
20,000
43,000
49%
74%
74%
Standard Gas A Electric—
6s
dd
Last
BONDS
64
107
107
81 deb 6 %s
May ....1967 y bb 3
Indiana Hydro Elec 6a ....1968 y bbbl
Indiana Service 5s
1960 y b
2
1st lien A ret 5a
1963 y b
2
2,000
110% 110%
......
bbb3
1st & ret. 6s ser C
110 %
3867
Friday
mo. A
Since
Jan.1,
5
30
Hygrade Food 6a A
Range
for
Week
Low
6
Bank
|
(stamped)
Conv 6s (stamped)
Debentures 6s....
1940 z
....
7b2d stamped 4s
♦Terni Hydro EI 0%s
1946 z
....
54%
69
61
68%
69%
21
1,000
52
55
6.000
1,000
12,000
19,000
45
"29"
"97%
60
86
90
"94%
Deb 6s series A........2022 x bb
2
105%
3
3
101%
102%
3
2
4
4%
"67%
1
1947 ybb
2
♦Stamped6a
12,000
85%
97%
99%
48
49
74%
74%
74%
14%
24%
27
55
48
41
48%
38%
21% 46
101% 107%
18
104% 108%
121%
88% 103%
56
6%
114
.....
69
12%
119
20%
16
18,000
8,000
86%
~4~0~666
120
1,000
45%
34
16
.
30
89%
90
$106
107
93%
95%
34%
73
89%
74% 94%
104% 110
78
97%
110
72%
85%
120
89
95% 102
85
105%
99% 104%
101% 101%
104
105%
101% 101%
5,000
19,000
30,000
102% 103
101% 101%
8,000
1,000
95
104
94
102%
4% 121,000
4
4%
"i~8~,666
2,000
3,000
57
3,000
57%
105
10%
109%
107% 109%
104% 108%
107% 117
43
60%
107
110
$108
109% 109%
$101
aaa2
1966 x bbb3
..1937 z bb
I^York Bys Co 5s_.
51,000
106% 106%
116% 116%
109%
2
West Penn Eleo 6e._
...2030 x bbb3
West Penn Traction 5s...1960 x aa 2
West Newspaper Un 6»_..1944 ybb 2
x aa
x
60%
$84%
Va Pub Service 5% A.....1946 y bb
1st ref 5s series B...
.1950 y bb
Deb sf 6s...
.....1946 y b
Wheeling Eleo Co 5s......1941
60
120
...1962 x bbb3
Deb6sseries A.
-.1973 yb
2
Utah Power A Light Co—
1st lien A gen 4%s...„..1944 x bbb3
Wise Pow A Light 4s
"8,666
$20
...
Washington Water Pow 3%s'64
97%
$20
48
109
97%
$118%
$23
1st lien A eons 5%s.—__ 1959 x bbb3
Un Lt A Bys (Del) 5%s...l952 v bb 3
United Lt A Bys (Me)—
Wash By A Elee 4s.......1951 x aa
5,000
9,000
6%
♦United El Service 7s
.1956 ybb 1
♦United Industrial 6%s...l941 z cccl
♦1st s f 6s
1945 t b
I
United Light A Pow CoDebenture 6s..........1975 y b
2
Debenture 0%s...
.1974 y b
2
1954 z cc
29
26% 27%
106% 107%
107%
107% 107%
$121% 123
Conv 6s 4th stp
1950 z
United Eleo N J 4s.......1949 x aaa4
Waldorf-Astoria Hotel—
♦5s Income debt
45
28
27
1953 yb
l
Texas Eleo Service 5s
I960 x bbb4
Texas Power A Lt 6s
..1966 x a
2
6a series A
..2022 y bbb2
Tide Water Power 5s.....1979 y bb 3
Tlets (L) see LeonardTwin City Bap Tr 5%s
1952 y b
|*Ulen A Co—
6s series A
69%
69%
69%
71
69%
21
Debenture 6s....Deo 1 1966 yb
3
6s gold debs
..1967 yb
3
Standard Pow A Lt 6s ....1957 yb
3
♦Starrett Corp Ino 6s...:.1950 z ccc2
Stlnnes (Hugo) Corp¬
us 2d stamped 4s
♦Ctfs of dep
69
102
~
107% 107%
97% 97%
99% 99%
2,000
7,000
4,000
105
102% 107%
90
100
94
101
103%
104% 109
100% 105
Pacific Gas A Eleo Co—
1st 6a series B..........1941 X aaa2
Pacific Ltg A Pow 6s
.1942
X
aaa4
Pacific Pow A Ltg 5s.....1955 y bbbl
Park Lexington 3s........1964
z
1977
x
bbb2
X
bbb2
Penn Electric 4s F...
..1971
x aa
5sseries H............ 1962
Penn Ohio Edison—
x aa
mm--mm
97
ccc2
Penn Cent LAP 4Xs
1st 5s
mrnmmmm
1979
......1950
6s series A
Deb 5Xs series B..
y
bb
.1959 ybb
6s series D
1947
106
......
104%
......
x aa
......
Peoples Gas L A Coke—
4s series B............1981 xbbb2
..........1961 xbbb2
4s series D
•-•-
X aa
..1954
Penn Pub Serv 6s C-.
2
105%
1972 x aa 3
Phlla Bapld Transit 6s
1962 y bb
♦Pledm't Hydro El 6XB-.1960 y b
Pittsburgh Coal 6s
.....1949 ybb
Phila Elec Pow 6Xs
...1953
z
♦Portland Gas A Coke 58—1940
bb
z
bb
113%
mmmmmm
mmmmmm
mmmmmm
b
y
103%
mmmmrnm
♦Pomeranian Elec 6s
♦Stamped
.
.
....
mmmrntmrn
mmmmmm
88 X
Potomac Edison 5s E.....1956
x a
108%
4X8 series I
..........1961
x a
109%
Potrero Sug 7
etpd....*.1947
y
ccc2
$104% 106
$106% 107%
96
97
$35
38
105% 105%
106% 106%
105% 106
108
108%
104%
105%
$107%
$107%
103
105
105%
108
*.
m
mmmm
86
mmmrnm'm
39
21,000
6,000
6,000
9,000
16,000
1,000
104
24,000
103% 104
16,000
5,000
4,000
102% 102%
$22
29%
105% 106
$20
94% 95%
86%
88%
108% 108%
109% 109%
$45
54
97%
43%
90% 105%
101
107%
100
106%
104% 108%
104% 109%
101% 108%
106
105
......
108%
113% 113%
105
110%
100% 112
85,000
108%
108%
91
104%
95
105
110% 115
92
10,000
5,000
3,000
9,000
I
♦
No par value,
a Deferred delivery sales not Included In year's range.
A Ex
Interest,
n Under the rule sales not Included In year's range,
r Cash sales not In
eluded in year's range,
48%
103
107%
13
90
106% 110
107% 111
45
53%
No sales being transacted during ourrent week.
Bonds being traded flat.
| Reported In receivership,
95%
75
Ex-dlvldend.
t Called for redemption:
27
78%
z
$ Friday's bid and asked price.
♦
105
24
4,000
mm-m--
A
Northwestern Pub. Serv. Ss 1957, Jan. 1. 1941 at 104.
e
Cash sales transacted during the current week and not
Included in weekly or
yearly range:
No Sales.
V
•
Under-the-rule sales transacted during the current week and not
weekly or yearly range:
No sales.
v
Included In
.
Deferred deUvery sales transacted during the current week
and not Included In
weekly or yearly range:
No sales.
Abbreviation*
"v to"
deposit; "cons," consolidated;
wconv," convertible; "M," mortgage; "n-v," non-voting stock;
"x-w"
Used Above—"cod." certificates of
"cum," cumulative;
voting trust certificates; "w 1," when Issued; "w w," with warrants:
without warrants.
A
Bank
Eligibility and Rating Column—x Indicates those bonds which we
beUeve eligible for bank Investment.
Indicates those bonds we believe are not bank eligible due either to
status or some provision In the bond tending to make It speculative,
y
s
Indicates Issues In default. In bankruptcy, or in process of
The
/
reorganization.
assigned to each
rating symbols in this column are based on the ratings
The letters indicate the quality and the numeral
immediately following shows the number of agencies so rating the bond.
In all
cases the symbols will represent the rating given by the majority.
Where all four
agencies rate a bond differently, tben the highest single rating Is shown.
bond by the four rating agencies.
A great
majority of the issues bearing symbols ccc or lower are
lower are in default.
Issues bearing ddd or
Attention is directed to the new column In this tabulation pertaining to bank
rating
eligibility and rating of bonds.
See note i above.
all In default.
The Commercial & Financial Chronicle
3868
Dec.
28,
1940
Other Stock Exchanges
Baltimore Stock
Dec. 21 to Dec. 27,
Exchange
CHICAGO
both inclusive, compiled from official sales lists
Sales
Friday
Last
Week't Range
Sale
Par
Stocks—
Arundel Corp
of Prices
High
Low
Prict
15%
Atlantic Coast L (Conn) .60
100
Atlantic Coast L RR
Low
15%
198
11
May
16%
540
12
Aug
Dec
13%
13%
200
13%
30c
35c
292
23c
100
1.70
1.60
1.70
684
Consol Gas E L A Pow...*
66%
66
67
mo* mm mm*
110
7
17
1st pref vtc
4% pref C
100
Davison Chemical com.._l
High
15%
30C
......
Bait Transit Co oom v t c •
mmmmmm
Unlisted
Range Since Jan. 1, 1940
for
Week
Shares
15
*
SECURITIES
Listed and
Vml H.Davis &
Jan
21%
20%
Apr
13%
2 50
Apr
83%
Apr
July
180
66
Dec
110
10
108
Sept
119
100
Sept
8
60
16
May
80
101
June
10
Municipal Dept. CGO. 621
La Salle St.,
S.
CHICAGO
Apr
17
Teletype
Trading Dept. OGO. 406-400
Nov
7
Principal Exchanges
Bell System
Jan
1.35 May
Members
Dec
65c
6%
Eastern Sugars Assoc—
17
1
Preferred vtc
20
Guilford Realty Co. com.l
Fidelity A Deposit
mmmmmm
100
New Amsterdam Casualtyl
Phillips Packing Co preflOO
U 8 Fidelity
A Guar
50c
481
50c
Dec
1.00
July
114
1.00
Dec
2.15
Oct
9%
Aug
17
17
50
70
70
40
17
17
mmmmmm
45%
Apr
12% June
25
Stocks (Continued)
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
35%
Nov
17%
714
17%
1,300
1.00
Sept
1.45
Jan
83c
83c
10
82c
Sept
90c
Mar
22%
21%
22%
1,706
14% May
23%
Jan
32
32
33% $28,000
23
May
36%
Nov
38%
38
39
8,100
30
May
42% .Nov
1,000
1,000
90
June
101
Oct
101
June
103%
Jan
mmmmmm
1975
A 5s flat
1975
B 5s
Finance Co of Am
mmmm
mm
99% 100%
103
4% .1947
103
Last
Salt
Prict
of Prices
High
Low
20c
60
1%
100
6% non-cum pref
Amer Tel A Tel
Range Since Jan. 1, 1940
for
Week
Shares
28c
60
165%
1%
1%
165% 167
hi
Assoc Gas & Elec class A—1
Bigelow-San Carp pref-100
Boston <fe Albany..
100
Boston Edison Co
hi
'l02%
Low
84 %
(new) .26
32%
100
45%
44%
Boston Herald Traveler. .*
Boston
&
18%
1,693
1%
144%
May
176%
Mar
71
hi
Dec
%
Jan
437
18%
20
568
85
33%
46
4,430
343
18%
287
Apr
60c
Jan
2
Jan
80
July
103
Mar
66%
May
93
Nov
Dec
36%
Sept
May
16% May
60%
20%
Mar
30%
38%
Common Btamped—100
%
%
275
%
Dec
%
%
60
%
Dec
Preferred stamped—100
50c
50c
50c
300
50c
Dec
Prior preferred
5%
1%
1%
1%
6%
5%
791
4%
1%
1%
330
1%
1%
1%
316
1%
1%
544
1%
1%
1%
729
1%
220
1%
29
100
100
Class A 1st pref st..-100
Class A 1st pref
100
Class B 1st pref St...100
Class C 1st pref st—100
Class D 1st pref st
100
Class D 1st pref
100
Boston Pers Prop Trusts.*
1%
"l2"
Apr
1%
1%
Dec
Nov
2%
May
1
Dec
1
Dec
2% May
3% May
1%
Dec
1%
Dec
1%
Dec
11% June
2%
Mar
3%
Mar
3
Apr
12%
100
9
Nov
19%
Jan
90c
695
75c
Sept
1%
Apr
6%
50
6%
96
4%
May
15c
15c
133
15c
*
4%
5
466
3% May
10
Jan
12
80c
5
East Boston Co
Jan
Jan
26
Copper Range
Jan
1
2%
10%
12
*
Cliff Mining Co..
2%
12
12
Boston & Providence...100
Calumet & Hecla
5c
5c
4c
215
Dec
4c
16
Apr
8%
Feb
50c
Mar
6%
Nov
Dec
7c
Mar
East Gas & Fuel Assn—
2%
*
Common
2%
100
54
54
2%
55%
910
4%% prior pref..
6% preferred
141
26
Aug
May
60
Nov
100
35%
35%
36%
140
12%
May
40
Nov
Eastern Mass St Ry
100
72c
80c
716
81%
81%
10
13
14
1st pref
100
Preferred B
"81%
100
Adjustment
14
100
*
Employers Group Assn
*
4%
23%
Georgian, pref A
4%
10c
20
1%
Nov
2%
Jan
Aug
7%
Apr
24
16% May
26%
Apr
226
10c
750
4
Hathaway Bakeries cl A. .*
Hathaway Bakeries cl B..*
380
Isle Royale Copper Co.. 15
38%
1%
38%
1%
100
Loews Theatres
12%
12%
5
*
Maine Central pref
100
100
Common
15
4
Mass. Utilities Ass
Mergenthaler
15
NarragansettRacgAssnlncl
New England Tel & Tel 100
124
10c
Nov
Jan
17%
1.50
Jan
3
June
5
2%
Mar
2%
10
2%
Sept
Nov
6%
4%
Feb
39c
460
25c
Feb
30
40
4
51c
23%
4%
124%
74
81%
478
15
4
51c
1
Linotype..*
Deo
7
3%
25
1.00 Jan
2%
4
Preferred
Nov
4,106
2%
2%
*
Gillette Safety Razor. _'.,*
4c June
54
3%
May
May
80
2
23%
1%
500
1%
4
1%
Eastern 88 Lines
Gilchrist Co
28
44
July
2
Jan
15
25
May
245
6
4
275
50c
12
657
125
236
45c May
May
1%
Jan
11% June
405
51c
24
Jan
Dec
Dec
May
4%
Jan
108
June
18
Apr
Feb
Feb
8%
2.75
27%
Mar
Nov
6% May
137
Apr
N Y N H & Hart RR..100
North Butte
2.60
1»2
hi
he
726
hi
Nov
%
Feb
36c
35o
39c
1,600
35c
Aug
92o
May
Old Colony RR—
Common
..100
10c
10c
lie
738
Dec
60c
Apr
3c
3c
4c
283
lc
Dec
25c
Oct
Old Dominion Co
26
14c
14c
14c
550
10c
July
Pacific Mills Co.
•
12%
12%
12%
Pennsylvania RR...
60
21%
22
Quincy Mining Co
25
21%
1%
1%
200
1
"16%
10%
10%
305
7%
247
May
May
30
7%
29%
7%
6%
30
340
22%
May
35
281
"57%
34%
55%
25%
Ctfs of dep
Shawmut Assn T C
*
Stone & Webster
*
Torrlngton Co (The)
*
Union Twist Drill Co
6
United Shoe Mach Corp.26
Utah Metal A Tunnel Co.l
Waldorf System
7%
58%
•
46c
45c
46c
7%
*
Warren Brothers..
7%
8
*
110o
364
7%
May
1,962
14%
May
1,647
1,400
Oct
52c May
16%
25%
Apr
Nov
Jan
1%
12
Feb
12%
33%
35%
Dec
Jan
May
84%
Jan
35o May
75c
Nov
65
Jan
Dec
125
5%
May
9%
Nov
117
%
Dec
1%
Sept
Boston A Maine RR—
1st Mtge A 4%
1960
66%
68
$2,000
66%
Dec
74%
Aug
Eastern Mass St Ry—
A4K%
B
4%
482
4
May
1%
400
%
Jan
3
550
2%
Deo
7
1
50
%
%
4%
Mar
Apr
Apr
Jan
1%
Feb
%
Apr
8%
Apr
4
Sept
Dec
Aug
3%
3%
1,250
2%
May
16%
50
May
19
10
10
50
May
11%
Nov
17%
17%
250
May
18%
Oct
10
~
10
200
May
May
12
4%
200
%
4%
405
6%
"17%
]
10
Belmont Radio Corp.....
"33%
5%
100
15%
8%
12%
7%
3%
32%
24% May
33%
625
Berghoff Brewing Corp...
8
4%
8%
4%
250
Binks
"18%
18%
18%
150
18%
19
4,700
13% May
16
16
10
14% June
Mfg
Jan
Jan
175%
7%
1%
com
Co capital...
200
7%
Oct
3% May
13% May
4%
Apr
Oct
May
Sept
36%
Apr
11% Mar
5% Nov
Jan
23%
6
Bracb (E J) A Sons cap
Brown Fence A Wire—
*
Common
Jan
Apr
2%
1,050
1%
Dec
7%
7%
7%
550
7%
Feb
10%
10%
150
5%
Dec
June
20
10%
11%
Feb
15%
15%
10
June
19
Apr
2%
Class A pref
Bruce Co (E L) com
Bunte Bros com
5
10
Burd Piston Ring com
1
Butler Brothers
5% cumul
2
25%
22%
"~3%
10
4%
Castle A Co (A M) com
10
Cent 111 Pub Ser $6 pref..*
_
2%
3%
3%
500
4%
1,800
18%
19
mmmmmm
20%
20%
90
88%
90
conv pref..30
19
190
50
330
11
6%
July
Dec
4%
17% June
14% May
23%
24
71
2%
3%
7%
Feb
Mar
Jan
Apr
Nov
May
95%
Nov
1
%
%
he
2,450
%
Dec
%
Nov
*
5%
5%
5%
650
4%
July
8%
Apr
50c
%
%
%
4,200
%
Mar
%
Jan
120%
Feb
Central 111 Secur Corp—
Common
Conv preferred
Central A 8 W—
Common
Prior lien oref
*
106 hi
107
20
92
May
Preferred
*
39%
40
30
37
Sept
Cent States Pow A Lt pref *
7%
Convertible preferred..*
Chicago Flex Shaft com..5
%
27%
mm.
mm mm
%
70%
Chicago Yellow Cab cap..*
6
common
28
69
69%
%
%
70%
100
50
14,350
2,700
200
May
11%
Oct
9
June
13
Jan
%
Dec
25%
June
37
June
Jan
20
64
80
477
7% May
63% May
June
4%
5
1,860
3
3
3
100
2% May
6,350
25% May
29
28%
29%
1%
50
1%
1%
700
5%
Consolidated Oil Corp...*
Consumers Co—
6%
5%
1,600
1
1%
rn
%
4%
1
130
mrnm m
Feb
4
240
%
4%
1
m*mmmmm
m
'
Jan
84
%
75
70%
1%
55
100
9
73%
Jan
4%
4%
Commonwealth Edison—
Capital.
26
Consolidated Biscuit com.l
Com part sh v t c A
1
27%
9
mmrnrnm-m
Cities Service Co com...10
Club Alum Utensil com
*
Common part shs v t c B*
V t c pref part shares..50
12%
l"
Chicago Rys pt ctfs 1..100
Chicago Towel com cap
*
Chrysler Corp
7%
12%
Cherry-Burrell Corp com 5
Chicago Corp common
l
77
May
6%
Dec
%
May
% May
50
2
May
175
10
May
Feb
Apr
Jan
Vs
75% May
11% Mar
91
Jan
6% May
3%
33
Mar
Apr
3%
Jan
8
Jan
Jan
1%
% June
Dec
5%
Container Corp of Amer.20
Continental Steel com
*
14%
14%
14%
19%
Apr
22%
22%
65
18% May
33
Apr
Crane Co
18%
17%
18%
441
13% June
24%
80
74
80
270
51
May
80
Nov
18%
18%
100
12
May
19
Feb
com
25
Cudahy Packing 7% prflOO
Cunningham Dg Sts cm2%
Decker A Cohn (Alf) comlO
Deere A Co
mmmmmm
1
1
1%
600
...*
mmmmmm
20%
20%
125
*
9%
9%
9%
200
Elec Household Util Corp.6
3%
27%
3%
3%
1,250
com
Dixie-Vortex Co
corn!
Elgin Natl Watch Co...15
Eversharp inc
*
com
Four-Wheel Drive Auto. 10
Fuller Mfg Co com
1
Gardner Denver Co com..*
General Amer Transp com 5
General Candy class A
5
General Finance com
cap.l
General Foods com
Gen Motors Corp com.
m
mrnm
mmmmm
m
4%
400
200
17
Mar
Jhd
4%
Apr
May
34%
Dec
3
21
1%
Dec
29% June
8
Oct
5
May
3
14%
18
Apr
Feb
590
57%
Jan
55%
10%
100
35% May
8% May
2%
2%
250
1% May
36
37%
111
48%
49%
1,800
33%
Dec
May
38
15%
mmmmmm
com. 10
12% May
25
Apr
May
Dec
Feb
Nov
100
3% May
3
3%
600
2%
18%
18%
420
9%
16%
300
mmmmmm
"38%
Sept
9
8%
38%
1,900
9%
15%
14%
145
9%
May
12%
27%
20%
5%
350
5
Mar
6%
9%
15%
13%
5%
mmmmmm
Apr
Jan
2%
49% Apr
Apr
4
9%
18%
12%
66%
7%
6%
4
""3%
2% May
Apr
49%
May
3% June
150
10%
Goodyear T A Rub com..*
Gossard (H W) com
*
1
6%
4%
6%
4%
Jan
14%
May
54
48%
Heilman Brewing cap
41
2%
23%
9%
10%
mmmmmm
Heln Werner Motor Parts3
Hibbard Spenc Bart com 25
Horders Inc com..
*
1,300
45%
27%
200
8%
100
39
50
Mar
Dec
13% May
mmmmmm
mmmmmm
lo
Great Lakes DAD com..*
Hall Printing Co com__ll0
900
2%
45%
17
17
»
.
General Outdoor Adv cm.*
Gillette Safety Razor com *
Harnlschfeger Corp
mm'
28%
1%
1
com
Fairbanks Morse
1
Jan
8
May
7
June
34%
July
10
10%
42
Apr
Apr
Jan
Feb
Feb
Apr
Mar
1948
101% 101%
104
104%
6a........1948
Series D 6s
1948
103
103
2,000
87
June
104
Nov
11,000
86
June
106
Deo
100
96
June
106%
Apr
Last
Sale
Stocks—
Par
Abbott Laboratories
Adams Oil & Gas com
Advanced Alum
of Prices
Low
„
High
for
Range Since Jan. 1,1940
Week
Shares
*
49%
50
51%
61%
2
700
3%
3%
3%
11%
11%
300
15
15
100
*
"~3%
Castings.5
Allied Laboratories com..*
Allied Products CorpcomlO
"ii%
15
3
13%
32%
200
30
Jan
15%
35%
13%
13%
172
9
May
16%
Apr
17
17
17
250
14
Jan
19%
Apr
Hubbell Harvey Inc com.5
Hupp Motor Car com
1
Illinois Brick Co cap
10
Low
350
50
13%
m
m
mm
he
m
%
40
10% May
519
7i« May
2%
2%
100
100
6%
6%
6%
750
2
May
6% May
Indep Pneumatic Tool cap*
27%
27%
150
18% May
Indiana Steel Prod com... 1
Indianapolis Pr A Lt com.*
Inland Steel Co cap
*
3%
3%
27%
3%
50
1% June
20%
20%
20%
88%
89
"48%
48%
51%
Illinois Central RR
com
930
59
392
20%
Dec
66% May
38% Jane
5%
13%
29%
3%
23%
94
Feb
Jan
Jan
Deo
Deo
Oct
Not
62%
Jan
Nov
High
11% June
18%
60
43
Nov
50
4%
4%
400
4
May
6%
Feb
*
8
8
8
200
5% May
8%
Apr
3
3
3%
3
3
2%
3
Common
49%
Dec
34% May
2% May
2% May
70%
68%
Jan
Nov
La Salle Ext Univ
Leath A Co com
4%
4%
July
LeRol Co com
Li bby McNeill
10
Oct
20%
Feb
8% May
17%
Nov
Oct
cap.
com
17%
17%
45
45
900
6%
Apr
3%
%
1%
Mar
4%
Mar
8
Sept
100
X3%
.....
7%
4%
150
7%
6%
7%
100
5
June
......
6%
1%
5
May
600
1
Nov
17%
150
1
15%
15%
150
56
Apr
Dec
1
%
%
1
5
ALlbby com7
Lincoln Printing Co com..'
$3.50 pref
1,650
2% June
% Nov
% Sept
2% July
......
...10
100
15%
Aug
For footnotes see page 3871
1
Apr
Apr
4%
Joslyn Mfg & Supply com-5
Katz Drug Co com
1
Kellogg Swtcbd A Sp—
Kingsbury Brews Co
26
com
Acme Steel Co com
Price
Sales
Week's Range
32
13%
Ken-Raa Tube A L'pcm A*
Kerlyn Oil Co cl A com...5
inclusive, compiled from official sales lists
Friday
32
*
international Harvest com*
Iron Fireman Mfg v t c
*
Chicago Stock Exchange
Dec. 21 to Dec. 27, both
Hormel A Co (Geo A) com*
Houdallle-Hershey cl B
%
Bonds—
Series
May
Jan
16%
4%
Aviation A Transport cap.l
_
Brown-Durrel Co
146
20%
Borg Warner Corp—
Dec
Maine-
Preferred
345
%
Bliss A Laughlln Inc com.
High
20c
102% 102%
81%
31%
Boston Elevated
100
1
2%
Aviation Corp (Del)
Bendix Aviation
Sales
Week's Range
*
;
Dec
May
Automatic Washer com..
Belden Mfg Co com
Amer Pneumatic Service Co
Common
17
73
19
Friday
Par
20
40
com.
Bastian-Bleeslng Co com.
Exchange
17
1%
Automatic Products
Barber Co (W H) com
Dec. 2J to Dec. 27, both inclusive, compiled from official sales lists
Stocks—
High
41%
2%
0
Barlow rieelig Mfg A com.
Boston Stock
Low
22% May
89%
165% 167
Athey Truss Wheel cap...
Bait Transit 4s flat... 1976
175
88
"89%
Asbestos MfgCo
Bonds—
36%
17
Apr
1.10
1.10
Range Since Jan. 1, 1940
Shares
Apr
75%
1.10
17%
.2
Last
Jan
1.10
Sales
Frulay
Apr
50c
1.00
1
Nor Amer Oil Co com
31%
130
1.00
mmmmmm
Maryland & Pa RIt comlOO
Merch A Miners Transp. _*
Mt VerWood Mills pref
117% 119%
wSbm
Jan
Jan
9
Apr
3%
Apr
26
Jan
,
Volume
The Commercial & Financial Chronicle
151
Sales
1 Friday
Last
Lynch Corp com
Marshall
*
Field
com
~~~~~~
15 K
15K
130
14K
Apr
11K May
IK
Jan
200
18K
Mar
23*
Apr
28 K
Apr
Deo
9
May
IK
IK
IK
850
21K
21K
100
20K
July
14K
153*
835
8K
May
16 K
27
27
50
26 K
Dec
32 K
10 K
Members Cleveland Stock Exchange
Apr
3K May
Dec
14K
*
McCord Rad & Mfg A...*
&
11
Ohio Listed and Unlisted Securities
High
Low
21K
Masonlte Corp com
Merch
Range Since
Shares
10 H
10 ?*
*
*
5
com
Loudon Packing com
Jan. 1, 194u
Week
*
Liquid Carbonic
for
of Prices
Low
High
Price
Par
Lion Oil Ref Co cap
Week's Range
Sale
Stocks (Concluded)
9K
9K
10
9K
GILLIS(0|RUSSELLco.
Mfrs Sec—
1
Class A com
$2 cumul part pref
Middle West Corp cap
3869
3K
3K
5K
Midland United conv pf A*
300
3K
27
26
*
6
Apr
4
Jan
24 K June
30
Jan
3K
1,020
6K
5,750
5K
May
9K
400
IK
Mar
6K
Aug
3*
150
Nov
K
Jan
50
3
Dec
150
3
Dec
6K
6K
Jan
3K
Union Commerce
Jan
4>*
5K
4
Bnllding, Cleveland
A. T. & T. CLEV. 665 & 666
Telephone: CHerry 6050
Midland Utll—
6% pref A
6% prior lien
7% prior lien
H
100
100
100
3
10
10
25
25
25K
IK
IK
*
35K
37 K
1,844
Monroe Chemical Co com-*
Montgomery Ward com .*
K
200
37 K
Miller <fe Hart Ino conv pf*
Modlne Mfg com
3
3
3?*
Jan
100
3K
Jan
10 K
150
17 K
1
May
May
26 K
55K
Jan
Noblltt Sparks Ind Inc cp-5
North American Car com20
31K
Northwest Bancorp com
12
5K
*
10 K
300
10 K
75
10 K
Dec
UK
12 K
Nov
Airway Electric pref
3K
,200
3K
July
4K
July
Akron Brass Mfg
50c
29K
200
23
May
30 K
Dec
31K
32
150
20 K
May
36
Apr
53*
UK
5K
2,000
3
2,250
12
7K
12
10 K
Nunn-Bush Shoe com__2K
Ontario Mfg Co com
93*
*
12
20
52
55
55
280
10K
93*
10 K
Feb
June
50
•
21K
50
Peoples G Lt&Coke cap 100
9K
K
21K
21K
12
Jan
Jan
Cleveland Railway
Cliffs Corp com
Commercial Bookbinding.*
W
Eaton Mfg
*
34 K
34 K
*
a32K
a32K
al2K
al2K
al8K
71K
41K
13?*
2K
Jan
c
General Elec
May
Nov
c
Glidden Co
May
25 K
43 K
12K
Jan
9
16
*
73 K
29
com
al3
Goodrich (B F)
98 K
99 K
420
95
June
123 K
Feb
Rath Packing com
10
10
53 K
53
53 K
300
33
Feb
55K
Jan
Lamson & Sessions
500
Schwitzer Cummins cap_.l
43*
8K
9K
4K
130
Rollins Hosiery Mills com 4
8K
8K
400
6
May
10 K
Sears Roebuck & Co cap..*
77 K
76 K
77 K
895
62
May
88
IK
100
38K
247
7
73*
250
Potter Co (The) com
1
K
K
200
Pressed Steel Car com
1
12 K
12 K
2
25
526
2
Process Corp (The) com..*
Reliance Mfg Co com
Serrlck Corp class B
9K
IK
1
32 K
Sou Bend Lathe Wks cap.6
6
Spiegel Inc common...
2
St L Natl Stkyds cap
*
1
25 K
Apr
2K
Mar
a23
Natl Mall St Cast com..*
c
Prior pref
6%
-
~~~
IK
(new)—*
*
July
19
Deo
Aug
31
Apr
10 K
June
20 K May
19
Feb
34
Dec
Otis Steel
*
Mar
Patterson-Sargent
*
Reliance Electric
5
al5K
*
a21K
32K
1,950
K
180
63*
570
6
May
11
Jan
65 K
20
65
June
80
Feb
K
65 K
K
2K
200
1
12 ?*
50
8
K
25 K
K
23
25K
1,569
6K
35?*
Swift International cap.. 15
17?*
5K
7
May
IK
23*
Mar
39K
25
25
25
5K
*
Seiberling Rubber
Jan
Union Metal Mfg
U S Steel com
a3?*
*
*
28 K
9
Apr
*
2K
100
Mar
2K
May
Dec
20 K May
Feb
4K May
14
Feb
7K
Feb
Nov
Mar
Jan
38 K
17
17 K
1,400
15 ?*
17
June
21K
25
Republic Steel com
c
Richman Bros
K
500
5K
36
Dec
21K
2,200
17 K
May
32 ?*
25K
47 K
c
12
14 J*
16K
Jan
52
1,271
46
May
77
Dec
17K
Jan
12?* May
36
May
Upson-Walton
Jan
20
Nov
8
Apr
37
Apr
a32K
al3
194
26 K
11
41
Jan
al3K
130
10
May
May
May
19K
20 K
Apr
al8K
71K
198
12 K
May
24 K
Apr
50
50
Feb
75
Dec
41K
a23K
41K
40
39
July
42
12
16 K
May
29
Jan
100
34 K
May
44
Apr
534
12
May
16
20
14 K
33*
17K
451
2K June
580
76
4K
212
7
13 K
13 K
35
500
May
Jan
Oct
Jan
4
20 K
Nov
8K
Apr
Jan
23
27
IK
Dec
K
Oct
3K
Apr
July
Jan
29
a68
1
1,692
K
Dec
200
9?*
May
41K
IK
18K
107
7
May
12K
Jan
100
10
Dec
14 K
Mar
30
10
May
29
Dec
Jan
Jan
18
Oct
195
14
May
24 K
Nov
972
31
May
40 K
Mar
70
8K
Jan
15K
76 K
Mar
May
6K
3K May
July
50
12
95
a69
42
5K
205
4
Aug
3K
3K
119
3
May
6
100
4
Aug
5K
3K
Apr
147
al2K al3K
a9
a9K
10K
10K
al5K al6
a21K a21K
34 K
36 K
a3?*
a3?*
18K
18K
*
Jan
?*
13K May
6
*
Vlchek Tool
130
8K
Sept
1
Van Dorn Iron Works
18K
a68K
145
May
K
al2K
N Y Central RR com—*
c
Apr
6
*
National Tile
Mar
Dec
Oct
May
4K
22
29
12K
24
7
Deo
106
a21K a23K
22 K
22 K
IK
2
29
200
Sept
45
17 K
7
rn.rn.~~m,
1
National Acme
National Refining
95
125
3
100
7
Texas Corp capital
Feb
Jan
?*
1,366
13K
~~~
200
36
6
.10
Swift & Co
"14K
Miller Wholesale Drug...*
85
5
66
16K
41
~~~~~~
m~~
5
29
a23
Medusa Portland Cement-*
Sept
Nov
~
~
~
18
Sunstrand Mach T'l com .6
com
Jan
6
IK May
12 ?*
~~~~~~
25
Stewart Warner
12
IK
~~
45
6K
34 K
*
Aug
8
~
19
2
2
20
Storkline Furniture
K May
Nov
28
6
65 K
Standard Gas & Elec com.*
Standard Oil of Ind
Jan
2K
17?*
31K
K
South Colo Pow A com__25
Preferred
14 K
18
30
Slvyer Steel Castings com-*
Standard Dredge com
Feb
May
6K
50
al8K
28
19
Signode Steel Strap com..*
Preferred
9K
4K
K
K June
Nov
4
8
6K
_
*
com
100
16 J*
16 K
~
Nov
27K
16?*
78
16
77
8K
a4K
9?*
9
1
99 K
37
7?*
High
Low
Mar
May
May
a 90
a4K
100
5
25
4K
4K
a50K a50K
a90
Quaker Oats Co common _•
37
*
«.
a50K
*
Goodyear Tire & Rub
*
Great Lakes Towg pref-100
Halle Br08 pref
100
c Industrial Rayon com..*
Interlake Steamship
*
Kelley Isl Lime & Tr
*
Poor & Co cl B
-
Jan
Dec
15
~
Cl Cliffs Iron pref
5K May
725
~
100
Brewing Corp of Amer...3
City Ice & Fuel
*
7K May
?*
~
1
Apex Elec Mfg pref
Deo
200
com..
Jan
12K
Oct
Amer Home Prod
c
Clark Controller
Aug
Shares
19
19
Jan
22 ?*
70
8
400
K
Penn RR capital
Week
Apr
5K May
12
June
8K May
45
100
9K
13 K
12
Parker Pen Co (The) com 10
Penn Gas & Elec cl A com.*
for
of Prices
Low
High
100
May
N'west Utll—
100
100
Week's Range
Price
3K
29K
National Standard com.10
7% preferred
7% prior lien
Par
10 K
7
Range Since Jan. 1,1940
Last
Sale
10K
10 K
Natl Cylinder Gas com
1
National Pressure Cooker_2
Sales
Friday
Stocks—
Nachman Sprlngfllled com*
Exchange
both inclusive, compiled from official sales lists
Apr
May
Dec. 27,
to
Nov
IK
32
Cleveland Stock
Dec. 21
Dec
5
Nov
Dec
July
Dec
6K
Apr
39
6K
1,900
39K
63*
586
33
May
300
4
Jan
6K
10
10
10
200
10
June
16 ?*
67 K
69
995
60 K
June
88
16K
15?*
16K
360
12 K
May
23 K
Apr
62K
64 K
218
50 K
87K
Jan
68
69
June
41K May
Nov
155
103 K
May
75 K
130
600
K
May
IK
Jan
Dec
May
K
2K
58
K
Apr
64
K Dec
7K May
26 ?*
June
IK
Feb
16 K
Dec
48K
Jan
Jan
United Air Lines Tr cap..5
a39K a40K
White Motor
Apr
68K
a40
2
Warren Refining
Dec
Trane Co (The) com
Union Carb & Carbon cap *
al6
K
K
al5K a!6K
100
50
Youngstown Sheet & Tube*
Feb
Thompson (John R) com
U S Gypsum Co com
20
United States Steel com..*
7%
cum
68 K
128K 128K
1
IK
100
pref
2,000
Utah Radio Products coml
Nov
WATLING, LERCHEN Si CO.
Members
New
York Stock
Detroit Stock
Utility & Ind Corp—
.....£
hi
7
Common
IK
Convertible pref
K
IK
2,000
IK
600
IK
41K
41K
10
Jan
New York Curb Associate
Exchange
Chicago Stock Exchange
Exchange
Ford
DETROIT
Building
Telephone: Randolph 5530
Viking Pump Co pref
22 K
»
1
Wayne Pump Co cap
Westn Union Teleg cm.100
------
Westnghs El & Mfg com.50
....—
Wleboldt Stores Inc com..*
6K
no
Jan
41K
31K
21K
223*
700
16K May
23 K
18 K
20
20
14 K
24K
Jan
28 K
Jan
117K
Jan
20
101K 101K
6K
6K
com
50
92
50
1
1
200
4K
4K
4K
750
2
Woodall Indust com
Wrigley (Wm Jr) Co cap.*
"78"
Zenith Radio Corp com..*
14?*
June
Dec
8
Oct
Friday
95
Apr
Last
Week's Range
for
IK
5K
6K
93K
17K
Jan
Sale
of Prices
Low
High
Shares
K
Aug
3K May
33* May
4K
100
363
72 K
May
14 K
14K
355
8K
May
Nov
Apr
Aor
Sale
Par
Stocks—
of Prices
Low
High
Week
Price
American Products
*
Champ Paper & Fiber.
*
~
18K
ino
Preferred
mmt*
~
m ~
•* —
+
Churngold
Low
13 ?*
June
20
3*
K
18K
183*
103 K 103?*
305
?* May
19K May
20
Apr
105
Feb
170
16
4
IK
IK
295
185
55
~~~~~~
95
Cincinnati Telephone. -.50
Cincl Union Stock Yards.*
*
3K
3
3K
95
95K
13K
Cincinnati Street Ry._ ..50
14
3K
20
1,116
68
'15
4K
60
30
.100
High
220
102 K 103 K
89 K
89K
IK
Cinci Gas & Elec pref. .100
—20
CNO&TP
Dow Drug pref
Shares
4
Cincinnati Ball Crank. ...5
Crosley Corp..
Range Since Jan. 1, 1940
18 K
18K
American Laundry Mach20
30
10
10 K
55
213*
9
97 K
July
June
4
1?*
100
Oct
June
77K June
IK May
85?* May
11?* May
3?* May
30
Sept
10
25
39 K
10K
21K
27 K
39 K
39 K
200
29
June
*
—
Jan
May
♦
Eagle-Picher
Formica Insulation...
28 K
28?*
28 K
291
20
20
10
*
*
Gibson Art
Hobart class A
27 K
6% May
13?*
Allen Electric com
Atlas Drop Forge com
Baldwin Rubber com
6
1
5
*
Brown McLaren com
1
Burroughs Add Machine.*
Burry Biscuit com__.12?*c
Continental Motors com_.l
Det & Clev Nav com
10
Detroit Gray Iron com—5
Detroit Paper Prod com. . 1
23?* May
Nov
Federal Motor Truck com *
?* May
Frankenmuth Brew com.. 1
4?*
Nov
1
General Motors com... .10
Goebel Brewing com
1
Graham-Paige com
1
Hoover Ball & Bear com. 10
Houdallle-Hershey B
*
Hudson Motor Car com..*
100?*
Nov
Hurd Lock & MIg com ... 1
14 A
Mar
2?*
110
Jan
Apr
Feb
96?*
Nov
7?*
45
12?*
22?*
Jan
May
Jan
Dec
29?*
Apr
43
Mar
2,50
Magna vox
National Pumps
Procter & Gamble....
♦
56 H
Card
U S Printing
Preferred
Wurlitzer
7
10
A
Jan
1?*
K
430
K
Dec
1?*
Mar
55 K
7
20
56 K
229
7
433
5
35
31K
—10
*
IK
50
.10
K
Apr
Nov
Feb
229
*
Rapid
U S Playing
34?*
22?*
K
K
*
100
8%.
June
K
*
....
16
8?*
31K
15
IK
IK
35
16
8
16
83*
90
326
16
52K June
224
May
4K May
27?* June
1K May
8 A June
6
Sept
71 J*
235
8?*
39
1
Masco Screw Prods com__l
McClanahan Oil com
1
Michigan Silica com
1
Michigan Sugar com.....*
Mlcromatlc Hone com—1
Mid-West Abrasive com.50
Motor Products com
Prudential Invest com
*
1
2
Parke Davis com
Apr
River Ralson Paper com..*
Sept
10
Sheller Mfg com
1
Simplicity Pattern com—1
Standard Tube cl B com_.l
Stearns (Fred'k) com
*
Tlmken-Det Axle com
10
Feb
Apr
2?*
17?*
Feb
Mar
13
Mar
Columbia Gas—.—
General Motors
Timken Roller Bearing
IK
6?*
5
63*
608
m
5K
6
573
2K Aug
4?* June
35?*
"24?*
Scotten-Dlllon com
24
*
43*
,10
48 K
*
503*
For footnotes see page
3871,
14K
43*
48K
49 K
15K
298
4K
375
49 K
344
9?* May
4?*
Dec
37 J* f May
60 H
150
35KfMay
18?*
7?*
66?*
61?*
Nov
Apr
Apr
May
Nov
IK
Feb
100
4,290
7K
Dec
30c
Dec
12K
IK
Jan
1,100
"3?*
3?*
4
360
2K
May
4K
Feb
66c
63c
68c
1,200
53c
Nov
IK
Apr
13*
300
1
May
IK
26c
38c
1,800
25c
Dec
IK
Apr
Apr
3?*
2?*
3?*
2?*
3?*
2?*
184
2K
May
May
4K
2K
32 K
Jan
56
Apr
3K
IK
20 H
16 K
6K
Apr
IK
100
22
140
483*
48?*
720
23*
"48?*
22
2?*
600
2
193*
37 K
2
Dec
May
May
160
50c
19
19
250
14 K
13
13
200
9
June
485
3
May
75c
13
75c
3A
3?*
4
38c
35c
39c
66c
60c
1?*
1?*
July
May
52c
Jan
60c
Mar
300
75c
July
IK
Nov
27c
Apr
16c
700
15c
Dec
450
IK
60o
61c
1,000
60c
6?*
1?*
6?*
230
6?*
IK
UK
7?*
3K
29?*
200
1,893
Nov
July
Nov
Jan
May
May
May
Dec
May
May
4?*
1
300
IK
9K
600
43*
465
8K
4K
44 K
Apr
Apr
Nov
Mar
300
400
43*
350
IK
650
75c June
IK
Mar
IK
415
1
2
Nov
167
May
680
2,554
1?*
July
65c
300
26c
Jan
4K
1,610
IK
2K
16
200
IK
4?*
Mar
1?*
UK
31K
18
1?*
Jan
Apr
UK
2K
1?*
18?*
1K
10?*
30?*
1?*
18
23*
1.25
2K
29K
IK
23*
IK May
17K Aug
3K June
55o
1?*
Feb
Oct
60c
2?*
1?*
18?*
4?*
Apr
Feb
IK
3?*
29?*
1?*
2?*
1?*
18?*
Jan
Deo
35c
16c
7?*
3?*
29?*
1?*
Jan
32o
1?*
11
Jan
360
16c
7?*
Jan
,6,500
I
1?*
*
60
Apr
37
26 K
35c
4
*
June
75c
"i
U S Radiator pref
13 K May
52c Aug
Nov
Nov
7?*
1
Universal Cooler cl B
27
7?*
30c
Adyllte
United Shirt Dlst com
100
520
35?*
24?*
2K
6K
75c
1
1
Apr
Feb
7?*
"7?*
Tom Moore Dlst com
Unlisted—
15K
High
200
*
Murray Corp com
10
Packard Motor Car com..*
Tivoll Brewing com
American Rolling Mill—25
Low
2
Kinsel Drug com...
8 J*
Range Since Jan. 1, 1940
Wee k
2
Fruehauf Trailer com
Rickel (H W) com
Kroger
Lunkenhelmer
Price
1
Brlggs Mfg com
Sales
for
Par
Bower Roller Bearing
27, both inclusive, compiled from official sales lists
Week's Range
Stocks-
Sales
Apr
Exchange
Last
Exchange
both inclusive, compiled from official sales lists
May
4
79 K
Friday
Detroit Stock
Dec. 21 to Dec. 27,
88 K June
78
Cincinnati Stock
Dec. 21 to Dec.
14K June
76 K
92
"~4K
May
30
*
Wisconsin Bank shares cm*
Jan
70
,
*
Cumul prior pref
Williams Oll-O-Matic
May
31
39 K
19
18K
"31
*
Common
Walgreen Co com
Dec
31
*
5
18
1?*
725
200
50
1,350
10K July
18 K May
4K Nov
2K May
7?* Aug
1
May
2
Jan
Jan
3
Jan
2K
Apr
25
7
Jan
Apr
14K
Mar
31K
2K
Dec
Apr
60c May
4K Nov
6K
18
2K
Dec
Dec
Mar
The Commercial & Financial Chronicle
3870
Friday
tales
I/lSl
Warnsr Aircraft com
Week
Low
high
Ixno
Shares
High
IX
IX
200
90c May
9
100
1
IX
Way** »«rew Prods com.4
Wolverine Brewing com__l
lie
100
44
44
2
lie
5
462
Stocks [.Concluded)
Texas Corn (The)
of Prices
25
Feb
14
2X
Jan
Apr
Tide Water Assoc OH Co 10
Aug
25c
Apr
Union Carbide A Carbon
4 May
6%
Mar
9c
4
Week's Range
Low
Price
Par
394
94
a69
•
United Air Lines Transpt 5
Range Since Jan. 1, 1940
for
Week
High
Shares
Low
High
394
125
04
394
100
84
June
11
20
63 4
June
824
Feb
25
12 4
May
234
Apr
94
a69
154
a
1940
28,
tales
Last
Sale
Range Since Jan. 1, l;>4o
9
.1
Wolverine Tube com
trUXay
for
of Prices
Price
Par
Stocks CConcluded)
Week's Range
Pale
Dec.
a69
al54
a
154
334
Oct
474
Apr
Jan
United Corp (The) (Del).*
US Rubber Co
10
California
a214
al4
al4
a214 a22
107
18
Aug
384
Feb
U S Steel Corp
*
a684
a674 a69
140
45
May
764
Nov
Warner Bros Pictures
5
«34
May
44
Apr
a34
60
Los Angeles
Fridai
Last
MEMBER
Telephone VAndlke 1071
Lou AngeJes Stock Exchange
Teletype
Price
Par
Stocks—
TJ)w
—._*
94
Bell Tel Co of Pa pref..100
Budd (E G) Mfg Co
Dee. 21 to Dec. 27, both inclusive, compiled from official sales lists
Sales
Sale
Par
Srwcks—
frier
Week's
Range
High
for
Range Since Jan
1, 1940
14
14
Petroleum Co...l
24
24
Bsrnhsrt-Morrow Consol.l
10c
10c
10c
14
14
Low
417
Boles-Chlca Oil cl A com 10
14
14
14
14
600
—10
a55c
a55c
a55c
45
*
54
64
54
425
Buekeye Un Oil pref v t c.l
2C
2c
2c
4,f00
Blue
Diamond Corp
2
Cla*s B com
Broadway Dent Hto-e
Calif Pasking Corp com..*
174
9
Invest Corp—100
174
9
14
325
IX
Dec
24
1.160
2X
May
1,000
10c
Apr
174
230
1 4
1
H
Aug
24
Feb
1.00
Apr
64
Nov
2c
Jan
2c
Jan
ISM May
94
456
245
57*4
May
54
54
54
408
54
Dec
Consolidated Steel Corp..*
74
64
74
1.810
ZM
May
7
Mav
.
.....—*
.
19
*
a75%
94
19
2,297
13
84 M
Nov
94
049
8X
May
94
1
Motor* com
84 May
0754 a754
al7c
al7c
al7c
300
...10
49 X
494
494
632
Exeter Oil Co A com
Genera'
17
6
6
Oladdinr McBean & Co..*
Ooodrear Tire A Rubber *
al84
0184 al84
Hancock OH Co A com—*
o304
a304 a304
Holly llevelopment Co.-.l
Lane-Wells Co
1
524 c
52 4 c
55c
800
104
104
104
600
6
100
Feb
60c
74 4
Preferred
Apr
zx June
73 4
Douelaa Aircraft Co
12c
3
Mav
734
Eleetrieal Products Corp.4
34 May
Jan
44
18c
38*4
Dec
Mar
zx May
26
Nov
Jan
12
904
Lockheed
8
Jan
74
Dec
43c
56
14
June
244
Feb
90
27
Mav
40
m
m ■+»
14
344
344
354
233
»1«
4
2,865
4
14
4
407
lu
Dec
14
875
14
274
94
94
1134 1144
124
124
883
264
94
Dec
Dec
24
414
154
1174
124
4
...»
*
—*
.*
June
44
May
2,000
9C
Dec
7c
Dec
30c
Feb
Byers (A M) Co
600
27c
Oct
47c
Feb
Pacific Fin Corp com...10
104
447
234
Paclfle Gas A Elec com..25
c274
...25
So Calif Edison Co Ltd..25
25
$% pre* B
preferred C
25
So Calif Gas 6%. pref
25
25
144
144
130
12
Jan
1.40
1.40
550
1.30
Dec
84
84
84
415
6
Mav
94
94
94
94
255
7X
Jan
34 Mav
104
30
44
031
34
254
29 4
294
a34
294
034
..2
44
Transcon A Western Air..6
cl74
Universal Consol Oil
10
124
Jan
Low
71
14
84
14
Oct
Apr
High
64
44
64
100
44
44
14 May
54 May
8
2,866
Clark (D L) Candy com..*
May
264 May
Oct
24
Jan
114
64
115
94
16
20
94
94
600
4
26
12
Electric Products
134
Aug
5
June
Feb
8
Dec
74
44
Dec
94 June
Fort Pitt Brewing
_._1
to 4
Jan
204
Feb
Lone Star Gas Co
Jan
Nov
McKlnney Mfg Co
1
Mountain Fuel Supply_.10
National Flreproofing
*
Pittsburgh Coal Co preflOO
Aug
Pittsburgh OH & Gas
8
28 4
2 4
7
May
Jan
Apr
Koppers Company pref-100
5
4
1,100
14
14
994
114
Apr
334
Mar
2X
May
23 4
May
30
294
813
27 X
May
314
Nov
447
24 X
May
29 4
Jan
994
15
94
2,941
44
25
54
54
54
1,476
60c
70c
2,649
60c
334
334
100
14
864
14
500
884
1,491
•
-
-
344
Jan
354
344
Nov
Oct
United Eng & Foundry..5
Victor Brewing
1
Jan
Westlnghouse Air Brake..*
90
Nov
74
14
Mar
Apr
14
994 Dec
104 May
44 May
60c
-
94
Shamrock Oil & Gas com.l
4
Jan
Mar
64
May
6
July
Pept
64 May
Sept
Jan
Jan
22
1.50
Dec
June
334
14
1044
225
24
Aug
5
14
100
14
Dec
2
lc
500
lc
Feb
lc
14 May
24
Oct
Oct
384
Dec
Dec
25c
Jan
284
Jan
14
66
Feb
Feb
Apr
Anr
919
44
304
14
100
14
Dec
9
«••»«...
Pittsburgh Plate Glass..25
May
400
3
44
-
*
com
790
3
14
*
12
3
Duquesne Brewing Co.-.5
Dec
344
74
184
14
44
al74 ol74
124
124
265
275
30
May
7
May
Apr
4.018
16 4
Oct
15 4
264
1X
Oct
14
Apr
2,425
4 4
May
7
Mar
25
174
Aug
18
Pittsburgh Steel Fdry
Reymer & Bros
3
*
*
com
San Toy Mining
1
3
3
14
..W
-
lc
-
2
2
•
2
920
384
384
200
5c
5c
2,000
204
204
835
154 May
2 4
274
14 May
31
5c
Sept
May
Feb
Jan
800
Sept
5,171
12
May
8
8
m
74
74
74
4 4
Jan
74
64
74
3,000
1
340
Wellington OH Co of Del..l
14
14
14
200
6X
IX
July
Sept
a54
a54
Vega Airplane Co
234
94
Sept
June
8
Vultee Aircraft Inc
23 X
9
34
264
a34
74
174
14
44
14
.....25
Dec
6
74
Union Oil of Calif
40 4
17X
1
Traaeanerlca Corp
May
36 X
4
Jan
Jan
Jan
5
174
Co
Mar
31X
145
*
Pacific
34 4
May
180
Standard OH Co of Calif..*
Southern
Apr
May
26 X
30
1
a64
34 4
Sumray OH Corp
134
26X
50
a64
344
6% preferred cl A
9X May
50
0174 «174
a31
Jan
Feb
Range Since Jan. 1, 1940
*
com
Columbia Gas & Elec com*
34
20 4
Nov
94
Shares
*
Blaw-Knox Co.
300
31c
44
Feb
4
sales
Arkansas Natl Gas com.*.*
6c
a7c
3c May
Price
Allegheny Lud Steel com.*
6c
a31
Oct
Apr
Apr
30c
I
49
Dec
1074 June
10
for
Per
o7c
1
Jan
Mar
84
both inclusive, compiled from official sales lists
Stocks—
6c
..
Dec
4
167
Aug
30c
Asronautlcal Co
16
Sept
24
344
16,699
25c
a7c
Ryan
26 4
14
Pittsburgh Stock Exchange
Dec. 21 to Dec. 27,
1
Seoiirlty Co units ben Int.*
Jan
1
14
274
94
Jan
Pept
dolar Aircraft Co
Oct
Week
414
64
Roberts Public Markets..2
Jan
100
of Prices
Low
High
Jan
1.40
Nov
1,308
Week's Range
ZX May
Puget Sound Pulp & Tlmb*
Republic Petroleum com.l
Richfield OH Corn com...*
254
1204
314
34
Sale
23 X
o30 4 a364
298
Mar
May
144
Last
182
a64
144
3
14
144
24
Friday
4.425
a304
a!74
Oct
Feb
1124 June
284 June
23
Nov
54
24
Fad fir Lighting <k>rocom *
8,194
2,555
124
54
Paclfle Western Oil Corp 10
•>
24
24
214
214
1164 117
304
314
Jan
24
Pacific Public Serv 1st prf *
14 May
54 June
Apr
54
a38
Apr
140
80c
45c May
Jan
94
24
a38
34
34
84
14 May
543
Jan
Apr
10
1
a38
Apr
3,266
—
Preferred...
Apr
6 4
7c
O304
554
34
Westmoreland Coal
or
225
4% 1st pref
May
*
Tonopah Mining
-1
5
38
14
*
Jan
Apr
50
2X
24
Nov
84
44
334
64
+
Jan
June
..*
1
A
1.700
Pacific Indemnity Co... 10
34 May
14
Oct
..1
Salt Dome OH Corp
Scott Paper
Dec
21c
104
104
a274 a27 4
a304 o304
Jan
Jan
25
2
214
**
6
778
64
*
»
Apr
Mar
65
IX
1
50
$.5 pref...*
PhllaElec Pow pref.....25
19
26 4
Petroleum
135
1,260
14
RR
884
104
21c
Nordon Corp T.td...—..1
74
14
314
49
144
1754
1354
May
24
Phlla Elec of Pa
PhUa Insulated Wire
3
148
64
*
Pennroad Corp v t c
Pennsylvania
94 June
1464 May
1134 Apr
92
14
mm
*
United Gas Impt com
Preferred
26 4
Oceanic OH Co
1, 1940
High
241
5
294
484
—50
United Corp com..
21c
Occidental
Since Jan
Low
2,067
64
14
Transit Invest pref
204
Menaseo MfgCo
44
»
31
10
Motors
jAn
.10c
Los Antelea Investment.
General
Jan
Aircraft Corp.,1
Lincoln Petroleum Co
trm
»«,
*
Lehigh Valley
Hloh
Chrysler Corp
........6
Consolidated OH Corp
*
Central
Shares
9X
104
1654 167
1184 1194
*
Curtis Pub Co com
National Power & Light
60e
Bandlnl
Budd Wheel Co
Lehigh Coal & Nav
Shares
"
Aircraft Aecewtorlea
*
Electric Storage BatterylOO
Week
Of Prices
Low
Range
PaWeek
High
LA 23 24
Angeles Stock Exchange
t art
Range
of Prices
American Tel & Tel Co. 100
Friday
24
Sales
Week's
Sale
American Stores
Los
a34
Dec. 21 to Dec. 27, both inclusive, compiled from official sales lists
Spring Street,
System
Jan
24
Dec
Philadelphia Stock Exchange
1921
STOCKS—BON DM
Bell
14
90
Akin-Lambert Company
639 South
65
Westlnghouse El A Mfg.60 al014 al014«1014
Securities
Established
al4
125
6X
Aug
174
154
14
204
Unlisted—
Pennroad Corp vtc
2
1
3
?Nov
Jan
Jan
Apr
94
Sept
34
Jan
Dec
64
74
Apr
May
1.00 May
2.25
St. Louis Listed and Unlisted Securities
Jan
Mining—
Alaska-Juneau Gold
10
a54
35
Cardinal Gold Mining Co 1
5c
5c
5c
1.000
Coasol Chollar G & S Mg 1
1.30
1.30
1.30
100
44 May
3
Edward D. Jones & Co.
Established
Amer Rad & Std San!
*
a64
004
a64
Am«r Smelting & Refining.
0424
0414 a424
Amer Tel 4 Tel Co
100 0166
al67
01654
Anaeoada Copper..
...50 a264
020 4 026 4
10
105
Jan
Mar
70
19
Julv
15
May
1744
314
244
84
164
174
a4 4
a4 4
17
184
184
184
360
,_5
084
375
354
44
13
Aue
May
Apr
Apr
6
Borg-Warner Coro
5
100
Caterpillar Tractor Co...*
Columbia Gas & Elec
*
a84
334
74
Aug
630
254
June
344
a854
160
68 4
June
90
al94
a534
al84 al94
170
154
Aug
244
Apr
a534 a53 4
a494 a494
44
4%
Apr
514
Jan
Last
Week's Range
170
Sale
of Prices
0494
44
44 June
94 July
Dec
X
104
170
4
4
300
184
184
84
9
027 4 o274
34
34
300
174
Oct
170
64
Aug
114
Mar
244 June
294
Feb
9
1
a274
34
Electrle Power & Light..*
General EJectrlo Co
...»
*
al3
*
a224
Kennecott Copper Corp.
a364
Montgomery Ward & Co
37
*
Nor Amer Aviation Inc.._l
North American Co
*
Packard
Motor
Car
Co..*
Paramount Pictures Inc._l
Pennsylvania
RR
Pure Oil Co
324
50
Radio Corp of America...*
Republic Sfr»el Corp....
*
Socony-Vacuura OH Co..16
*
Standard OH Co (N J)___25
Swift & Co
26
For footnotes see page
164
a3
104
a214
44
a214
Seaboard Oil Co of Del...*
Standard Brands Inc
al64
a8
...
Sears Roebuck & Co
134
124
0774
84
06
"334
0214
3871
324
324
al3
al34
a224 a224
a354 a364
37
37
134
134
al64 al64
164
164
a3
o3
104
50
100
360
40
Jsd
Ely& Walker D Gds
25
"l7"
204
384
4
34
July
120
244
37
210
94 May
154 Aug
164 June
44
44
a214 a214
132
124
124
0764 a774
8
84
100
97
Dec
24 May
54 May
194
7
July
Oct
44
144 May
June
38
Apr
Emerson Elec
Jan
Apr
Jan
26
Apr
264
Apr
4
104
254
9
Dec
Falstaff Brewing com
1
30
34
26
26
124
17
17
34
90
"74
34
90
74
74
214
Griesedleck-WestBrew cm*
Hussmann-Ligonler
21
High
12
100
214
for
Range Since Jan. 1, 1940
Week
Shares
290
10
8
120
5
425
5
100
2
com.*
8
8
200
Huttig S & D com
5
Hydraulic Prsd Brck pf 100
8
8
80c
80c
International Shoe
Laciede Steel com
Low
High
28
May
3
Oct
4
Oct
34
254
114
Nov
15
July
24
81
64
20
364
194
194
Apr
Apr
Apr
Mar
Jan
Aug
4
June
Jan
98
May
Sept
104
Dec
45
Dec
124
Apr
Apr
30
7X
64
July
9
Dec
61
50c
Nov
2
May
20
Apr
Dec
Midwest Piping & Sply cm*
Mo Portland Cem com. .25
Natl Candy com
Apr
Rice-Stix Dry Goods
Apr
Scruggs-V-B Inc
May
681
30
June
43 4
Feb
50
18
June
234
Feb
Nov
Jan
com
com
Apr
1st pref..
;
Securities Inv pref
30
866
254 May
364
194
194
100
15
June
20
134
134
154
134
50
13
Aug
294
14
.....
14
250
9
June
154
115
10
July
154
Dec
70
6
Dec
124
Mar
34 May
64
Jan
6
5
6
44
5
150
9
Jan
Nov
154 May
14
Dec
94
185
6
June
100
384
384
2
35
July
42
Oct
100
95
95
6
874
Jan
98
Dec
100
994
994
99
Oct
101
May
com
Preferred
29
194
134
com-.
Meyer Blanke
5
450
114 May
684 June
74 May
com
Jan
35
109
com
.
Low
Mar
Nov
74
244
124
874
124
74
170
,
Preferred
474 May
184
Coca-Cola
Sales
34
May
220
30
10
'26"
Sept
125
Century Electric..
30
Bottling com
1
Columbia'Brewing com..5
June
105
*
com
Pslct
Jan
124
180
Brown Shoe
Par
8
20 4
104
a64
334
334
a214 a214
27
Stocks—
Dec
50
a214 a214
a74
a8
a6
34
75
153
Exchange
inclusive, compiled from official sales lists
Friday
61
104
1
Dec. 21 to Dec. 27, both
10
25
4
184
St. Louis Stock
Apr
Nov
104
New York Central RR
A. T. T. Teletype STL 593
33
*
Goodrloh (B F) Co
Intl Nickel Co of Can
Postal Long Distance
a85
25
CEntral 7600
„
334
Commonwealth & South..*
Continental 011 Co (Del).6
Cur ties Wright Corp
Class A
Phone
Exchange
Chicago Stock Exchange
New York Curb Exchange Associate
194 May
124
Apr
Apr
74
Apr
164
14 Nov
204 May
Solvents
Members
St. Louis Stock
a854
Bendlx Aviation Corp
Bethlehem Steel Corp...
Case (J I)
a84
Building, ST. LOUIS
Apr
174
Barnsdall Oil Co
Boatmen's Bank
Jan
474
Max
a44
t c
10
July
148
Atehsn Topk & S Fe RylOO
Aviation Corp (Del)
3
v
54 May
167
Baldwin Locomotive
Commercial
1922
Investment Securities
Unlisted—
50
114
Oct
Volume
The Commercial &
151
{Concluded)
Sterling Alum
for
of Prices
Low
High
Week
Price
Par
Stlx, Baer k Fuller
10
com.
9*4
15
com
7 *4
21*4
270
Sept
Jan
Sept
9
May
30
5*4
10
9*4
27
26*4
26*4
25
Stocks (Concluded)
High
Low
Dec
*
5
Atchison TopASanta FelOO
67
67
4,000
55
May
69*4
Nov
11*4
11*4
1,000
8
May
12 *4
Jan
5
Aviation Corp of Del
3
Aviation A Trans Corp
1
Bait & Ohio'RR com
open
solicited
Pacific
on
Coast
Stock
which
Exchanges,
York
Slock
1
6% pfd '27.100
Price
Par
Stocks—
Los Angeles
4*4
10
Anglo-Amer
Gold
Shares
Mining
1
Atlas Imp Diesel
Calif Art Tile cl B
29*4
6
3*4
32*4
*
com.
*
10
24*4
*
*.
-
;
-
120
..
10c
532
10c
220
6
5*4
Nov
1654 June
25*4
Nov
7*4
May
7*4
Deo
3H
3*4 May
Packard Motor Co com
So Cal Ed 6 %
Jan
115
24 H
June
3,200
13c
Dec
45
May
2 *4
May
55
Jan
4*4
Mar
5*4% pref
Standard Brands Inc
25
Title Guaranty Co pref
*
«,m m „
-
~
"17*4
United Aircraft Corp cap.6
Feb
United Corp of Del
*
6
1554
1454
1554
1,229
21
9054
9054
9054
May
31
Nov
26 54
May
31
Nov
a6*4
165
37
17*4
a41*4 a41*4
1*4
1*4
100
17
May
20
70
39
June
61*4
Apr
130
Dec
2*4
Apr
17*4
55c May
1.15
Jan
4254
May
76*4
Nov
6o
Dec
16c
Jan
Westates Petroleum com.l
350
80c
80c
80c
290
75c June
1.55
Jan
1
trading privileges,
Jan
year.
Jan
The Wahl Co. to Eversbarp,
3
Dec
8*4
35
May
44 *4
36
July
48*4
Nov
30
77
May
46
9954
3054
170
1954
290
420
6
1,348
38
405
4
4854
4854
4954
*
Feb
17*4
May
May
22
Feb
May
56
May
7*4
May
954
513
7*4
May
6*4
1154
Mar
550
12
June
845
14 H
May
13*4
954
1354
15 54
15
1554
50c
100
*
10
1154
2,255
48c
48c
48c
500
10 H
45c
1.80
1.80
1.80
400
1.75
15
15
215
454
44
26 54
2654
554
554
500
175
100
35c
June
44
Dec
23 *4
June
41*4
Apr
Feb
5*4
4*4
20
100
4* m m- -
-
Aug
106
12k6
May
19*4
9*4
May
12*4
2.20
2.30
1,300
1.75
Jan
4*4
May
725
7a
May
lOMi
1.50
Dec
4.00
21
1.75
45
25
1
4
4
4
Paauhau Sugar Plant—15
5
5
554
12
6
26
2754
28
3354
3354
31
31
*
100
100
3654
4
275
300
240
1.40
3654
4
1,369
305
'
205
1,099
248
June
28
May
5*4
5*4
Feb
15*4
May
5*4
Nov
3*4
May
May
5*4
Feb
Mar
289
16
May
184
113
June
21*4
138*4
160
Jan
10
142
June
34
1,025
28
June
43*4
20
35
Dec
54
Jan
29*4 May
May
May
7
1554
600
5
3,561
19
19
100
12*4
1.50
11
Apr
July
12*4 May
5
Deo
24*4
compiled from official
Price.
Week's Range
of Prices
High
Low
Range Since Jan.
for
54 c
5
100
4
8
5
5
4
1,426
3*4
Kirkland-Townslte
_...]
Rodgers Majestic A
TemLskaming Mining
Walkerville Brewing
.*
1
*
54
354
26
26*4
91
17
70
154c
1554
Jan
854
Apr
May
654
June
11
40
Jan
June
22
17
Jan
Feb
Dec
Nov
May
500
-*
*
*
1
High
Low
5
Canada Vinegars
1, 1940
Week
Shares
8
Consolidated Paper
sales lists
.Sates
*
19*4
Jan
9*4
Nov
Apr
11
11
915
8
May
2656
150
22
May
12*4 May
30*4 Mar
2154
22
312
21
May
42
6*4
May
15*4
5
June
754
754
554
6
1754
1854
19
19
41c
954
99
2,345
680
8,042
200
16*4
19
40c
Feb
60c
Feb
June
12
May
June
99
Dec
17*4
Jan
Sept
10
Apr
6*4
Aug
15*4
4*4
Jan
3
Jan
4*4
Nov
7
Aug
9*4
Sept
5,809
155
6*4
754
754
754
525
7
7
1,000
354
3J4
120
754
220
2454
Mar
6*4
May
4,998
854
297
Oct
May
454
12J4
4*4
12
14
17
Dec
8c
1,000
July
18c
10
2554 June
1,550
99c May
3154
2.35
Feb
1.86
2*4
270
154
July
354
Apr
6c
6c
500
2 54c
June
854c
Jan
75c
75c
100
65C
July
1.25
Apr
8c
29
29
1.86
1.80
2
2
"75c
7c
Apr
Jan
Jan
60
20
Oct
30
Apr
15
265
June
301
Apr
15
May
22
Feb
July
2.90
Jan
July
9*4
174*4
Mar
June
Nov
1.10
Oct
100
654
654
*
Co. 100 al6554 al6554 al67
39c
39c
39c
Toll Bridge(Del)..l
250
1.45
Unlisted—
120
700
5*4
149
35c
No par v&Iue.
Bank of Montreal Reports
Apr
Canadian Industrial Activity
Recorded Peak
Far Above Previous
distributed
of sea¬
sonal weather, Christmas trade across Canada opened well
ahead of the usual time," according to the Dec. 20 "Busi¬
ness Summary" of the Bank of Montreal.
"This trade has
continued in such large and steady volume that the best
season in years seems assured.
Tlie returns of retail trade
for November, now available, show the sales volume of
department stores to have been the highest for that month
"As
a
result of greater
spending power widely
throughout tlie country, and
since 1029."
Apr
230
1.50
1.50
33*4
9
854
21
Dec
80
454
24
Jan
10
1254
295
Jan
26*4
900
854
24
Jan
Oct
350
454
297
May
41c
1254
754
6
954
99
*
Mar
2654
2154
Exchange—Curb Section
Jan
6*4
Amer
Oct
Dec
9854
1
Bruck Silk
Feb
35
3*4
American Tel A Tel
9854
Sale
Dec
157
600
Am Rad <fe St Sntry
10154
Dec
Montreal Power........*
438
2154
July
Last
Par
Stocks-
Pend-Oreille
432
754
Dec
Friday
Jan
854
7
754c
27, both inclusive,
Jan
454
41c
Nov
Toronto Stock
Dec. 21 to Dec.
Nov
1354
954
4c
99
31*4
454
Ass'd OH comlO
*
Tranaamertoa Corp
2
Union OH Co of Calif
25
Union Sugar com
..25
Universal Consol OH—10
Vega A'rplai e Co
154
Victor Equip Co com
1
Vultee Aircraft
1
Waialua Agricultural Co 20
WeUs Fargo Bk & Un TrlOO
Yellow Checker Cabser 150
Yosemite Ptld Cem pref. 10
Jan
9954
50
854
Preferred
15
11,000
34*4
1354
Tide Water
8
$1,000
34
854
Super Mold Corp cap
10
Thomas Allec Corp ci A..*
July
9854
—
Humberetone
1354
19
4.70
10154 10154
Second
Apr
454
Aeronautical Co —-1
SheU Union OH com
15
Signal Oil A Gas Co cl A._*
22
Sound view Pulp Co com. 6
754
Southern Pacific Co—100
Spring Valley Co Ltd
*
Standard OH Co of Calif..* "is"
Ryan
3,370
10154
9854
War Loan
Dec
Richfield Oil Corp com...*
Rheem Mfg Co
July
4,748
1.65
1754
5
-
8c
754c
34*4
35
-
27
1,500
Bonds—
May
1554
-
95c
6.90
25*4 June
28*4 May
25*< May
96c
Jan
Jan
95c
854c
654c
Dominion Bridge...
34
5
A pr
30c
95c
6.90
Brett-Tretheway
T com..*
*
100
1
Preferred
Apr
2.38
-854c
754c
May
4*4 June
10
May
3*6 May
15
R E & R Co Ltd com
15
99
Dec
95c
*
Feb
35
Puget Sound P &
July
June
954
76
*
Oct
28c
157
*
PhUipplne L'g Dist TelPlOO
75
Wright Hargreaves
May
27*4
3
180
Ymir Yankee
Jan
Oct
7c
11954 12154
17 if
11954
70
454
454
1.40
480
12
..*
19*4 June
300
7c
7c
15
39
21
25
4
1154
97
Mar
605
10
*
*
1054
95
97
854c
7.10
Apr
7c
3354
Winnipeg Electric cl B...*
Wood-Cadillac...
1
Apr
200
954
High
Low
Shares
Feb
806
12 54
Oliver Utd Filters cl B
6% 1st preferred
25
654% 1st pref erred... 2 5
Pacific Light Corp com...*
100
Preferred
Jan
1754
Occidental Petroleum
Pacific Coast Aggregates
Apr
9*4
1754
1.50
*
Price
*
WestonB
Dec
1.30
12
21
Pacific Can Co com..
35c
Jan
July
25c May
1754
«
1, 1940
Range Since Jan.
for
Week
Dec
6
25
Preferred
34
50c
100
Paraffine Co's com
Feb
7
Occidental Insurance Co 10
preferred
8*4
769
*
Pacific Tel A Tel com..
Feb
795
No Anaer Invest com ..100
Pac Public Service com
16*4
85c
Natomas Co.
Pac O & E Co com
July
11*4 May
414 June
7J4
1
Par
of Pr ices
Low
High
Jan
Feb
Mar
75c
2.20
Stocks {Concluded)
Week's Range
Sale
Feb
4.00
734
101
76c
Sales
Last
Jan
1.15
Exchange
Friday
Apr
17*4
75c
101
15*4
20*4
Dec
754
-
Apr
July
1
Meuasco Mfg Co com
Pac Clay Prods cap
50c May
*
100
Meier A Frank Co Inc...10
6% preferred
554
35c
*
Preferred
10
43
2654
_*
100
454
44
50
Lockheed Aircraft Corp__l
Marchant Calcul Mach.
454
Inc.
Toronto Stock
Feb
3 a
50c
•
(Continued from page 3373)
Apr
a
2,347
11
dividend
e Admitted to unlisted
Cash sale—Not Included in rsnge tor
Listed,
t In default. J Title changed from
b Ex-stock
Nov
5
*
Class B
7*4
654
954
1354
*
Ex-rights.
Canadian Markets
Oct
19*4 June
33*4
10
Maguln & Co (I) com
100
5
*
Magnavox Co Ltd
Dec
554
Langendorf Utd Bak cl A.*
1st
2.75
44
10
1
y
Feb
58
rEx-dlvldend.
Jan
60
44
Genl Paint Corp com
Lyons-Magnus el A
5.25
150
1,320
4356
General Motors com
Preferred
Odd lot sales
d Deferred delivery
Jan
10*4
654
Class B.
a
3*4
May
654
Preferred.
No par value,
June
5
654
Honolulu Oil Corp cap
May
1
100
Cen Metals Corp cap..254
Hunt Brothers com
•
100
1854
Holly Development..
Preferred
1
354
Jan
345
554
2.75
154
775
1
*
Hawaiian Pine Co Ltd
95
Aug
3554
Apr
46*4 May
8c
554
9954
3054
1854
Hale Bros Stores Inc
12 M
7*4
May
5
a39*4 a39*4
May
»
May
76*4 May
25
258
95c
Apr
Crown Zelierbach com
20
29*4
29*4
68*4
31*4
Apr
May
7c
•
6
30*4
90c
1
United 8tates Steel com.
Aug
Aug
May
90c
U S Petroleum Co
Apr
June
2.75
24
68*4
Dec
33
4
Apr
130
290
""7c
28*4
28*4 June
23
4 54
410
Feb
5*4
a6
*
Texas Corp com
70
021*4 a21*4
4*4
4*4
5*4
5*4
26*4
26*4
Apr
a29*4 a29?4
"29*6
Feb
Jan
4*4
"26*4
Apr
32c
a21*6
*
3
26
a3
a3
a3
*
pref...... 2 5
25
65c
Dec
1.15
26
52*4
27
a23*6
Riverside Cement Co A..*
26*4
30c
14
200
*
Feb
Jan
245
Golden State Co Ltd
4)4 June
7*4
Mar
554
m
Jan
Anr
4*4
27
m
a4*4
20
Jan
4*6
May
June
May
554
Gladding McBean A Co..*
254
8*4
5 *4
27
Galland Merc Laundry
700
65*4
Mar
554
Food Machine Corp com 10
3*4
Apr
No'
May
1.50
com
9954
3754
Aug
Creameries of Am Inc
"44"
12c
6c May
58
2*4
8*4
Dec
354
500
1.00
Dec
Fireman's Fund Ins Co..25
100
8c
a36*6
Jan
Apr
Nov
90
Aug
Fireman's Fund Indem_.10
3*4
37
Pacific Port Cement com 10
27 *4
Emporium Cap prf (w w)50
36*4
8c
4*4
Dec
July
154
2454
Dec
43*4
356
115
325
Jan
Apr
38*4
2054 June
200
a2*4
36*4
25c
7
Dec
Jun«
2394
75
2.75
Deo
26*4
500
354
25*4
1654
400
*
Oct
52
29
*
19
al6*4 al6*4
1.15
1.20
28
El Dorado OH Works
235
10
4954
Doernbecher Mfg Co
Apr
Nor American Co com
Dec
10
20*4
Feb
2854
10
Apr
20c
2754
100
17
Dec
5c
4956
Preferred
Jan
Jan
60
26
29
Preferred
743
Jan
8*4
May
Dec
2754
D1 Giorgio Fruit com
41
June
4954
Consol Aircraft Corp com.l
36
Dec
28 H Jun«
354
6*4
a22*4 a23*4
10c
a4*4
.
May
25
1454
10
Edison.25
29*4
3*4
32*4
32*4
al3*4 013*4
24*4
24*4
300
3*4
Mar*
19
Coast Cos G & E 1st pref 25
Commonwealth
29*4
Apr
Apr
11 *4
50
57
Clorox Chemical Co
654
135
Aug
700
216
al6*4 al6*4
May
276
8*4
7*4
Oct
Juh
a23*4 a23*4
49*4
354
554
1
So Calif Edison com
49
354
210
Jan
North Amer Aviation
Mar
49
49
5*4
3*4
Nash Kelvinator Corp
6
National Distillers Prod..*
19
18c
5*4
2
Nov
Dec
27
Mi
4
Apr
6*4
10
12
Mar
403
4*4
May
70
110
......
480
10
May
*4
75o
220
a36
Montgomery Ward A Co.*
Mountain City Copper
6
1054
1,784
OH
32 H
26 *4
35
*18
8c
1
Radio Corp of America
30c
Feb
*4 June
2154 No
224
4*4
5
Pennsylvania RR Co...60
13c
-
com
Jan
Carson Hill Gold Mln cap.l
-
36*4
Kenn Copper Corp com..*
McKesson A Bobbins
Feb
51
Nov
1,592
o2
a2
125
2654
Central Eureka Mln com.)
*
Dec
Calif Water Service pref.25
Caterpillar Tractor com..*
1, 1940
a23*4
*
102
18
Jan
91*4
1.15
6*4
329
1754
14*4
10c
210
51
18
Apr
9*6 May
125
51«
*
554
30c
30c
*
50
35*4
50
a3*6
o33 *4
8*4
10
10
Calif Packing Corp com..*
Preferred
1,200
Apr
May
Jun<
5*6
*
10454
554
10454
20
982
5*6
•
a22
102
Engine. .5
Calamba Sugar com
lists
High
Low
3*4 June
03*4
Jan
4*4 May
280
854
454
454
10
.
6c
854
854
Bank of California N A..80
409
5c
6c
Anglo Calif Natl Bank..20
Assoc Iosur Fund I no
554
5
5
10
8*6
4*6
Apr
Aug
021*4 a22*4
«•
Inter Tel A Tel Co com
Week
'
Alaska-Juneau
Aug
2*4
1
General Electric Co
Range Since Jan.
of Prices
Low
High
Sale
4
100
89
M JAM AM Cons
for
100
4
88*4
Goodrich (B F) Co com
Hawaiian Sugar Co
Exchange
Week's Range
Oct
4*4
a6*6
4*4
89
Domlnguez Oil Co
Sales
Last
a6*6
Mar
11*4
Elec Bond & Share Co
both inclusive, compiled from official sales
:
1
Jan
9*4
11*4
Int Nick Co Canada
Friday
25*4
1.05
Idaho Mary Mines Corp__l
Dec. 21 to Dec. 27,
May
6 *4
11*4
Hobbs Battery CoB
Francisco Stock
14
184
4
..
Curtlss Wright Corp
Exchange
Cortlandt 7-4150
San
586
.1
Consolidated Oil Corp
Broadway, Now York
Private Wire to own offices In San Francisco and
17*4
1.05
Cities Service Co com.
Schwabacher & Co.
New
4.00
a33
Cons Edison Co of N Y_.»
Members
-
-
a3*4
Claude Neon Lights com.l
111
-
—
12*4
Cal Ore Pr
are
Aug
Sent
1.50 May
700
4
Bunker HU1 A 8ulllvan.2*4
Saturdays)
until 5:30 P. M. Eastern Standard Time (3 P. M.
4*4
*.
6
Blair & Co Inc cap
Orders
....WW*...
100
Bendlx Aviation Corp
Apr
3*4
500
16*4
17*4
Atlas Corp com
1959
1964
Income
31H
2.40
4
Argonaut Mining Co
Bonds—
St L Pub Serv 5's
Aup
2.40
4
Anglo Nat Corp A com
Apr
9*4
High
18 *4
172
a26*6 a26?4
a26*4
Anaconda Copper Mln..50
Jan. 1,1940
Low
Shares
High
Low
Range Since
for
Week
of Prices
Price
Par
Range
Week's
Sale
Shares
8
8
1
com
Wagner Electric
Week's Range
Sale
Last
1, 1940
Range Since Jan.
Last
Stocks
Sales
Friday
Sales
Friday
3871
Financial Chronicle
*
War
orders
of the earlier coming
The bank's review added:
to provide a tremendous stimulus to
continue
industrial
well above its previous recorded peak, and it is
estimated that during November 98% of the capacity of Canada's manu¬
facturing establishments was being employed.
The resulting expansion
of payrolls, accompanied as it has been by increases of wages, has pro¬
duced a general augmentation of purchasing power until it is now placed
by some authorities at a rate of not less than $350,000,000 per annum
activity,
which
is
now
higher than a year ago.
The Commercial & Financial Chronicle
3872
Dec.
28, 1940
Canadian Markets
LISTED
Industrial and Public
AND
UNLISTED
Montreal Stock
Utility Bonds
Closing bid and asked quotations, Friday, Dec. 27
Exchange
Friday
(American Dollar Prices)
Sales
Ask
Bid
Abltlbl P A P Ctfs 58.. 1953
43
Alberta Pao Grain 6s_.1946
62
64
Gen Steel Wares 4%s_1952
Algoma Steel 5e
63%
65
Gt Lakes Pap Co 1st 5s *55
Lake St John Pr A Pap Co
1948
45
British Col Pow 4%0.196O
63
65
Canada Cement 4%s_1961
Canada SS Lines 5s_._1957
65%
61%
36%
Federal Grain 6s
67
Canadian Vickers Co 6s *47
Dom Steel A Coal 0%s 1955
Dom Tar A Chem 4%s 1951
1949
5%S
62
64
62%
59%
1961
Massey-Harrls 4%s
1954
McColl-Front Oil 4%s 1949
64
61
58
56%
69
61
64
66
N Scotia Stl A Coal 3 %s '63
Power Corp of Can 4%s '59
53
55
61
63
Price Brothers 1st 5fl__1957
60%
62
63
38
68
70
64
66
46
48
Donnacona Paper Co—
Quebec Power 4s
1962
Saguenay Power—
4%s series B
1966
Stocks (Concluded)
Ask
65
63%
of Prices
Price
Par
Hamilton Bridge
Week's Range
Sale
Bid
Last
*
Hollinger Gold Mines
Low
4%
4%
13
5
Famous Players 4%s._1951
63%
70
68%
100
12
Hudson Bay Mining
25
..*
9
Imperial Oil Ltd
*
Imperial Tobacco of Can.6
13%
16%
Indust Accp Corp
*
International Bronze prf 25
IntJ Nickel of Canada....*
Intern Power pref
Bid
Ask
4 He
1 1956
Oct
46
58
68
43%
45%
85
88
July
4%s
Oct
80%
82%
1 1942
Oct
Ask
99
100%
100)4
12 1949
1 1963
Provlnoe of Manitoba—
June
28%
27% May
46%
Jan
87%
87%
30
70
94
Feb
11
11
50
10%
16%
Feb
6
6
100
9%
Mar
4%
4%
4%
50
Oct
2
May
2% Mar
5
90
4%
*
4%
*
4%
Montreal L H A P Cons..*
29%
29
52
52
100
38%
Jan
41%
Mar
69
56%
66%
58
410
43%
22
22
22
125
20
10%
10%
123
100
Power Corp of Canada...*
Price Bros A Co Ltd
»
5%
5%
82
58
June
15 1943
64
68
75
79
5%s
Nov
15 1946
65
68
4«s
Oct
1 1951
60
Prov of Saskatchewan—
Steel
Co of
Canada
9
May
24
Jan
60
May
80%
Feb
13
June
2
May
159
20
May
17%
624
16
May
72
72%
1
73
30
62
72%
95
63
4
4
18
1.00
1.00
25
17%
5%
Jan
21
Apr
125
Jan
Jan
52%
24%
Apr
Jan
Jan
'
m
■» «*» m m
95c
95c
9
24%
86%
Jan
83
Jan
1
55
16
8
9
24%
126
275
90c
9
July
July
2
30
24%
30
Mar
Jan
6%
Feb
60
May
90c Aug
1.00 July
8% June
24
21
July
May
14"
ADr
2.50
Jan
Jan
2%
13
Apr
25
Apr
Banks—
(American Dollar Prices)
Canadienne
Commeroe
Bid
Canadian Paciflo Ry—
4)4s
Sept
1 1946
—
*
..*
Preferred..
Jan
11%
May
2% May
5
45%
18
Railway Bonds
Dec
113
45%
Closing bid and asked quotations, Friday, Dec. 27
4s perpetual debentures.
40%
*
*
10% May
110
*
B
Deo
5
112
*
Winnipeg Electric cl A
Ask
235
no
112
25
Zellers
5%
415
305
Wilsils Ltd
90
Canadian Paciflo Ry—
14%
2%
16%
Western Grocers Ltd
86
Jan
Aug
*
Preferred
Jan
5
110
100
United Steel Corp
131
35
17%
78
Nov
120
167
40
15 1960
Feb
5%
17%
4%s
Apr
15 1961
Provlnoe of Nova Sootia—
16
July
12%
40
Preferred
77%
33%
July
68%
St Lawrence Paper preflOO
83
Jan
June
9%
12
Shawinigan Wat A Power.*
Sherwin-Williams of Can
80
1
Jan
68%
12%
100
92
1 1961
75
123
90
May
Bid
25
*
4%s
Jan
15 1966
Provlnoe of Quebec—
4%s
Mar
2 1950
4)48.
83
965
*
14
79
86
June
June
2%
16%
75
1 1960
Jan
June
14
Deo
15 1952
56%
33
16%
87
Mar
June
34
..*
81
Sept
40
5
__*
79
4%s
17
70
28%
Quebec Power
85
6b
Feb
40
St Lawrence Corp
1 1958
Apr
31%
38
St Lawrence Corp A pfd .50
St Law Flour Mills pref. 100
Feb
68
May
28
97
48
Jan
25
40
87
92
5%
9%
Jan
Dec
38
95
78
Feb
28
•
85
88
2 1959
June
38
*
25
1 1962
74
Dec
1,164
•52
1 1969
1 1941
68
17%
29%
15 1943
Aug
Feb
16%
20
May
June 15 1964
29
Jan
111
Sept
4%s
Jan
Feb
580
25
5% pref
34
15%
16%
365
June
6s
Prov of New Brunswick—
June
Apr
33%
4fl
99
June
Apr
106
24
6e
Prov of British Columbia—
6s
Bid
44
8%
12
Noranda Mines Ltd
Provlnoe of Ontario—
1 1948
19% June
745
1,370
Jan
23%
33
McColl-Frontenac Oil
Penmans pref
Jan
9
14%
Apr
15.00
16%
23%
*
.
315
25%
8%
33%
100
Lang (John A) A Sons
Legare pref
24%
8%
13%
High
May
9.60 July
11% May
85
May
24
Ottawa L H A Power...100
(American Dollar Prices)
5s
20
14
101
Low
3
Ogllvie Flour Mills...
Closing bid and asked quotations, Friday, Dec. 27
province of Alberta—
13
14
Natl Steel Car Corp
Municipal Issues
125
4%
101
Preferred
Provincial and
Range Since Jan. 1, 1940
100
Preferred.
Lindsay (CW)
65
for
Week
Shares
Howard Smith Paper....*
Montreal Tramways
National Breweries
1956
4s
High
Ask
50
75
15 1942
69
70
6e
Deo
1 1954
67
16 1944
60
62
4)4s
68.
July
1 1960
July
1 1944
61%
1
137
Aug
164
10
139
Mar
82
171
July
July
176%
192
212
Mar
20
150
June
190
Mar
..100
62%
167% 167%
Apr
68%
Dec
145
165
191
77
Sept
4)4s
145
164
100
Royal
49
6s
100
100
..........
....
Montreal.......
101
Montreal Curb Market
102
Dec. 21 to Dec. 27,
Dominion Government Guaranteed
both inclusive, compiled from official sales lists
Last
Stocks—
(American Dollar Prices)
Canadian National Ry—
4)48... ...Sept
1 1961
A«*
Bid
Ask
Canadian Northern Ry—
91%
92%
4%s... ...June 15 1956
4)4s... ...Feb
1 1956
4)48... ...July
1 1957
92%
91%
....July
1 1969
93%
92%
92%
94%
6a
....Oct
1 1969
94%
....Feb
1 1970
94%
1 1946
103% 104 %
95%
4 6s
July
93%
68
6%s
95%
91%
Grand Trunk Paciflo Ry—
4a
..Jan
1 1962
3s
1 1962
Jan
Par
Week's Range
for
Sale
Closing bid and asked quotations, Friday, Dec. 27
Bid
of Prices
Week
Price
Abltlbl Pow A Paper Co.
8% cum pref
Aluminium Ltd
Dec. 27, botb
Sale
Price
Agnew-Surpass Shoe pflOO
Asbestos
Corp
*
Bathurst Pow A Paper A.*
Bawlf N Grain pref
100
Bell Telephone
100
Brazilian Tr Lt A Power.*
British Col Power Corp A *
7
7
500
2
June
113
115
360
80
June
Calgary Pow 6%
79
Canada A Dom Sugar Co. •
Canada Malting Co Ltd..*
cum
9%
17%
pflOO
7%
cum pfd 100
Canada Cement
6)4
Cndn Car &
50
Preferred
Canadian
Week
Low
High
Shares
Low
High
5
107
June
15%
95
14
Dec
26%
Jan
15%
105
19%
May
12%
140
46
158
Sept
6% May
25% Feb
130
July
3% June
5%
5%
100
9
6%
26
10
197
2,960
120
"8)4
2
Aug
14%
20
12
May
17%
410
10
June
5%
130
100
34
9
25
8%
4%
17%
4%
70
18%
805
36
4%
18)4
12%
36
3% May
80
8%
2%
9%
Bridge....
Dominion Coal pref
Oct
8%
Mar
Apr
Jan
8%
176
6
May
16%
Jan
20%
21%
215
12% May
28%
28%
125
20
May
28%
37%
10
106
June
128
Mar
116
May
8%
July
June
5
38
Gypsum Lime A Alabas..*
2%
17%
145
10%
Apr
Jan
Apr
Dec
270
15
May
23%
Jan
5
100
Feb
101%
Dec
220
24
May
27
27%
27%
27%
10
27%
97%
97%
97%
15
95
95c
500
35
Jan
Dec
40
Nov
July
111
Feb
May
29
May
28%
29
470
95
5
26
26%
20
25
395
1.65 May
21
14%
3%
9
48%
B
*
Falrcbild Aircraft Ltd
*
»
*
Mar
177
10
163
Aug
177
Dec
176
6
30
Aug
45
15
5
15
Dec
17%
Feb
70c May
50c June
1.40
Apr
1.50
Apr
90c
25
5c
5c
305
46
46
9%
25
1.75
275
8%
75c June
3.75
1.75
40
7%
4%
4%
7%
4%
4%
30
7
7
15
1
10
4%
3% May
1.75
4%
950
350
10
5
3
3
10
25
5%
160
15%
595
8%
15
32
Apr
Thrift Stores Ltd
29
Dec
Apr
Walker-Good A Worts(H)*
$1 cum pref
_.*
22% June
96%
40%
*
80
300
95
10
135
25
16
18
46%
46%
45
108
50
20
Jan
4%
4%
45
3
Apr
10
70
June
8%
90%
4
May
11%
Jan
Eldorado Gold
12
Feb
Francoeur Gold
*
"45c
420
45c
1,700
Macassa Mines Ltd
Mai Gold Fields
1
4.35
4.15
4.35
Dec
15%
16%
Feb
1.12
1.15
June
96%
Feb
1.12
1.05
1.12
89
%
9%
10%
229
9%
89
89
5
80
95
95
5
96
6
30
94
10
6
94
93%
3%
3%
10
4%
78
Dec
May
Mar
Jan
Century Mining Corp
*
East Malartic Mines Ltd.l
Feb
10%
Feb
Pandoa-Cadillac Gold
96
Feb
•
5%
Mar
Jan
85c June
Apr
106%
47%
Mar
Jan
Apr
3.00
Oct
45%
Dec
20%
Feb
No par value,
r
1
7c
500
July
Aug
13c
Jan
1,000
21c
Mar
24%
24%
220
17
June
29%
Jan
2.75
2.85
500
1.95 June
4.10
Jan
900
25c June
7c
24%
2.75
49 %c 49 %c
...1
July
2% May
15%
47%
111%
16c 16 %c
1
Dome Mines
May
105
June
Mines—
Beaufor Gold Mines Ltd..l
O'Brien Gold Mines
1
Pamour Porcupine Mns__*
Nov
85c June
75c
Apr
29% June
16% June
245
Nov
6
5% May
36%
15
9
6%
6%
Feb
Apr
Dec
20%
Jan
Nov
Aug
45%
Jan
Dec
1.05
July
20%
60c
27%
91
45
21%
101%
Aug
Jan
Feb
Jan
July
91
9
6%
June
10c
82
40
15%
3
23%
75
22
70
6
July
85
May
30
June
3% June
95%
June
7
2
13%
41%
3% May
5%
Dec
95%
4 34
13
11%
41%
16
7
May
80
6%
5%
3
20c May
25
13
Jan
Dec
95%
9
Jan
8%
8%
41%
45%
10
May
I
7% June
Oct
73%
30
125
5)4
3% May
May
600
455
83
Feb
Jan
9%
May
9%
Jan
1.00
107
Jan
Jan
May
4
4.75
20
16
108
Apr
Mar
May
27%
10
Feb
35
95
46%
1.50
10
Feb
Feb
Mar
Feb
26%
Mtl Refrig & Stor vot tr..*
Sept
Apr
10
20c
1.00
8
Apr
22%
20c
OI16%cm prflOO
Mitchell (Robt) Co Ltd..*
June
200
460
5%
15%
McColl-Fr
19% May
11
8%
5%
15%
Jan
Page-Hersey Tubes Ltd..*
Pwr Cpof Cn 6% cm lstpf 100
6% n c part 2d pref
50
3.50
8
Feb
Jan
18
1%
10
Jan
52%
4
80
Aug
Dec
1%
10
*
Nov
9%
1.55 May
8
80
Moore Corp Ltd
41
3%
1%
Goodyear T A Rub of Can *
International Utilities B..1
Loblaw Groceterias A
*
Mackenzie Air Service
*
Mar
10
9%
1.60
*
Fraser Cos vot trust
238
5c
5
Ford Motor of Can A
Fraser Cos Ltd
Mar
90c
7%cmpfl00
Fleet Aircraft Ltd
May
225
15
EaKootenayPw7%cmpfl00
Eastern Dairies
Apr
22
2
176
Consol Dlv Sec pref..2.50
Consolidated Paper Corp.*
Dominion Woollens pref_20
Donnacona Pap Co Ltd A *
2%
31%
30
177
177
Cndn Pow A Paper Invest*
Cndn Westinghouse
*
Cub Aircraft Corp Ltd...*
Dominion Square Corp
*
Dec
90c
25
202
24%
CndnIntlInvTr5% cmpf 100
Cndn Light & Power ColOO
Canadian Marconi Co
1
80
June
90c
202
4%
*
.100
Dec
9%
27
4%
100
General steel Wares
115
9%
9
100
4
525
20
4
"l3"
preferred
17%
9%
17%
%
'"9)4
1
6)4% pref
390
2,876
28%
27%
83
.*
2%
5%
38
95
Dominion Textile
Dry den Paper
Electrolux Corp
Jan
21%
5
Foundation Co of Can
Gatlneau
8%
Jan
45
100
25
Feb
June
6
Dominion Steel <fc Coal B 26
Dominion Stores Ltd
*
Dominion Tar <fc Chem__
17%
23%
June
25
"26"
Apr
Mar
29
10
•
Mar
10%
30
Jan
107
28)4
169
5
2
100
Oct
18
10
28)4
Preferred
Jan
Dec
105
5)4
15%
47
Nov
105
38
Feb
101
123% 124
......
110
June
20%
*
9
101% 101%
"27"
Catelli Food Prods Ltd
*
Commercial Alcohols Ltd.*
15%
15%
12%
28)4
123)4
Consol Mining A Smelting5
Crown Cork & Seal Co
Distillers Seagrams
Preferred
of Prices
Range Since Jan. 1, 1940
*
100
100
Candn Foreign Invest
*
Cndn Ind Alcohol
...»
Canadian Paciflo Ry
26
6%
official sales lists
25
Celaneee...
Preferred 7%
Candn Cottons pref
Dominion
for
14%
17%
*
Foundry....*
Week's Range
26
•
6% preferred
Canadian Bronze
Cndn Gen Elec Co Ltd. .50
Cndn Inds 7% cum preflOO
156
158
5
Preferred
100
Can North Power Corp..*
Canada Steamship (new).*
High
7
87
46
15)4
Building Products A (new)*
Bulolo
Low
0.50 June
115
76
Sales
108% 108%
....«
Associated Breweries
80,700
*
85
Exchange
inclusive, compiled from
Last
Par
75c
Range Since Jan. 1, 1940
Shares
100
Beauharnois Power Corp.*
Brit Amer Oil Co Ltd
*
Can North
Friday
Stocks-
High
'
Montreal Stock
to
Low
75c
Canadian Breweries Ltd..*
Canadian Breweries pref.. *
Dec. 21
Sales
Friday
Bonds
3%c
8c
1.25
Jan
May
68c
Jan
200
2.28 June
4.80
Feb
500
o7c June
1.45
Mar
750
59c
1.82
20c
1.45
1.64
800
July
1.00 May
7 %c
7%c
1,000
2c June
Canadian market.
Jan
2.35
Jan
10%C
Jan
The Commercial &
Ytumc lit
3873
Financial Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Last
Week's Range
Sale
Stocks {Concluded)
for
of Prices
Low
High
Week
Stocks (Continued)
High
Low
Apr
2.65
Price
Par
Goldale
1634c
1
1.67
Preston-East Dome
1
1,125
1.65
2.65
Perron Gold Mines
1.67
500
1.25 June
2.11
Jan
Golden Gate.....
12c
300
1.40 June
3.75
Dec
Gold Eagle
834c
lie
1.47 June
2.60
Nov
Goodyear
80
55c
July
1.15
Jan
Great Lake vot trust...
47o
Oct
12c
23o
Jan
7Ho June
22c
Jan
6c
Jan
26c
July
June
87
Jan
234 June
25
80
High
8c June
2,500
15,900
8,500
13c
3.55
2.65
2.65
Low
Shares
1634c 1654c
1.65 June
3.50
Pato Cons Gld Dredg Ltd-1
Range Since Jan. 1, 1940
Week's Ranae
Sale
Shares
Low
Sales
Last
1, 1940
Range Since Jan.
for
Week
of Prices
High
Price
Par
Exchange
Friday
Sales
Friday
8
Apr
68
San Antonio Gold
1
2.50
2.50
500
Sherritt-Gordon Mines
1
83c
83c
400
Slscoe Gold Mines Ltd
1
""58c
58c
58c
300
95c
Apr
Great Lake v t pref
Sullivan Cons
1
64c
63c
64c
6,450
47o June
1.00
Jan
G unbar
1
37c
3634c
37c
3,200
3134c June
640
Jan
3 75
100
2.90 June
6.00
Jan
Gypsum
*
334
334
65
234~May
..1
*
2c
14,500
434
454
454
100
| 34c June
3
[July
534
334c
Mar
2c
334
154c
834
Apr
.1
1.05
1.05
1.08
2,400
56c May
1.48
Jan
19340
Jan
3.75
Walte Amulet Mines Ltd-1
7.10
Wright Hargreaves Mines*
8.20
July
4.80
115
7.10
Jan
Halcrow-Swazey
....
Hamilton Bridge..
Hard Rock...
OH——
95
20
18
18
...*
8
334
334
13
Jan
2734
June
Calgary & Edmonton Crp*
1.42
1.42
1.42
200
1.10 June
2.35
Jan
Hlghwood
*
15c
15c
500
7c June
Home Oil Co Ltd
2.35
2.35
2.40
225
1.30 May
3.10
Jan
Hlnde & Dauch
*
1054
1034
115
734 June
16
934 June
Jan
15
*
Jan
Jan
Holllnger Consolidated...6
1334
1234
1334
870
Home Oil Co
2.31
2.27
2.40
3,870
1.30 May
3.10
Jan
2c
2c
2c
2,000
194 c June
734c
Feb
29c
280
29c
5,100
40340
Jan
2554
680
2134 c July
1934 May
834 June
1534
Jan
16 34
41c
Apr
*
Homestead
Toronto Stock
Exchange
both inclusive, compiled from official
Dec. 21 to Dec. 27,
Last
of Prices
High
Low
Price
100
6%
Acme Gas
Alberta-Pacific Grain
Aldermac
Algoma Steel
Amm Gold
1
"l5c
15
15c
15c
3,100
9
*
53c
Arntfleld
1
7c
Ashley
Que
1
1
Gold Mines
1
2.33
16c
Bankfleld....—_
1
1.20
159
100
1
2.30
2.40
7,286
2,125
7,100
91c June
2.68
Jan
3c June
H CO £ o
Deo
734c
5c
Jan
28C
234
170
July
211
Mar
68
245
200
July
268
Feb
2
125
18,600
1.20
925
994c 1034c
5c
May
234c
July
70c July
130
219
159
Oct
7
100
1234
8c 13 34c
1.17
July
5
July
Apr
Mar
12
1134c
11.00 May
2034
534
2034
7
1634
2534
1734
349
1434
May
20
2334
Aug
2534
79,600
6c May
28c May
9c
9c
200
634c June
4.35
4.75
422
2.75
8c
800
9034c
99c
334c
1434
334c
1434
6.000
Building Products
1034
1034
100
.20
1934
21
25
2834
Canadian Celanese
2834
Cndn General Electric..50
16
207
207
2.25
'"50c
25
K
534
Canadian Wineries
Cariboo
50c
575
1,469
50
2034
2034
5
2.35
100
*
Bakeries
Gas
Feb
Feb
Pressed Metals
32c
4
334
13 3u
July
May
Nov
May
1.65 June
20
85c
Jan
834
Mar
534
Oct
22
Cub Aircraft
*
5
100
*
*
*
Petroleum
Reno
Gold
Riverside Silk
Apr
2.67
Roche LL
Apr
Royal Bank..
55c
55c
2,000
Dec
75c
Jan
St Anthony
1.87
1.90
2,600
5,613
1.45 May
2.55
Jan
San Antonio
10c
Aug
14c
Jan
Sand River
1.37
1.51
32,966
41c June
1.52
Dec
58c
Jan
55c
5c
15c
Aug
17c
500
98c
95c
1.00
38,915
31c
July
1.55
1.55
1.55
500
1.00
June
1234
13
3834
3734
1334
134
3834
805
23
144
143
143
Dec
1
1.98
Jan
Feb
19
Senator-Rouyn
Shawinlgan
July
49
Jan
Simpsons class A
Slscoe Gold
July
178
Feb
100
Dominion 8teel class
Feb
36 34
Jan
1534
Jan
634
Nov
235
634 June
434
100
3
July
11
75
June
87
1.50
1.50
10
1.00 May
3
734
734
170
2c
2c
500
134e
90,200
July
9c 1234c
1234c
July
1.95
June
Dec
89
3.50
10
July
2c
2c
Dorval SLscoe
Jan
2234
May
934
434
87
*
Dominion Woollens pref .20
210
July
May
19
Aug
4c
Jan
1234c
Dec
13
100
4.10
2.90
17,460
1434
90
8
May
1834
Jan
16
97
May
112J4
Nov
14,400
21c June
1.23
52c
*
Falcon bridge
Fanny Farmer
Federal-Klrkland
1
1
41c
55c
2734
2734
2734
25
2.00
Eldorado
2.00
2.17
1,450
1.75
June
6.00
2734
27
2754
390
2034
June
30
434c
434c
V
5c
5c
—
*
Francoeur
45c
Jan
Twin City
Jan
Uchl Gold
Apr
Union
Mar
July
634c
Dec
1.65
1.69
101
June
2.12
2.90
3.00
1,000
2.12
July
4.25
Jan
2.22
2.25
300
146
July
2 45
Nov
2,600
60c
July
2.19
Nov
634 June
1134
1.05
534
534
50
90c
90c
90c
200
75c
934
934
954
210
6
3.45
3.40
3.60
27,086
15c
500
15c
1634
354c
534c
Jan
Upper
2,675
10
4,200
Juiv
2294
15
July
2134
Mar
Dec
11c
Jan
500
45c
1334
Jan
90
25
96
5
5c
19c June
79
70c
Jan
July
97
Feb
Aug
103
Jan
134
134
134
Dec
*
1
6
634
634
50
434
July
1094
Apr
Gillies Lake
4c
334c
4c
600
334c
10340
Jan
God's Lake
*
39c
39c
40c
3,800
July
25c May
69c
JaD
Rights
50
91
6
Feb
3 34c
25
Canada.....—.—1
Dec
Jan
Mar
354c
2,500
Jan
Mar
190
9
14534
July
734c
July
210
Feb
2.80
Dec
52c
24,200
45
83c
83c
8.65
8.85
1,300
1,128
1034
1034
30
'"68c
56c
58c
39c
39c
10c
15c
2,400
2,625
157,700
60c
60c
60c
100
3
3
6c
July
16
July
1.18
Jan
9.00
Deo
2134
Feb
50c
1034
Dec
47o
Apr
Oct
950
20o June
610
Jan
234o June
15c
Dec
40c
15
3
39
July
,
Dec
Jan
50
5
73
185
6134 June
72
74
102
63
May
Jan
2.00
Jan
634
Dec
50
Jan
8634
Jan
83
3.10
Apr
July
8340
Apr
9e June
2034c
Mar
1.05 June
1.46
1.53
454c
434c
434c
27,450
8,500
16c 1634c
1,100
1.30
1.30
1.31
975
85c
July
2.06
Jan
June
3.45
Feb
1.53
"
3c
2.85
3.00
2.181
1 90
1054
1054
5
834
July
12
Apr
3.45
3.30
3.60
6,115
2 40
June
4.15
Jan
1.00
1.10
520
1.00
July
2.25 May
"l~53
1.53
1.55
400
1.00
Sept
1.90
2.90
Jan
"76"
22
22
200
16
(July
32
Jan
45
22
45
21
37
Aug
49
[May
76
76
10
70
?July
90
May
13c
"§9c
154
33c
13c
2,000
10c
July
35c
Jan
35c
39c
6.900
33c
Dec
44c
Nov
154
100
Nov
234
Apr
33c
10,550
154
31c
6
14
290
6
1354
20
134
2534c June
12
334
1.12
Jan
May
17
Feb
Aug
10
Mar
May
634
Jan
2.37
23,440
65c June
2.40
Dec
3.15
730
1.95 [July
4.35
234c
2.30
2.23
2.95
"I
234c
3.70
2,000
I 234c Nov
2.70,'June
334
4554
4454
*
2034
20
1
*
Jan
24
4.00 June
50
3.65
No par value.
3.70
634o
17 54
3.70
•
June
28
49c
1
*
*
Westflank
Jan
Feb
57
1754
*
WendJgo
1 30
1.42
1234
234c June
50c
Oil
Waite-Amulet
Walkers
Preferred
Jan
Aug
June
12
fJuly
1634
Dec
1754
Ventures
Verm 11 at a
Jan
10
17
167 34 170
170
14
—
United Steel—
Aug
89
General Steel Wares
United Fuel cl B pref
2c
5c
96
Gas
134c
1634
41c
1
*
*
1
9,000
1534
89
33
pref—100
100
Gatineau Power
1.67
10,862
4,400
72
Towagmac
24,000
5c
Foundation Petroleum.25c
Sept
Jan
2.91
*
*
*
Trans cont'l Resources
6c
1634
B
25
Jan
24c
Preferred
7c
1534
15
A.
Jan
2.68
13
11234 11234
2.75
Eng Elec A
Feb
63o
434c
13c
-.25
Steep Rock Iron Mines...*
Straw Lake
*
Sturgeon River...
1
Sudbury Basin...
*
Sylvanlte Gold
1
Tamblyn com
*
Teck Hughes
1
T exas-Canadian
1
Toburn
-1
Toronto Elevators
— *
Preferred
50
Toronto General Trusts 100
16
20c May
3c
Steel of Canada
150
Apr
39c
*
Standard Steel pref
2
Jan
July
lOo
83c
Jan
50
10?4o
2o
Jan
Apr
1,139
2.35
234c May
Jan
8c
23
80c June
3,000
16,500
15c
1.35
19534 19534
2034 2034
30,900
8c
670
Dec
2434
1.72
Aug
Sept
Jan
1.47
10c June
3c
Dec
Jan
1.26 June
57c
2P
Nov
6,700
6,500
100
2834
Jan
7o
2.65
1.00
June
34c
111
634c
Apr
16
lie June
234 c June
' July
90
854c
35c
1834 May
65
5c
Aug
100
...*
l.oor
2.50
1034c
Dominion Stores
pref
5,280
4c
108
754c
1,800
934
East Malar tic
15c
4c
108
5c
14c
Dominion Woollens
Eastern Steel
Apr
2.62
14C
B..25
Duquesne Mining.....
Jan
1.35
754c
14c
2234
Dominion Tar pref
62c
1.81
60c June
*
1.10
*
Dominion Foundry
30c June
60o' June
400
1
..1
*
Standard Paving
Preferred
100
25
Dominion Coal pref
40
6,650
72c
23c
Slave Lake..
605
Oct
40c
1
Jan
776
Dec
26,600
Apr
2,500
7c
1.01
3.75
3c
334o ' Oct
1.15
2334c
Sladen-Malartlc
29
Jan
72c
8.85
May
7834
40c
"434c
Sigma
1234
Jan
July
43
534
3134
2734
2434
2,000
37340
734c
1
—*
1
1
—*
1
70c June
29
7c
654c
Jan
69
July
1.08
1
1934 June
Dome
Dominion Bank
56
58
1
5
3c
*
Dlat Seagrams
Mar
June
12c
2.25
400
Denlson..
2634
Ju.y
35
1.67
1.20
25
Mar
22
Sherritt-Gordon
2834
141
Dec
834
65
108
1.10
25
25
Delnlte
534% pref
Preston E Dome
334c
2c
60
Power Corp—...
Premier
80
Aug
Nov
2454
15c
—
Powell-Rouyn
Jan
July
lc
434
45,800
1,125
4c
1
Partanen-Malartio—
1
Paymaster Cons..——1
Perron
1
Pickle-Crow
1
Jan
Apr
200
5
38
Porcupine
Feb
Jan
48
72c
Page-Hersey__
I Jan
3.62
Jan
1.33
9334c
1,000
6c 188,500
254c
32
1
32
July
June
3754
*
Gold
3734c
3454
31
Pacalta Oils
Pioneer
115
fJune
40c'July
1,700
5,450
6
40c
Omega
240
,
125
1.11
Okalta Oils..
Oct
1.65 May
8
June
734
3754
*
July
934
195
Jan
Apr
7
87c
Pandor a-Cadlll ac—
3794
Jan
1234
20c June
3134
...
Pamour
Jan
Jan
4,900
60c
654c
58
58o
1,000
24c
2454
Apr
1.47
734c
3c
Jan
101
1534c
80c
•57
Feb
July
23c
5
.......
Apr
June
4c June
654c
*
Apr
Dec
3734
560
*
2.75
Feb
H
85o June
4634
O'Brien.
Jan
6934
934
2,400
87c
1.00
Cosmos
Fernland
May
17c
Smelters
East Theatres
20
734
..
.
3194
Jan
Dec
Naybob
1.49
1
Conlaurum..
Consumers
Apr
80
245
1.23
254c
934c
.....
Cochenour
Consolidated
Mar
15
52
1.20
4
634
July
25
45
97
July
234
60c
Mining Corp
10c
1
....
Chromium
Apr
834
2194
Jan
534
1234 June
Mar
734c
"23c
*
*
Mercury Mills..
1.90
1
...
Central Patricia
Central Porcupine..
Chestervlile
10494
1694
534
1.23
Northern Canada
29
2.35
""2034
Canadian Wirebound
Dec
Nov
105
434
52
100
.5
Dec
Nov
734 June
4
......
McKenzle
Nordon Oil
Feb
19
Preferred.
Mclntyre
520
97
Noranda Mines
Feb
5
50C
90c
2134 May
70o
1.45
3,000
30
454
Jan
14
4
Canadian Mai artIc
June
16,800
334
30
100
Preferred
McColl
Jan
22
25
Massey-Harrls
47c
July
2
2.25
9
9
Canadian Locomotive
Jan
17
76
16
207
2.25
Cndn IndAlA
June
July
54o June
2034c
154c
154c
3
3
Apr
80
115
154c
*
178
50
1.10
1.18
1
Malartic (GF)
1
June
25
13,200
McWatters
135
25
65c
1.20
McVittle...
28
2834
16
Canadian Dredge
65
934
834
63c
1
2.39
234 June
21
Oct
63 34c
Madsen Red Lake
National Steel Car
15
10
2.74
National Grocers pref.-.20
615
1934
1.00 June
Jan
246
565
4.180
Jan
434
225
2.30
Jan
8734
1.00
2.30
14
5%
434o
2434
2.30
1734
40
165
McL Cockshutt
Moore Corp
July
Dec
19
4.75
Deo
June
4
2.25 June
Oct
134
Jan
4,200
May
634
June
4.30
99c
2934
834
Preferred
Jan
Feb
41o
an
Jan
13
4.05
Moneta
434c
10
10
2634
June
4.30
Jan
10
8734
Jan
Mar
20
164
f uunary
May
June
134
12
15
3
1734
1934
20
9
Mines
Macassa
18c
434c
24
B_.
Castle-Trethewey
2394
30
38
90c
Canadian Canners A
<*
1094
38
Cndn Bk of Commerce. 100
162
National Grocers
18c June
Canadian Breweries pref.
25
A
B
Feb
300
Breweries
Canadian
Can Car
30
Loblaw
434
24c
19
Jan
2654
28 34
Murphy
24c
454
50
3.40
2034 May
Morris-Ktr kland.
1.00 June
87 34
-
Preferred
1.71 May
65
Jan
2,480
3
Canada Steamships
Jan
2,755
Dec
21
4340
Canada Packers
88c
2.10
2634
2534
Jan
1.40
38
3,000
2.05
8.60
24c
Canada Malting
56c
2.10
1934c
1.35
Can Crushed Stone
56c
*
July
1.38
Canada Bread
260
Jan
Jan
169
7.40 June
Burlington Steel
Calmont
1034
22340
Jan
500
9c
Calgary & Edmonton
1034
July
434c
334c June
Buffalo-Canadian
3
1054
5c
lcrJune
15
96c
-
20,100
Maralgo
Mar
240
Oil
11c
Nov
1,000
8C
Buffalo-Ankerlte
834c
7.25
1.25
Jan
4.70
Broulan-Porcuplne
1034c
July
Dec
7c
1754
British American Oil
4.75 June
934
834
B C Power A
1534
400
734
10.50
British Dominion Oil-
Jan
525
4.85
Aug
Apr
June
Jan
32
19
334TMay
14c
334
1.54
4
52 340
4,374
70c June
100
Dec
634
Dec
100
"1%
Brazilian Traction
Jan
4.00
734
Dec
Jan
Jan
1.20 June
4
3c
19
Nov
5c
190
4
7c
25
42c
Aug
Aug
734
9c
Nov
194c
134c
Maple Leaf Gardens preflO
33,900
8
June
17c May
10,300
1,000
13,500
49,519
4,600
Maple Leaf Mill pref
Apr
10.25
834
1234
Feb
July
7c
894
Jan
24
634
1534
9 34o
10.50
I
47
1834
Leltch
191
Jan
1534
2734 May
4.85
Little Long Lao
7c
96c
Apr
2534
Apr
Dec
16c
99c
Jan
2634
7c
So
14c
4.10
1 May
5
34
56c
Aug
5c
1
Brant Cord pref
Ford
Jan
17c
99c
Lamaque (G)
Lapa Cadillac
Laura Secord (new)
July
156
954c
Bralorne
Davles
Jan
2c June
1234
Biltmore
Bobjo
Cons
Jan
1.03
4o
13c
Beattle Gold
Big Missouri
634c
2c
294
Bldgood Kirkland
Sept
500
242
1
4.00
234c
3.75
19
1,000
100
*
234c
234c
234c
Lake Shore
11,000
100
Barkers
24c
234c
Kirkland Lake
4c
Bank of Toronto
Bell Telephone Co
Jan
Apr
7c
Bank of Montreal
Exploration
380
1634
634c
189
Bathurst Power cl A
July
6c
734c
Brown
53c
53c
10c
4C
1
C P
Apr
Jul
lc
710
1334
Oct
17c June
310
1434
12
697
2234c
Kerr-Addison
41c June
10
34
1
Jellicoe
634c
Bagamac
Bear
Dec
734 June
100
954
...1
15o
28,100
600
24c
Jacola
2.87
475
1434
Jack Walte
Jan
75c
75
134c
lc
lc
Anglo Canadian
Astoria
1.00
4,385
234c
Apr
3c June
4,700
9
*
*
Copper
934c 1134c
934
1454
854
1334
3334
34
International Petroleum..*
2.38
50c
2
1.00
"16"
1734
100
550
*
1334
Oct
75c
734
934c
*
._
5
1
June
750
7
25
2534c 2534c
934
Imperial Oil Co
Imperial Tobacco ord
Inspiration
International Nickel.
High
Low
75c
Abitibl pref
Aunor
Week
Shares
7 34
Abltlbi
2534
Hudson Bay
International Metals A...*
1, 1940
Range Since Jan.
for
Week's Range
Sale
Par
Stocks-
sales lists
Sales
Friday
.1
Howey...
200
4
843
3
Jan
1734c May
6.05
4534
Jan
Deo
4554
2034
743
2934
1634
June
June
2034
Feb
20c
21c
2,700
20o
Dec
29c
Nov
2c
2c
500
134 c
Oct
4c
Mar
676
(Concluded on page
3871)
3874
The Commercial & Financial Chronicle
Quotations
Bid
a2%b July
a3s
Jan
aZs
June
a'6 %s
a3%s
a3%s
a3%s
a3%s
Jan
a 4s
May
a4s
1980..
Nov
a4s
July
1975.,
1964..
May
Nov
City Bonds
Ask
111
1964..
112
I960..
111% 112%
110% 111%
1976
111
1957..
1958
115% 117
116% 117%
116% 117%
120
122%
122
123%
120% 121%
121 % 122%
Mar
15
May
1959..
a4s
May
1977..
a4f)
Oct
1980..
a4%s Sept
I960..
a4%s Mar
1962..
Chicago & San Francisco Banks
Bid
|
99% ioo%l
102% 103% (
103
103%
106% 107%
112
a4%s
a4%s
o4%8
a4%s
a4%s
a4%s
a4%e
a4%a
a4%a
1
1964
1
Mar
Apr
1966
1972
15
Apr
1
June
1974
Feb
15
1976
Jan
1
1977
16
1978
1
Nov
1981
Mar
May
1957
a4%8 Nov
a4 %8 Mar
a4%s June
1957
1963....
1965....
«4%s July
1967
a4
15
1971
1
%b Deo
a4%s Deo
A 8k
122% 123%
122% 123%
124
125%
125
126%
125% 127
126
127%
126% 128
127% 129
122
123%
122% 123%
125% 126%
126% 127%
127% 128%
128% 130
132% 134
1979
Par
Ask
Bid
less 1
World War Bonus—
61.80
less 1
4%s April 1941 to 1949Hlghway Improvement—
61.90
...
Canal A Highway—
5s Jan A Mar 1964 to *71
Highway Imp 4%s Sept '63
Canal Imp 4%s Jan 1964..
150
Can A High Imp 4%8 1965
147%
A Trust
100
4s Mar A Sept 1958 to'67
Bank A Trust
33 1-3
100
268
First National
Par
Bid
Bk of AmerNT AS A 12%
Ask
14%
42
Chase
32%
13.55
35%
Par
37%
170
176
Ask
40
45
26
27%
13
16
Penn Exchange
34%
Bid
National City
12%
National Safety Bank. 12%
mmm
100
690
14
17
10
730
100
First National of NY.. 100 1635
Merchants Bank
142
528
National Bronx Bank...50
15%
Commercial National.. 100
113
Peoples National
50
48
100
120
3j%
32%
Sterling Nat Bank A Tr 25
1675
17%
25%
27%
...
—
New York Trust
Ask
Bia
Ask
General A Refund! ng-
110% 110%
4s
1st
Par
Bank of New
1 75
Mar
ser
3 %s 2nd ser May 176
4th ser Deo 15 76
Holland Tunnel 4%s ser E
1941
A/AS
3s
6 25
.....
3%s5th
...
ser Aug
15 77
104%
Triborough Bridge—
3%s a f revenue
6 25
_
Bronx
102 %
105% 107
1980
105% 106%
101%
62.40
2%s serial
105%
61.45
2.30%
United States Insular Bonds
Bid
Bid
Government—
U S Panama 3s June 11961
1959
109
1952
109
112
339
Par
348
55
Fulton
57
Bid
14
17
Irving
75
80
Kings County
Lawyers
200
220
.100
Guaranty
35
291
296
10
10%
.100 1510
..25
27%
20
20
101
Chemical Bank A Trust. 10
Clinton Trust
50
49
51
Preferred
20
37%
2*51%
30
35
New York...
25
106
10
12
Colonial
104
Manufacturers
25
Continental Bank A Tr.10
13%
14%
48
49
Title Guarantee A Tr. ..12
Trade Bank & Trust.. -.10
Underwriters
100
44%
47%
United States
20
Ask
100
11%
1560
30%
39%
53%
109
1%
2%
16
80
100 1495
90
1545
Ask
126
127%
112
4%s July
Companies
Ask
.....100
Empire
Ask
4 %s Oct
Bid
Corn Exch Bk A Tr
1945-1952
rev
10
County
Brooklyn
Central Hanover
3s serial rev 1953-1975..
...
York....100
Bankers
103%
102
105%
Inland Terminal 4%8 ser D
1941
M AS
Philippine
275
85
Port of New York-
M AS
513
FRANCISCO—
Public National
Barge CT4%s Jan 1 1945.
San Francisco-Oakland—
1942-1960
SAN
90%
mmm
—
Ask
316
New York Bank Stocks
Authority Bonds
Bid
M AS
230
88
Fifth Avenue
61 00
142
Canal Imp 4s JAJ '60 to '67
—
California Toil Bridge4s September 1976
220
Bid
306
150
Public
1942-1960
Ask
'
Par
Harris Trust A Savings. 100
Northern Trust Co
100
Continental Illinois Natl
Bensonhurst National.-.60
61.75
38 1981
Ask
Bank of Yorktown._60 2-3
New York State Bonds
3s 1974
Bid
American National Bank
Bank of Manhattan Co. 10
Bid
1940
28,
Over-the-Counter Securities—Friday Dec. 27
on
New York
16 1969..
1 1977..
Dec.
Govt of Puerto Rico—
6s
Apr
1955
100
101
6s
4%s July 1952
118
1952
111
114
58
108
111
1941
Telephone and Telegraph Stocks
121
Feb
5%s Aug
102% 103%
July 1948 opt 1943.
U S conversion 3s 1946
111
Par
Am Dlst Tele* (N J) com. *
Bid
Ask
106
Par
110
4%s Oct 1956.
115
118
Conversion 3s 1947
.
Bid
112
Federal Land Bank Bonds
3s 1966 opt 1946
109%jl09%
3%s 1955 opt 1945..MAY
48 1946 Opt 1944
JA J
MANl
109%H09%}
4s 1964 opt 1944
Bid
Bid
Atlanta %s, l%s...
99
Atlantic l%a,
♦
99
111% 111%
111% 111%
Bank Bonds
Ask
'
Bid
Lafayette %s, 2s
r7
9
Lincoln 4%s
Lincoln 5s.
r2
2%
Lincoln 5%s
90
New York 5s
86
North Carolina %s, l%s._
24
46
Int Ocean
Telegraph... 100
74
135
Preferred A
25
18
32%
34%
32
35
Rochester Telephone—
28
16.50 1st pref
...
138
100
So A Atl Telegraph
Sou New Eng Telep
25
113%
...
IS
20
100 zl60
167
89
Chicago
102
120
Emp 4- Bay State Tel..100
Franklin Telegraph
100
Atl Telegraph...25
Peninsular Telep com
*
Ask
99
Burlington
15
Ask
Ask
109% 109%
JA J
97
118
Mta States Tel A Tel.. 100
Bid , Ask
108% 109
JAJ
18
110% 112
Bell Telep of Canada...100
JA/
Joint Stock Land
100
Bell Telep of Pa pref.._109
3s 1966 opt 1945
3s 1956 opt 1946
,
6% preferred
mm
New York Mutual Tel..25
Pac A
Hawaii
99
l%s
Denver l%s, 3s
First
mmm
Chain Store Stocks
86
mmm
Par
99%
Carolina—
l%s, 2a
First
mmm
99
mmm
99
mm
99
mmm
99
...
Montgomery—
Oregon-Washington
3s, 3%s
Is, 1 %s
Pennsylvania l%s, l%s_._
Phoenix 5s
101
99
mmm
70
mmm
-
40
-
San Antonio
99
mmm
rl4
99
/G Foods Inccommon..*
Bohack (H C) common
7% preferred
Ask
3%
Kress (S H)
1%
1%
Reeves (Dim el) pref... 100
100
23
7
United
8%
Ask
Par
Bid
Bid
12%
Ask
13%
90
J5
Cigar-whelan stores
preferred
*
19
21
23
mmm
14%
FHA Insured
Mortgages
mmm
Bids and
Bid
6% pref... 100
25
...
Offerings Wanted
Joint Stock Land Bank Stocks
Par
Par
2%
•> mm
99
l%s
*
Bid
'mmm
86
Virginian Is,
mmm
98
%8, 2s
Southern Minnesota
Southwest (Ark) 5s.
Union Detroit 2%s
-
100
r21
B
Fish man (M H) Co Inc..*
98%
4%s
St. Louis
99%
Indianapolis 6s
Iowa 4%s, 4%s
101
Phoenix
99
Fletcher %s, 3%s
Fremont 4%s, 6%s..
Illinois Midwest 4%s, 5s_.
r 35
m
First New Orleans—
Is, 2s.
First Texas 2s, 2%s
First Trust Chicago—
88
WHITEHEAD &
Ask
Atlanta
80
84
Atlantic
New York...
100
1
52
North Carolina.
100
95
102
FISCHER
6
48
Dallas
72
70
Denver
Pennsylvania
100
35
40
56
62
Potomac
Des Moines
100
115
130
55
60
San Antonio
First Carolinas
100
115
18
Virginia
Street, New York, N. Y.
125
14
44 Wall
Fremont..
1
4
Llnooln
3
5
2%
Telephone: WHitehall 3-6850
3
6
Virginia-Carolina
100
85
FHA Insured
Federal Intermediate Credit Bank Debentures
Bid
%% due.
%% due
Jan
2 1941 6
Feb
1
A sk
% % due
Mar
%% due
Apr
%% due
.30%
.30%
1 1941
6.30%
1 1941 6 .30%
May
1
1
1
1
i
1
1
1
1
«
1
1
6
%s due
1
1
.35%
%% due...
%% due--.
1
•
1941 6
1941 6
Bid
6
6
"i% due...
6
...Nov 1 1941 6
%% due.
%s due
6
Ask
Bid
Alabama
4%s._
Arkansas 4%s
6s.
.35%
.35%
.35%
.40%
.40%
.40%
„
Delaware
4 %s
District of Columbia 4%s.
Florida 4%s
Georgia 4 %s
Illinois 4%s
Indiana 4 %s
Obligations
of Governmental
Bid
Bid
Apr
Apr
Home Owners'
%s
Nov
%s
%8
15 1941 100.25 100.27
May
11943 101.29 101.31
Federal Home Loan Banks
Call May 16 '41 at
•
No par value,
/Flat price
maturities.
V
8
n
a
u>i When Issued
u-s
Now listed on New York 8took
Now selling on New York
Curb
♦
on
Sept. 25 and 5% In Oct.
4%s
102
New
York State 4%s
North Carolina 4%s
102
102
Rhode Island 4%s
102
Nov
July
1 1941 100.21 100.23
15 1942 100.26 100.28
1 1942 101.9
101.11
1
100.4
%% notes Feb 11944.. 102.30 103.1
101% 103
101
%% to %% must be deducted from interest
6 Basis
price,
d Coupo .
« Ex Interest.
recelvorshlp.
Quotation shown Is for all
With stock,
x Ex-stock dividend.
rate.
F.H.A. INSURED MORTGAGES
"Hedge" security for Banks and Insurance Co's.
Circular
on
Exchange.
Exchange.
or
request
principal
amount.
STORMS AND CO.
Commonwealth Building
issuer.
5%
Phone Atlantic 1170
was
paid on July 2,
102%
101
103%
101% 103%
SPECIALIZING
The bent
103%
Insured Farm Mtge3 4 %s
Virginia 4 %s
West Virginia 4%s
July 20 1941 100.15 100.17
Jan
102%
103%
103%
101% 102%
—
Pennsylvania 4%s
r In
Quotation not furnished by
sponsor
5 Quotation based-on S84.50 of
■*%%
notes
%%notes Nov 1 1941.. 100 2
Interchangeable.
101
Texas 4%s
101% 102%
102% 103%
100.8
U 8 Housing Authority—
102.6
Nominal quotation,
101% 102%
4%s..
Corp—
103 4
102.2
104
New Mexico 4%s
N Y (Metrop area)
103
102
servicing fee from
5s
Asked
103%
103%
102
A
102
103%
101% 102%
101% 103
Massachusetts 4%s
Minnesota 4%s
Loan Corp
May 15 1941 100.6
%%
%%
%%
1%
100% 101.20 101.24
l%s Jan 3 1944—
"■""Jan 3 1941 at 101 %
Ask
Bid
New Jersey 4%a
South Carolina 4%sTennessee 4%s
Maryland 4%a
Reconstruction Finanoe
15 1941 100.2
100.4
15 1942 100.13 100.15
2s
Apr
1 1943 103
Federal Natl Mtge Assn—
2s May 16 1943—
101% 102%
101% 102%
102
103%
101% 102%
102
103%
101
102%
101% 102%
101% 102%
101% 103
101% 102%
Michigan 4%s
Ask
Commodity Credit Corp—
%%
Aufil
1 1941 100.10 100.12
1%
%%
Louisiana 4%s
Agencies
Mortgages
Asked
PITTSBURGH, PA.
Volume
3875
The Commercial & Financial Chronicle
151
Quotations
on
Over-the-Counter Securities—Friday Dec. 27—Continued
Insurance
Companies
123H 127H
Aetna Cas 4 Surety.. -10
-10
Aetna
49 H
5
1H
Home Fire Security
22H
18H
24
19H
12H
Lincoln Fire
2H
1H
63 H
66 M
46
50
12 H
14
Mass
44 H
46 H
Merch Fire Assur com
5
10
13H
15
46 H
48 H
National Casualty
Automobile
—10
38H
40 X
National Fire
Baltimore American
(Guarantor in Parentheses)
105
National Union Fire
613
623
New Amsterdam Caa
6.00
65H
10.50
Central)
-.100
Albany A Susquehanna (Delaware A Hudson)
—100
Allegheny A Western (Buff Roch A Pitts)
50
Beech Creek (New York Central)..
Boston A Albany (New York Central)
Boston A Providence (New Haven)
100
Canada Southern (New York Central)
Carolina Cllnchfield A Ohio com (L A N-A OL). ..100
100
Cleve Cln Chicago A 8t Louis prei (N Y Central)
Cleveland A Pittsburgh (Pennsylvania)
99 H
75
Alabama A Vlcksburg (Illinois
6.00
69 H
106
80
2.00
31
32 H
8.75
83 H
86
10
15
3.00
37
39 H
5.00
90 H
92 H
75
■■'■■V 72
5.00
—
8.50
82
84H
2.00
48
51
2.00
48
51
5.50
60 H
64
9.00
Betterment stock
148 H
33
152H
36 H
600
800
—25
(Pennsylvania)
pref (N Y Central)
100
Georgia RR A Banking (L A N-A O L)
100
Lackawanna RR of N J (Del Lack A Western)..
100
Michigan Central (New York Central)
50
Morris A Essex (Del Lack A Western)
100
New York Lackawanna A Western (D L 4 W)
Northern Central (Pennsylvania)
50
Oswego 4 Syracuse (Del Lack 4 Wee tern)
—.50
Pittsburgh Bessemer 4 Lake Erie (U S Steel)
Delaware
Fort Wayne A Jackson
—
4.00
—
60.00
4.50
1.50
43
6.00
—
4.00
— .
100
37 H
47
82
50
3.00
(Penna) pref— -100
100
Youngstown 4 Ashtabula pref (Penna)
7.00
176
7.00
160
-100
6.64
52
100
6.00
Preferred..
Pittsburgh Fort Wayne 4 Chicago
—
4 Hudson)
pref (Terminal RR)_.
Rensselaer 4 Saratoga (Delaware
St Louis Bridge 1st
Second preferred
21H
29H
New Brunswick
33
35
New
44 H
47
City of New York
City Title
22
23H
New York Fire
13 H
15 H
19H
(Terminal RR)
Canal (Pennsylvania).. -100
United New Jersey RR 4
55H
143
22 H
25
Continental Casualty- —5
33 X
35H
-2H
1
2
Employers Re-Insurance 10
56
58
Eagle Fire
135
5
—
32 H
34 H
Corp (N Y) .2
OX
Republic (Texas)
.....10
Revere (Paul) Fire
..10
32
27 K
5
2H
41
9t Paul Fire 4
-10
24
27
23H
25H
Seaboard Surety
—.5
43 H
8
45H
Security New Haven
11
13H
58
62 H
Georgia Home
Glens Falls Fire
28
12
Travelers
..10
10H
12H
10
25H
27H
-10
83 H
86 H
2d preferred
...5
Great American..
Great Amer Indemnity —1
Halifax
Hanover
59
Ast
Bid
Par
U 8 Guarantee
Ask
Bid
Atlantic Coast Line 4Hs_.
0.60
Missouri Pacific 4H8
61.40
1.10
Baltlmore & Ohio 4 Hs
61.40
1.10
Nash Chat A St Louis 2 Ha
62.00
1.50
New York Central 4H8—.
61.40
1.10
61.90
1.50
N Y Chic <fedt Louis 4s...
62.60
2.00
N Y N H 4 Hartford 3s.„
62.10
1.60
North Amer Car 4Ha-5Hs
64.25
3 75
3.00
Northern Pacific 2Ha-2Ha
61.70
1.30
0.80
No W Refr Line 3Hs-4s.
63.25
2.50
Pennsylvanla 4 Ha series D
61.00
0.50
61.40
1.10
Boston & Maine 6s
62.00
1.25
Canadian National 4Hs-5s
64.50
3.75
Canadian Pacific 4 Ha
64.50
3.75
Central RR of N J 4 Hs...
61.25
0 75
Central of Georgia 4s
64.00
Chesapeake & Ohio 4Hs—
Chic Burl 4 Qulney 2Hs._
61.20
61.35
1.00
62.50
1.75
Chic 4 Northwestern 4 Hs.
61.60
1.25
4s series E
61.80
1.40
Cllnchfleld
62.00
1.50
2Hs aeries G A H
61.80
1.40
Oel Lack A Western 4s
62.50
1.50
62.00
1.25
61.60
1.15
Reading Co 4 Ha
St Louis-San Fran 4s-4 Ha_
61.30
1 00
St Louis S'western 4 Ha
61 60
1 20
63.00
2.00
Denv A Rio Gr West 4
Erie 4 Ha
Fruit
Ha.
—
Growers
Express
4s, 4Hs and 4Ha
Grand Trunk Western 6s_
Pere Marquette—
61.70
2Hs-2Ha and 4 Ha
64 00
3.00
1.10
1 50
Southern 3s._
Lehigh A New Engl 4Hs—
Long Island 4 Ha
Louisiana & Ark 3Hs
61.85
1.40
Southern Ry 4s
61.45
1.10
Texas A
Maine Central 63..*
1.00
Southern Pacific 4Hs—
61.80
1.25
61.35
Shippers Car Line 5s
61.40
Illinois Central 3s
Kansas City
Merchants
2H3
1.25
61.65
6L50
—,
1.20
62.25
1.50
61.25
1.00
61.40
1.20
61 75
1 25
Union Pacific 2 Ha
61 60
61 75
1 25
Western Maryland 2s
61.90
1.20
1.25
Western Pacific 6s
62.00
1.50
4Ha-4Ha_
61.50
1.15
Wheeling A Lake Erie 2H8
61.40
1.10
West Fruit Exp
Despatch
1.15
61.40
*
American Hardware
25
Amer Maize Products...*
American Mfg 5%
5% preferred
;
60
New Britain Machine..—*
27
30
40 H
42 H
12
Ohio MatchjCo
Akron Canton A
.1945
Youngstown 6Ha
6s
...
Baltimore A Ohio
Boston A Albany
...
A Southern 4s
Louis A New Orleans 5s
Chicago Stock Yards 5s
.......—....
Cleveland Terminal A Valley 4s
....
Connecting Railway of Philadelphia 4s
Cuba RR improvement and equipment 6s
Chicago St
Hoboken Ferry 5s
Central—Louisville Div 4 Terminal 3Hs.
Indiana Illinois A Iowa 4s
....
Kansas Oklahoma A Gull 5s..
Memphis Union Station 5s
Illinois
Great Northern Income 5s
York A Harlem 3Hs
...—.....
York A Hoboken Ferry 5s
Connjctlng RR 3Hs
New York Philadelphia A Norfolk 4s
Norwich 4 Worcester 4Ha
—
New York
Pittsburgh Bessemer 4 Lake
"72"
71
75
104
.1995
60
.1951
39 H
31
16
18
10
13 X
15H
Mills cl A5
$1.25 preferred
10
2 X
3H
Autocar Co
com..
Botany Worsted
.1960
/19
3Ha
77 H
50
.1953
58
"22"
102 H
79
55
•
Pub
*
Manganese.2
$3 conv pref
Croweh-Colller
Cuban-Amer
Dentists Supply
com... 10
...—.
............
Common
.—5
Trlco Products Corp.....*
12 X
33 H
18X
Explosives.....2
3H
4H
16H
United ArtistsTheat com.*
X
34
United Drill & Tool-
33
31H
31H
75H
35 H
1%
10H
12H
27
31
*
Class B
*
United Piece Dye Works.*
Preferred
100
Veeder-Root Ino com
*
Warner & Swasey
*
Welch Grape Juice com 2 H
9H
3
2
1
•
Preferred..
....100
Great Lakes 8S Co com..*
Great Northern Paper..25
Flarrlsburg Steel Corp
6
Interstate Bakeries com..*
Tool.
15
56
16
22 X
24H
15H
1H
3H
16H
3H
4H
33
39
23H
7%
100
preferred
18
108
60
100
*
Wilcox A Gibbs com
Worcester Salt
7%
—100
preferred
«
5Vi
Wickwtre Spenoer Steei—»
;•
6H
5
7H
43
^
2H
6s
1961
72
40
43
14H
15X
2
16
17
5% pref w w
100
Mallory (P R) A Co
•
Marlln Rockwell Corp.—1
104
10 H
83
80
104H
13H
56 H
14H
58 H
Ino common.. 1
79
81
.100
118
^
Bonds—
/41H
1H
4
3H
40H
37
100H
*
—100
$3 preferred
X
16H
A..1946
Carrier Corp 4Hs.—-1948
Crane Co 2H91950
Deep Rock Oil 7S....1937
15
Merck Co
101
22
Amer Writ Paper
McCrory Stores—
y
63H
61
Brown Co 5Hs ser
26 H
preferred
H
Benef Indus(Loan 2Hs '50
12H
15
6H
X
■IX
»»
43
9H
24H
Lumber
8H
5
65
Clark..25
Long Bell
1
.
60
Cement 100
King
7
40
26
preferred.——.—*
Seeley Corp com_..l
-
....
York Ice Machinery
24
$5
Class A
'
6H
5H
54
Lewis
Knight com
35 X
55
71H
96
.1946
to.
Tokhelm Oil Tank A Pump
*
Machine
26H
123
26 H
28H
Good Humor Corp
2H
XX
25 H
120
60 H
8X
Domestic Finance cum pf. •
com—•
Farnsworth Telev A Rad.l
Federal Bake Shops
*
Preferred.........—30
Foundation Co Amer shs *
Garlock Packings com...*
Gen Fire Extinguisher
*
Gen Machinery Corp com *
11
58
29
*
(Jos) Crucible...100
9H
24
Dixon
B 00m *
3M
2H
1
Tarn pax Ino com
Taylor Wharton Iron A
Steel common
*
14 H' Tennessee Products
*
25H Thompson Auto Arms—1
Time Ino
♦
12H
Dictaphone Corp
71H
101
■
64 H
14H
30 X
Devoe A Raynolds
71
100
9H HH
*
10 H
12H
Pan Amer Match Corp..25
184
Peosl-Cola Co
* 175
6H
5H
Permutlt Co
1
15c
5c
Petroleum Conversion—1
2X
in
Petroleum Heat A Power.*
3
2H
Pilgrim Exploration
1
9x
11X
Pollak Manufacturing
*
Remington Arms com
*
56 H
59
Safety Car Htg A Ltg___60
26H 27H
Scovlll Manufacturing..25
Singer Manufacturing. 100 103H 105H
4
5H
Skenandoa Rayon Corp..*
43 H
40 H
Standard Screw.—,
20
49 X
47 H
Stanley Works Inc..
25
6X
5H
Stromberg-Carlson...—*
18H 20 H
Sylvama Indus Corp
»
50
53
Talon Ino com
5
Triumph
93
14
5
X
5H
4H
6X
5H
Consolidated Aircraft—
1978,
116
28
4
22 H
$1 cum preferred
Landers Frary A
712
3H
2H
24
•
•
Columbia Baking com
62
.1959
22
20 X
59H
.1950
.
183
179
City A Suburban Homes 10
Coca Cola Bottling (N Y) »
Lawrence Portl
.1947
4 Buffalo 4s—
United New Jersey Railroad 4 Canal 3HsVlcksburgh Bridge 1st 4-tie
Washington County Ry3Ha
West Vlrelnla 4 Pittsburgh 4s
Jc
101H
.1946
.1948
A Georgia 4s.__......
Toronto Hamilton
.1965
.1965
Terre,Uaute 4 Peoria 5s — .............
Toledo Peoria 4 Western 4s
Toledo Terminal 4Hs—................
~62~
4H
3H
Mfg—50
Buckeye Steel Castings..*
Cessna Aircraft
1
Chic Burl A Qulney... 100
Chilton Co common
10
Graton A
112
.2000
Erie 5s........
Portland Terminal 4s
Providence 4 Worcester 4s...........
Tennessee Alabama
70
.1961
2H
37H
28H
Glddlngs 4
.1951
.1956
.......
Pennsylvania 4 New York Canal 6s extended
Philadelphia 4 Reading Terminal 5s
Richmond Terminal Ry
91H
.2032
New Orleans
New
57
90 H
102
.1946
3Hs...................
53 H
53 H
55H
.1943
.1955
Chicago Indiana
New
.1945
(52 H
.1944
4s secured notes......
4Ha..........
....
4s
Cambria A Clearfield
Dayton Union Railway
Florida Southern 4s..
/52H
Asked
18H
81H
Mills
100
Art Metal Construction. 10
$3 partic preferred
Arlington
Draper Corp
Bid
25 H
IX
Dun A Bracistreet
Railroad Bonds
4H
59 H
77
pref 100
Arden Farms com v 10
1.10
1
Pacific 4s-4H8—J
__
62.00
2Ha. 4Ha & 6s
pflO
Brown A Sharpe
Great Northern Ry 2s
.
series
American Enka Corp
Ask
Bid
Pa
12H
12H
Amer Distilling Co 6%
Bonds
61.00
Paul 6s
34 H
94
nx
11X
11 X
3H
57 H
23 H
16 H
series..*.........
3d
Chlc Mllw&St
74
18
17H
A com
2d
2Ha
50 H
71H
89
American Cyanamld—
59H
Erie 2Hs
22 H
48 H
14
*
Amer Bemberg
23
Bessemer A Lake
20 H
15
5% conv pref 1st ser.,10
62 H
19
56
Ask
v.-
13 X
19H
58
Bid
423
Co. .2
4
10
|
33 H
3.00
Railroad Equipment
413
Muskegon Piston Rlng.2H
National Casket
*
Preferred
Nat Paper A Type com...l
31
American Arch
3.50
5.00
4
260
(
2X
1X
*
._.*
Alabama Mills Ino
50
"55 r
West Jersey 4 Seashore
4 Western)
(Penh-Reading)
3
210
Industrial Stocks and Bonds
Warren RR of N J (Del Lack
Preferred
47 H
45H
32 H
U S Fire
57 H
Z55H
Hartford Steam Boiler -10
37.H
119H 123
100
U 8 Fidelity 4 Guar
.
38
35H
10
10
Fire. -15
Globe 4 Rutgers
36
....10
26H
—5
Globe 4 Republic
4
6H
Springfield Fire 4 Mar._25
Standard Accident
10
Stuyvesant
•
5
Sun Life Assurance
100
9
26H
256
246
Seaboard Fire 4 Marine. .5
Gibraltar Fire A Marine. 10
28H
24H
Marine..25
39
47
6.00
14
.10
Reinsurance
9H
8H
30
12
General Reinsurance Corp 5
251
42 H
6.00
88H
100H
98
—5
140
246 X
6.00
6.00
—
84H
5
P rovld ence-Wash Ington
69
67
Fireman's Fd of San Fr.25
Firemen's of Newark..
40 H
10
Preferred Aeoident
118H 123H
Fidelity 4 Dep of Md. —20
-10
Fire Assn of Phlla
128
124
121H 125
37H
Phoenix
54
52
25 H
24
Paclflo Indemnity Co---10
8H
7H
...
Federal
100H 104
..25
Pacific Fire
5H
4 H
71
68
10.00
100
Susquehanna (D L 4 W)
—100
Valley (Delaware Lackawanna 4 Western)
100
Vlcksburg Shreveport 4 Pacific (Illinois Central)
Utlca Chenango 4
8
—5
10
Hampshire Fire...10
5
Northeastern
5
Northern
12.50
North River
2.50
Northwestern National .25
9
Connecticut Gen Life- -10
Hartford Fire
137H
3.00
....
—
Tunnel RR St Louis
—
179H
18
28 H
Rhode Island....
47 H
160
16H
-10
Franklin Fire..
24 H
22H
43 H
97
33
3.875
8H
7H
150
2
—10
Excess
8.50
—
Pittsburgh
Asked
Bid
60 H
Carolina
Camden Fire
Dividend
Par in Dollars
29
58 H
2
20
102
-25
Boston
7H
26
10
10
National Liberty
8X
7H
-2H
.
.
Bankers A Shippers
2H
6H
Merch 4 Mfrs Fire N Y__5
-25
—
8H
1
Bonding 4 Ins__12H
4H
American Surety
Guaranteed Railroad Stocks
7H
1H
—10
American Reserve
Since 1855
44 H
42
5
American Re-Insurance.10
2-6600
73
z72H
Maryland Casualty
6H
2H
19 %
18H
Jersey Insurance of N Y.20
Knickerbocker
5
11
American of Newark— -2H
■ren
STOCKS
-10
American Home
GUARANTEED
NEW YORK
82
American Equitable.. —.5
Tel. RE ctor
28H
78H
Amer Fidel A Cas Co com 5
Dealer*
120 Broadway
27 H
-25
American Alliance
York Slock Excboug*
Mrmktrt
-10
Agricultural
3oscpb Walkers Sons
J
33 H
31H
10
Homestead Fire
10
Ins Co of North Amer...10
Home
51H
Aetna Life
?
Ask
Bid
Par
ASk
Btd
Par
Guaranteed Railroad Stocks
Stamped
.
100H
42 X
95H
10LH 101H
93 H
/49H
...
6s...1945
1955
Nat Dairy Prod 3H8 .1960
V NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
Minn A Ont Pap
Monon Coal 5s
Steel|4H8-1950
3 H s' 60
Scovlll Mfg3Hs deb..1950
Western AutoSupp3H8'55
Yngstn Sheet 4T3Hsl960
Pittsburgh
Revere Cap A B rass
51
/45H
/9
46H
13
103 H 104
J8H
51H
19H
53 X
100
lOl"
102"
107H 109
99 H
99H
104H 104H
100
.1949
61
.1941
Sugar Securities
64
101H
.1947
102H
118
.196U
92
.1947
"95"
Ask
Bid
Bonas
93
.1965
105H
....
Antllla Sugar Estates—
1951
6s
.1957
101
103"
.1957
110
112
.1946
93
97
.1951
106
79 H
.1954
43
46
.1990
63
64 H
1
—
»
Corp.*
8ugar Refg—I
52
54
31
Savannah
1989
/8
11
1940-1942
m
23
West Indies Sugar
Bid
5H
Ask
6
17H
17
H
Vertlentes-Camaguey
Sugar Co
Sugar—
80 H
.1968
Preferred
/28
5s
3H8
12H
1954
Estates—
Haytlan Corp 4a
New Niquero
-
Haytlan Corp com
Punta Alegre 8ugar
6a
106 H
.1967
/"
com.l
1947
Baraqua Sugar
60
.1942
Par
Stocks
Eastern Sugar Assoc
For footnotes see page
3874.
5
Corp..1
5H
30
1H
3H
oH
31H
IX
3H
The Commercial & Financial Chronicle
3876
Quotations
Dec.
Over-the-Counter Securities—Friday Dec. 27—Continued
on
Investing Companies
'Public Utility Preferred Stocks
Bid
Ask
Par
9.30
2.66
2.92
♦Amerex Holding Corp..*
115*
13
2.93
3.23
6.12
6.75
Assoc Stand OU Shares...
4)*
Aeronautical
Affiliated Fund lnc
Quoted
•
8.56
15*
Amer Foreign Invest Inc.
Sold
.
Securities—
Amer Business Shares
Bought
Jackson & Curtis
Series B-2
21.22
23.29
Series B-3
13.50
14.80
5
Series B-4
6.41
Alabama Power 17 pref..*
Amer Util Serv
6% pref.26
Arkansas Pr A Lt 7% pf—♦
Atlantic City El 6% pref *
Bid
104
Series K-l
14.94
16.42
Series K-2
10.89
12.02
Series 8-2..
11.96
13.15
4
5
4
55*
Series S-3-.
3.46
Boston Fund
4%
55*
85 J*
875*
122 J*
Par
National Gas A El Corp. 10
New EngG AE65*% pf.*
New Eng Pr Assn 6%pf 100
New Eng Pub Serv Co—
$7 prior lien pref
Birmingham Eleo 17 pret.*
Birmingham Gas—
84%
S3.GO prior preferred.,60
51%
875*
36 prior lien pref
36
53%
$7
♦
Cent Indian Pow 7% pf 100
preferred.
1115* 113%
78%
80%
Central Maine Power—
56
100
7% preferred
100
Cent Pr A Lt 7% pref..100
Consol Elec & Gas 16 pref.*
Consumers Power 16 pref.*
preferred
103
105%
111 J* 113%
115% 1175*
7H
95*
New Orleans Pub Service.*
Derby Gas A El 17 pref..*
90%
61
92%
63%
Federal Water Serv Corp¬
se cum preferred
4
5
19%
49%
21
66%
67%
655*
8%
23%
51%
63%
6%
21
*
110
New York Power A Light—
36 cum preferred
*
105
preferred
7% cum preferred... 100
N Y Water Serv 6% pf.100
112
1065*
1145* U55*
355*
383*
Northeastern El Wat A El
34 preferred—
Northern States Power—
(Del) 7%
*
*
S6.50 cum preferred
*
Florida Pr A Lt S7 pref..*
375*
405*
415*
1135* 1155*
385*
Hartford Electric Llght.26
645*
625*
Ind Pow A Lt 55*%—100 *1105* 1105*
Interstate Natural Gas...*
24% 265*
6%
7%
preferred....
Pacific Pr A Lt 7% pf-100
Panhandle Eastern Pipe
Line Co
•
Penna Edison 35 pref
Penn Pow A Lt 37 pref
*
*
Peoples Lt A Pr 33 pref.25
PhUadelphla Co—
cum
625*
855*
875*
preferred
*
1105* 113
U55* 1175*
1205* 1225*
825*
845*
365*
385*
655*
67)*
1125* 1135*
225*
24
785*
805*
Jer Cent P A L
7% pf.,100
Kansas Pow A Lt 4 )* %
100
Kings Co Ltg 7% pref. 100
335*
31%
1085* 1115*
105
725*
106
37 prior lien pref
*
Queens Borough G A E—
6% preferred
100
2
255*
275*
6% preferred D
100
Sierra Pacific Pow com
preferred
*
97
4%
5%
*
105% 107%
19%
20%
14%
15%
108% 110%
113% 1155*
21%
29%
81%
905*
30%
Texas Pow A Lt
84
United
76%
785*
4%
5%
28%
14%
47%
54%
20%
225*
Mass Utilities Associates—
6% conv partlc pref..50
Mississippi Power S6 pref.*
57
preferred
*
Mississippi P A L S6 pref.*
Missouri Kan Pipe Line..6
93%
7% pf.100
Pub
5% preferred
*
Narrag El 4)4% pref...50
Nassau A Suf Ltg 7%pf 100
Public
Bid
Amer Gas A Pow 3-5S.1953
Amer Utility Serv 6s..1964
Appalach El Pow 3)*s 1970
Associated Electric 6s. 1961
Assoc Gas A Eleo Corp—
Income deb 3)*8___1978
Income deb 35*s._.1978
Income deb 4s
1978
Income deb 4)*s—1978
Conv deb 4s
1973
Conv deb 4%b
1973
Conv deb 5s.......1973
Conv deb 5%b
1973
8s without warrants
A88oo Gas A Elec Co—
Cons ref deb 4)*8—1958
Sink fund lno 45*s_. 1983
1983
Sink fund lnc 5s
Sf lno 45*8-55*8
1986
Sink fund lnc 6-6S..1986
Blackstone Valley Gas
A Electric 35*8.
1968
Boston Edison 2 5*a
Cent Ark Pub Serv 6s. 1948
Central Gas A Eleo—
1st lien coli tr 5>*s—1946
1st lien collfc rust 6s. 1946
Cent 111 El A Gas 3 5* s. 19i
Central Illinois Pub Serv
1st mtge 35*8
59
32.75 pref
*
33 pref
*
Utah Pow A Lt 37 pref...*
22%
24%
75%
235*
26%
295*
16%
48%
Washington Ry A Ltg Co—
Participating units...
18%
19%
West Penn Power com
25%
26
55%
West Texas Utll 36 pref..*
885*
91
/14
/22
145*
/255*
/255*
/25
/575*
/10
/8
J8
J8
!8
145*
265*
265*
Kansas Power Co 4s. .1964
1055* 106%
Kan Pow A Lt 3)*b__.1969
1970
1955
Lehigh Valley Tran 5s 1960
Lexington Water Pow 5s'68
Marlon Res Pow 35*8-1660
Michigan Pub Serv 4s. 1965
Montana-Dakota
1954
10
Northern
10
Public Servloe 35*8-1969
Nor States Power (Wise)—
10
10
6)*8 stamped
3%b
1964
Northwest Pub Serv 4s *70
105"
lOl"
102
97
985*
985* 100
1055* 106
35*s 1964
3 )*s
1970
1st Hen 3-6s.......1961
Corporate Trust Shares..1
2.18
1
2.08
Series AA
Accumulative series
1
♦Crum A Forster
♦8% preferred
275*
15*
835*
1085* 1085*
1950
Pub Serv of Indiana 4s 1969
Pub UtU Cons 55*8—1948
Collateral 5s
Sioux
Clty~G
1947
A E
4s" 1966
1965
1970
92
Sou Calif Gas 3%b
Sou Cities Utll 5s A—1958
1962
58
60
S*western Gas A El 3 )*s '70
765*
925*
795*
945*
1045* 1055*
/675*
106
104
104
Tel Bond A Share 5s. .1958
Texas Public Serv 5s. .1961
1075* 1071*
70
107
1045*
1045*
Building
295*
♦7% preferred
4.24
16.11
Delaware Fund..
Deposited Insur Shs A
Toledo Edison 1st 35*sl968
1st mtge 3)* s
1970
8 f debs 35*s
1960
United Pub UtU 6s A. 1960
5.10
supplies
8.68
7.36
8.12
9.67
10.65
Machinery
8.36
'mm — —
Metals
6.72
7.42
Oils
6.33
6.99
2.70
9.22
i.
2.55
2.82
6.02
6.65
Steel
— .
.
Railroad
Railroad equipment
1
7.00
1
3.25
D
2.50
4.95
1.60
No Amer Bond Trust ctfs.
435*
25c
1.09
1.20
No Amer Tr Shares 1953.♦
2.00
Series 1955
1
2.48
Series 1956
>1
7.73
—
2.43
m mm
—
m — m
—
— — —
1
Eaton A
Howard—
17.29
Balanced Fun.d
'
18.37
Series 1958
1
10.49
24.45
26.29
Plymouth Fund lnc
195*
16.39
205*
17.62
Putnam (Geo) Fund
Fidelity Fund lno
5.98
6.63
2.03
11.14
Eqult Inv Corp (Mass)..5
Equity Corp 13 conv pref 1
Stock Fund
*
First Mutual Trust Fund.
_
5% deb series A
Representative Tr Shs.. 10
Insurance stk series. 10c
2.23
.40
12.93
5.25
6.20
100
103
8.90
9.40
3.36
3.75
80.03
RepubUc Invest Fund
Bank stock series... 10c
.35
12.09
10c
Quarterly lnc Shares__10c
Fiscal Fund lno—
81.65
2.49
3.10
3.45
Scudder, Stevens and
10
8.80
Foundation Trust Shs A. 1
3.50
4.00
Selected Amer Shares..25*
7.98
8.71
Fundamental Invest Inc. 2
15.25
16.58
Selected Income Shares.. 1
3.68
mmmm
4.38
5.14
Sovereign
Fixed Trust Shares A
Clark Fund lnc
—
—
Investors
10c
5.82
6.43
I Spencer Trask Fund
♦
13.55
14.38
»
4.01
General Capital Corp
*
General Investors Trust. 1
26.30
28.28
4.50
4.90
Super Corp of Amer AA..1
4.58
5.05
Trustee Stand Invest Shs—
j
Group Securities—
Agricultural shares
Automobile
4.06
4.48
Aviation shares
7.88
8.66
Building shares
4.77
5.25
shares
5.71
shares
6.28
Electrical Equipment
Food shares
8.08
8.88
3.66
4.04
Investing shares
2.55
2.82
Merchandise
4.78
5.27
Mining shares....
5.27
Standard
.19
UtUltles Inc. 50c
♦State St Invest
Corp...*
.24
62
65%
2.20
♦Series
C
1
2.17
♦Series
D
1
2.11
— —
-
-m — m
Trustee Stand Oil Shs—
♦Series
A
1
5.19
♦Series
B
1
4.72
—
—
—
m —
m'
Trusteed Amer Bank Shs—
25c
.49
.54
Trusteed Industry Shs 25c
.73
.82
Class B
5.80
shares
3.80
4.19
RR Equipment shares..
Steel shares
3.65
4.03
5.28
5.81
Tobacco shares
4.25
4.68
shares
.05
.15
1.27
13.66
14.69
2.01
2.24
US El Lt A Pr Shares A—
Institutional Securities Ltd
Bank Group shares
Insurance Group shares.
Investm't Co of Amer.. 10
14
1.78
B
Wellington
Fund
Investment
1.38
Investors..5
1
---m
13.36
14.70
Banking
Corporations
♦Blair A Co..
15*
%
♦Central Nat Corp cl A._*
♦Class B
..*
21
15%
.94
1 05
♦First Boston Corp
1.20
1.33
17.06
18.44
10
23
1
♦Schoellkopf Hutton A
Pomeroy lno com
lOo
2
175*
•
%
5*
Water Bonds
Bid
Ashtabula Wat Wks 5s *68
Atlantic County Wat 5s '58
105%
1055*
1035* 1035*
Butler Water Co 5s... 1957
1055*
Calif Water Service 4s 1961
108
As
m mm
Bid
Ask
Peoria Water Works Co—
-mmm
63
66
915*
925*
mm —
107
108
Community Water Service
55*8 series B
1946
1946
109%
1950
1948
102
mmm
1st consol 5s
1948
102
m—m
Prior lien 5s
'
1st A ref 5s
1st consol 4s
1948
1045*
Phlla Suburb Wat 4s..1965
1015*
104
-mm
--m
106
Pittsburgh Sub Water—
88
93
915*
965*
1951
103
■mmm
Plainfleld Union Wat 5s '61
107
mmm
6s
1085* 1085*
Gulf Coast Water—
1115* 1125*
105)* 106
845*
865*
1045*
1095* 110
109
1095*
Richmond Water Works—
1st 5s...
1948
70
75
1st 5s series A
Rochester A Lake
Indianapolis Water—
1957
1966
107
109
/155*
17
1075* 1075*
885*
90J*
725*
745*
1951
St Joseph Wat 4s ser A 1966
555*
565*
1085* 1085*
79
1025*
1075*
1085*
1035*
1035*
1st 5s series A
45*8
1957
Kankakee Water 45*8.1959
Kokomo Water Works—
1055*
«.
mm
1st 53 series A
1958
104
1958
1085*
«...
mmm
1075*
1055*
mfmm
65*a—
1950
995* 1025*
mm
Morgantown Water 5s 1965
1055*
1950
775*
1015*
...
825*
Spring Brook Wat Supply
1965
1956
108
104 5*
Texarkana Wat 1st 58.1958
...
103
mmm
1055*
Union
Water 8erv 5** a '51
mmm
West Va Water Service—
1st 4s
New Rochelle Water—
5s series B
1951
99
Springfield City Water—
1055*
Muncle Water Works—
5s
.—1965
105
995* 1015*
102.5*
5s
1025*
1967
Shenango Val 4s ser B. 1961
South Bay Cons Water—
5s
Monmouth Consol W 5s '56
103
Scranton-Sprlng Brook
1st A ref 5s A
1961
107 5* 1095*
Western N Y Water Co—
98
101
1st 5 5*s series A
1950
104
99
102
1st 5s series B
1950
102
1st conv 5s
1951
1951
101
...
deb 6s extended
1950
93
'mmm
81
1045*
101
Scranton Gas A Water Co
Joplln Water Works—
4s A
1035*
1065* 1075*
1055* 1055*
1065* 106 J*
1055*
Ontario
Water 5s.
Water Service 5s. 1961
1005* 1025*
New York Water Service—
&
1951
985* 1025*
1095*
Westmoreland Water
...
...
—
1045*
134
1952
103
mmm
1075* 1095*
5s series B
1956
101
mmm
5* series C
1035*
West Penn Power 3S..1970
West Texas UtU 35*8.1969
1960
105
m — m
995* 1025*
6s series A
1949
103
mmm
W'msport Water 5s...1952
103
5s
Ohio Valley Water 5s. 1954
Ohio Water Service 4s_ 1964
1075*
1095* 1115*
1075* 1085*
Ore-Wash Wat Serv 5s 1957
Western Public Servloe—
1960
5.64
7.87
equipment-
17.92
Diversified Trustee Shares
855*
Utlca Gas A Electric Co—
5s
1957
55*8
5.22
8.98
Insurance stock
315*
112
100
Cumulative Trust Shares. *
7.75
12.02
8.14
Bank stock
Electrical
♦Common B shares—10
55*s series A..
1105*
7.02
4.72
10.92
AutomobUe
Chemical
St Joseph Ry Lt Ht A Pow
595*
70
295*
Monongahela Valley Water
1951
Sou Calif Edison 3s
675*
1095*
5.61
12.02
Aviation
.
♦Crum A Forster Insurance
1045* 1055*
Republic Service-
f%
81%
......
118
100
1.20
5.21
11.15
Agriculture
2.50
10
3.39
1.06
New England Fund.—.1
N Y Stocks lno—
2.50
com..
(Colo) ser B shares
*
(Md) voting shares..25e
National Investors Corp.l
2.08
1
..1
Series ACC mod
12
665*
Portland Electric Power—
6s
7.54
Nation .Wide Securities—
Peoples Light A Power—
895*
11
1st mtge 35*8
Parr Shoals Power 68.1952
Penn Wat A Pow
585*
1952
♦Continental Shares pf 100
6s series A
Old Dominion Pow 58.1951
1095*
645*
835*
1085*
Indiana—
1962
Federated Utll 55*8—1957
Houston Natural Gas 4
Inland Gas Corp—
3.67
Utll—
4^u
..1962
Cumberl'd Co PAL 35*s'66
Dallas Pow A Lt 35*8.1967
Dallas Ry A Term 68.1951
Detroit Edison 3s
1970
10.09
1115*1125*
1055* 1065*
1055* 1065*
Kentucky Utll 4s
45*8
6sserle8 B
Ask
1075*11075*
11
1105* 1105*
1075* 1075*
Crescent Public Service—
Coll lnc 6s (w-s)
1954
,
Jersey Cent P A L 3)*s '65
N Y State Elec A Gas Corp
4s
1965
Cent Maine Power 3)*s '70
Central Pow A Lt 35*s 1969
Central Public UtilityIncome 5%b with stk '52
5s
26.28
9.33
3.38
Independence Trust Shs_*
59
1075* 1075*
Consol E A G 6s A
24.92
1
1
1005* 1025*
Bid
New Eng G A E Assn 5s '62
NY PA NJ Utilities 5s 1956
27
9.22
10.06
Chemical Fund
135*
14
8.57
9.21
Commonwealth Invest
♦Huron Holding Corp
1
Income Foundation Fd lnc
45*s_.
/135*
/135*
/135*
Mass Investors 2d Fund..
Mutual Invest Fund—.10
Petroleum
77%
Utility Bonds
1968
1st mtge 3%b
197
Cons Cities Lt Pow A Tra<
♦
Ask
1075* 1085*
48
495*
19.57
6.83
3.40
Incorporated
605*
18.20
13.76
Chemical
Utilities Corp
Monongahela West Penn
Pub Serv 7% pref
16
Mountain states Power
4.35
1
175*
Southern Nat Gas com.7)4
S'western G A E 6% pf.100
20%
3.40
Mass Investors Trust
2.60
B
15%
Rochester Gas A Eleo—
Mass Pow A Lt Associates
S2
95
745*
Republic Natural Gas
Long Island Lighting—
7% preferred.......100
Maryland Fund Inc... 10c
22.84
Fundament'l Tr Shares A 2
Pub Serv Co of Indiana—
Jamaica Water Supply...*
Manhattan Bond Fund lnc
20.85
12.56
Dividend Shares
100
preferred
100
Okla G A E 7% pref—.100
35
•.»
C
100
pref.
605*
6.24
1
.25
1
Series A A mod
Ohio Public Service—
100
preferred
Ask
107% 1095*
Continental Gas & Eleo—
7%
preferred
cum
37
Carolina Power A Light—
..*
*
*
Bid
3.80
5.67
Knlckbocker Fund—
14.94
Century Shares Trust—*
Ask
9.76
3.42
.10
Canadian InvFund Ltd-.l
Utility Stocks
8.86
Series 8-4
13.89
lnc
British Type Invest A—1
Broad St Invest Co Inc..5
Teletype N. T. 1-1600
106
7.04
11.51
.........
Bullock Fund Ltd
Far
9.64
30.53
20.65
Bankers Nat Investing—
♦Common
New York City
Public
Ask
9.02
10.70
♦5% preferred
115 Broadway
Bid
27.83
1
KeyBtone Custodian Funds
Series B-l
ESTABLISHED 1879
Tel. BArelay 7-1600
Investors Fund C_.
19.00
Axe-Houghton Fund lnc
Aviation Capital lno
1
Principal Stock and Commodity Exchanges
Members
1940
28,
For footnotes
102
103
see page
3874.
Wichita Water—
3877
The Commercial & Financial Chronicle
Vohtms 191
Quotations
Over-the-Counter Securities—Friday Dec. 27—Concluded
on
Real Estate Bonds and Title Co. Mortgage
Here
If You Don t Find the Securities Quoted
in which
our
you
Alden Apt 1st mtge 3s. 1957
Beaeon Hotel inc 4s. .1958
/33
/5
B'way Barclay inc 2s..1956
/18M
find tbem in
have interest. y«u will probably
cation
stocks
mm
Bid
Metropol Playhouses Ino—
S f deb 5s
1945
„
5M
Ark
65M
67M
14
16
21
N y Athletic Club—
B'way a 41st Street—
Record. In this publi¬
quotations are carried for all active over-the-counter
and bonds.
The classes of securities covered are:
monthly Bank and Quotation
Certificates
Atf
Bid
1st leasehold 3M-5s 1944
Broadway Motors Bldg—
63
1955
2s
26
24
1948
N Y Majestic Corp—
5M
49 %
52 M
5Mb series C-2
5Ms series f-l
34 H
36M
55M
6M8 series Q
—
3M
6Me series BK
4-6s
46 M
57 M
48 M
4s with stock stmp. .1956
Brooklyn Fox Corp—
Domestic
Companies—
(New York and
Chanin Bldg 1st mtge 4s '45
.
Canadian
Public Utility
Public Utility
Stocks
Foreign Government Bonds
Railroad Bonds
Industrial Bonds
Railroad Stocks
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust
Canadian
i960
23
26
23
1 Park Avenue—
54
1951
19
27 M
21M
165 Broadway Building—
29 H
27
6s 1952
Deb 58 1952 legended
Sec s f ctfs 4Mb (w*s
28^
26M
'58
mmm
Prudence Secur Co—
'
50 Broadway Bldg—
1st Income 3s
Securities
U. S. Territorial Bonds
Quotation Record is published monthly
2d mtge 6s
103 e 57th St 1st 6s...1941
3
2
Hotel units
Eqult Off Bldg deb
3
/I
Ollcrom Corp v to
mmm
Safe Deposit
Mining Stocks
N Y Title A Mtge Co—
20
Eastern Ambassador
and Land
Stocks
Dept. B,
m
'
U. S. Government
The Bank and
-mm
18 M
1st 33*s
Mill Stocks
42 Bway 1st 6s
60
31M
m'm
■
-
63
1939
mmm
Savoy Plaza Corp—
1956
V7>/*
1956
60 Park Place (Newark)—
1st 3Mb
1947
f93A
3s with stock
Sherneth Corp—
1st 6M s(w-s)
35
33
'
Fuller Bldg debt 6s... 1944
1st 2M-4s (w-s)
1949
21
Graybar Bldg 1st lshld 6s '46
63M
mmm
12 h
/10M
/25
1400 Broadway Bldg—
1st 4s stamped
1948
"61
1957
1st mtge 4s
35
Film Center Bldg 1st 4s '49
40 Wall St Corp 6s... 1958
to
Wm. B. Dana Co., 25 Spruce St., New York City.
Realty Assoc Sec Corp—
5s Income;..
1943
Roxy Theatre—
62d A Madison Off Bldg—■
1st leasehold 3s. Jan 1 '52
and
7H
/5M
6Ms (stamped 4s)..1949
59M
1961
5Mb stamped
12
10 M
1946
600 Fifth Avenue—
Your subscription should be sent
sells for $12.50 per year.
30M
■
Dorset 1st A fixed 2s..l957
Title Guarantee and
ties
48 M
1st 4s (whs)
1948
Court A Remsen St Off Bid
Stocks
Investing Company Securities
Joint Stock Land Bank Securi¬
27 M
Colonade Construction—
Bonds
Federal Land Bank Bonds
12M
/10M
Cheseborough Bldg 1st 6s '48
Domestic
Out-of-Town)
1957
3s
Municipal Bonds—
Banks and Trust
74 H
„
31
33M
77M
28
9
H
11M
■
mmm'
61 Broadway Bldg—
Harriman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s' 42
fl2H
14
27
616 Madison Ave—
24M
27
Lefcourt Manhattan Bldg
1st 4-6s
1948
41M
48
52 William St., N.
Tel. HAnover
Y.
2-5422
75
1955
1st 3s
■mm*
Textile Bldg—
Lef court State Bldg—
1st lease 4-6Ms
1948
Lewis Morris Apt Bldg—
32
1951
43
1st 4s
19
(Syracuse)
Syracuse Hotel
a CO., INC.
21M
"
1957
3s with stock
Inactive Exchanges
BRAUNL
19M
1950
3Ms with stock
25
Hotel St George 4s...1950
Foreign Stocks* Bonds and Coupons
32 M
Lexington Hotel units
...
21
1958
1st 3-5s
Trinity Bldgs Corp—
1st 6Mb
..1939
2 Park Ave Bldg 1st 4-6s'40
/21M
23
26
43 M
...
Lincoln Building—
66
68 H
Walbrldge Bldg (Buffalo)—
3s..
1950
29M
Income 5Ms w-s...1963
31H
Wall A Beaver St Corp—
London Terrace Apts—
1st A gen 3-4s
Foreign Unlisted Dollar Bonds
Due to the European
situation some of the quotations shown
Ludwig Baumann—
1st 5s (Bklyn).
1st 6s (LI)
below are
nominal.
Ait
Bid
Anhalt 7s to.....
1946
1946
/53
7b
1947
/21M
/28
f2l
Barranqulila 8s'35^4(M0-48
Bavaria 6Ms to
mmm
/21M
1948
Bank of Colombia 7 % .
1946
■.■mmm
—1946
/17
Bollva
(Republic)
8s. 1947
1968
78
1969
1940
Brandenburg Elec 6s. 1963
Brazil funding 6s.. 1931-61
funding scrip
Bremen (Germany) 78.1936
6s
1940
C U R R E NT
10
15
1943
'41
/21
/21
5M
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
Water 7s
1948
/21
Mannheim A Palat 7s. 1941
721
721
y-lmmm
121
Municipal Gas A Elec Corp
Recklinghausen 7s.. 1947
721
'38
f2l
/60
Hungarian Bank
7Ms
1962
Brown Coal Ind Corp—
73
1963
721
Nassau Land bank 6Ms
745
In 1930, Mr. Stovall came to
& Co. and has been
with them ever since.
His home is in Short Hills, N. J,
Mr. Kershaw, who lives in New York, began his career in the street in
1926 with the Guaranty Trust Co. He was a bond trader for the bank until
35*?
31
...
/21
"■'■'■mmm'
order
15
Caldas (Colombia) 7Ms '46
78 M
Call
(Colombia) 7s
1947
(Peru) 7Ms—1944
7Ms
1946
Ceara (Brazil) 8s
1947
Central Agric Bank—
Callao
717
74
Cauca Valley
18M
5M
1948
73
1
m
mm m
/50
1946
76
732
711
13"
Costa Rica Pac Ry 7Ms *49
714 M
10M
711
13
1949
6MB-.1959
Dortmund Mun Util6Ms'48
..1946
1946
Duisburg 7% to
East Prussian Pow 6s. 1963
Electric Pr (Ger'y) 6Ms '60
mmm
■
77 M
1967
1941
5s
German Atl Cable 7s.. 1946
German Building A
mmm
1948
:
mmm
depoeit..l957
mmm
.
mmm
mmm
30
mmm
735
mmm
1938
Graz
Santa
Hanover Harz
68.
Haiti 6s
1964
1948
721
721
1947
stamped. 1942
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s. 1943
Saxon Pub Works 7s. .1945
6MB
■
'mmm
mmm
general partner
member of the
—
1951
/12
5s
1956
1946
5
.1938'
721
50
mm4m
9"
mm
43
/10
/10
/21
65
1947
/17
14~
partners,
'
17
17
mmm
'
mmm''
mmm
/21
mmm
/21
mmm
/21
mmm
Wurtemberg 7s to
Exchange, gave a
of the firm.
presented to William
Pflugfelder and Adolf Rust,
bond brokerage business together for
silver ash tray was presented to the floor partner, Benjamin
who have been in the
and a
22
E.
Bampton.
—William
Atwill
Jr.
announces
the formation of
Atwill & Co. with
Lincoln Road, Miami Beach, Fla. A Chicago office
will be opened later. The firm will do a municipal bond business specializing
in Florida securities. Partners will include Mr. Atwill and Clinton S. White¬
head. Mr. Atwill was for 13 years with John Nuveen & Co. in Chicago.
—Fenner & Beane, members of the New York Stock Exchange and
other leading exchanges, announce that Arthur W. Geggie Jr. has become
associated with the firm, with headquarters at Minneapolis.
principal offices at 605
1947
1945
Vesten Elec Ry 7s
years,
Bampton & Rust, members of the
party in their offices, on Dec. 24 to mark
of Pflugfelder,
Silver plaques were
'mmm'.
'mmm
Unterelbe Electric 6s._ 1953
'mmm
staff economist with the
with D. M. Minton & Co.
V
employees
the fifth anniversary
mmm
"■■"
and
Irving G. Rudd will become a
of that firm on Jan. 1, 1941. Mr. Rudd was formerly a
research staff of the United States Senate Committee on
New York Stock
8H
/35
Tollma 7s
New York Stock Exchange
have announced that
He has been affiliated
—The
'mmm'
/21
,,.,.1955
Toho Electric 7s
& Co., members of the
mmm'
■
7M
Uruguay conversion scrip..
38
■
3M
712
of Chicago which was
in the investment counsel
since 1938 and has
traveled extensively through Europe in connection with his work for that
firm.
Mr. Rudd is a graduate of Harvard College and took post-graduate
work in economics at Columbia University and at the London School of
/21
/21
Mtge Bk Jugoslavia
1956
served as first President of the
launched in the latter part
He has also served as an
Analyst Club of Chicago.
the organizers and
Currency and Banking. He has also served as a
20th Century Fund and as a consulting economist
field.
200
Stettin Pub Utll 7b
27
721
—D. M. Minton
'mmm
of Wayne
association of customers' men.
an
other leading exchanges,
■
Bank of Milwaukee.
of J. S, Bache & Co. and
Economics.
Slem A Halske deb 6s. 2930
2d series 5s
25
Water Wks
1957
1953
Hamburg Electric 6s
—
/7M
Santa Fe 4s
as
officer of the Investment
mmm
m
/9
/7M
/70
1939
First Wisconsin National
years
mmm
•
n
/4M
Saxon State Mtge 6s._1947
72
(Austria) 8s
Guatemala 8s
of
/6M
1948
Catharlna (Brazil)—
8s ctfs of deposit.
State
....1946
1948
—
commodity
of leading stock and
associated with the Chicago office
seven
mmm
Salvador
4s scrip
representative
has managed the stock department
Co. in their office at 105 West Adams St., Chicago.
past
Mr. O'Brien was one of
mmm
f21
mmm
German Conversion Office
Funding 3s
German scrip
v
the
Hummer &
mm"-
/21
8s.
German Central Bank
Agricultural Os
25
/21
7s 1957
■
for
-
73
721
Hummer & Co., members
predecessor organization of the
/21
'46
he acted until recently as its
Exchange.
Stock Brokers' Associates
Rio de Janeiro 6%
1933
Rom Cath Church 6Ms '46
7s ctfs of
716
72
716
the New York Curb
mmm
/21
Saarbruecken M Bk 6s.'47
Land-
bank 6Ms
'.■mmm
/I
/7M
/21
/21
Brooklyn and now lives
John J. O'Brien III will be admitted as a general
partner of the firm on Jan. 2, 1941.
Mr. O'Brien's financial experience dates back to 1925 when he joined the
(Ger¬
many) 7s
1946
Prov Bk Westphalia 6s '33
8%
7s. '63
Frankfurt 7s to
1946
French Nat Mail SS 6s '62
Farmers Natl Mtge
1968
Porto Alegre 7s
Protestant Church
R C Church Welfare 7s
72
7s income..
1956
6s 1936
■'mmm
721
721
721
mm
7M
721
721
721
1963
European Mortgage A In¬
vestment 7Ms
1966
7Ms Income
..1968
7b
1967
6Ms
m
/22
6% scrip
Poland 3s
born in
:
Later he became
Costa Rica funding 6s. '61
DueeseJdorf 7s to
1952
was
exchanges, announce that
m
fit
Panama
6s-
mm
—Wayne
1946
1945
7s to
Cordoba 7s stamped__1937
Cundlnamarea
m
-
Brown
partnership in the firm in 1938,
mmm':
--
/3
Oberpfala Elec 7s
1963
"':
/3
721
City Savings Bank
Budapest 7s
Colombia 4s
'■■:.'jmmm:
■'
Oldenburg-Free State—
German Central Bk
1934
...
on
Hungary 7Ms
1962
National Hungarian A Ind
Mtge 7s
9
78M
72
Central German Power
Madgeburg 6s
;
/63
Panama City 6Ms
see
,
'
in'St. Albans, Long
Island. He became associated with Chas. D. Barney & Co. in 1925 and was
with them until 1930, when he went with Reynolds & Co.
Admitted to
Exchange.
•
Nat Central 8avings
9
associated with Reynolds & Co. as head of their
member on the New York Curb
He is now the firm's floor
room.
Mr.
Burmeister A Wain 6s. 1940
associated again with Reynolds
1931, when he became
mmm'
Nat Bank Panama—
6Ms
—
took over their Louis¬
he went with the latter firm.
New York to become
/21
Munlc Bk Hessen 7s to '45
Reynolds
&
In late 1928, when Reynolds
Chas. D. Barney & Co.
Co. moved to New York and
ville office,
(A A B) 4s... 1946-1947
(C A D) 4s... 1948-1949
Bk of
...
mm m
/32
Montevideo
and became associated with
there in June, 1927.
& Co. in their office
mmm
■
...
Merldlonale Elec 7s..1957
Joseph H. Brown is now acting
the New York Stock Exchange.
■
m
scrip...
Munich 7s to
..1945
34M
750
721
British
Buenos Aires scrip
on
Mr. Stovall was born in Louisville
...
/3
York Stock Exchange, announce
Kershaw have been admitted to
general partnership in the firm and that
for them
Leipzig O'land Pr 6 Ms *46
_
...
NOTICES
Stovall and Charles J.
S.
Harold
that
15
Land M Bk Warsaw 8s
4
35
—Reynolds & Co., members of the New
mmm
10
X
4
733 M
Brazil
mmm
/3
HI
73M
73 M
74 M
1948
1st mtge 4s
3874,
mmm
Jugoslavia 5s funding-1958
Jugoslavia 2d series 6s. 1956
Koholyt 6Ms
21
mmm
4
1
68
Hungarian Ital Bk 7Ms '32
Hungarian Discount A Ex¬
change Bank 7s
1936
12 M
17
Westlnghouse Bldg—
66
mmm
/16M
74 M
7b
/3
/3
mmm
mmm
720
Bogota (Colombia) 6Ms '47
8s
1946
m
47
10M
1951
1st 4Ms w-s
43
1947
1951
For footnotes see page
"
.
Bavarian Palatinate Cons
Cities 7s to
Real Imp 7s '46
Hungarian Cent Mut 7s '37
'■-[■'■■mmm 'Housing A
f21
Antloqula 8s
Ait
Bid
I
1952
The Commercial & Financial Chronicle
3878
FILING
OF
REGISTRATION
STATEMENTS
SECURITIES
UNDER
ACT
Dec.
1940
28,
Allegheny-Ludlum Steel Cor p.—Expansion Program—
Corporation announced on Dec. 22, a $2,000,000 expansion program to
its alloy steel capacity by 50,000 tons a year.
Some work is
already under way.
The expansion will give the corporation increased
electric furnace melting capacity and a corresponding increase in finishng
faculities.
Each of the corporation's plants or subsidiaries will be affected.
They are at Brackenridge and West Leech burg, Pa.; Watervliet, Dunkirk
and Buffalo, N. Y.; Wallingford, Conn., and Detroit.—V. 151,
p. 3384.
increase
The
following additional registration statements (Nos.
4618) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The amount involved is approximately $38,117,100.
4617
and
Van Norman Machine Tool Co. (2-4617, Form A-2), of Springfield,
Mass., has filed a registration statement covering 62,342 shares of $2.50
par common stock.
Proceeds of the issue will be used for payment of
$540,000 3X% serial notes, due 1941 to 1949 and held by Connecticut
General
Life
Insurance
Co.
and
the
balance will be used for working
James Y. Scott Is President of the company.
Filed Dec. 20, 1940.
capital.
The names of the underwriters, with the number of shares
respectively
underwritten, follow:
Jackson & Curtis, Boston, 25,042 shs.; Laurence M. Marks &
Co., New
York, 6,300 shs.; Stein Brothers & Boyce, Baltimore, 3,800 shs.; Coburn
& Middlebrook, Hartford; Drumheller, Erliohman
Co., Seattle, and Biter
& Co., New York, 3,000 shs each; Herbert W. Schaefer &
Co., Baltimore,
2,300 shs; TIfft Brothers, Springfield, Mass., 2,400 shs.; Minch, Monell &
Co., Inc., New York, 2,300 shs.; McDonald-Coolidge & Co., Cleveland;
and Murphy, Favre & Co., Spokane, 2,000 shs.
each; Brush, Slocum & Co.,
San Francisco, and Wyeth, Hass & Co., Los
Angeles, 1,500 shs. each;
Ball, Coons & Co., Cleveland; Glenny, Roth & Doolittle, Buffalo; Miller
& George, Providence, R. I., and Wadsworth &
Co., Youngstown, Ohio,
1,000 shs. each.
Phillips Petroleum Co. (2-4618, Form A-2), of New York, N. Y., has
a registration statement
covering $20,000,000 of 1H% convertible
debentures, due Jan. 1, 1951, $15,000,000 of serial notes ($750,000 due
Julv 1 and Jan. 1 in each year through Jan.
1, 1951).
The company also
registered an undetermined number of shares of common stock, no par,
including scrip certificates, to be reserved for conversion of the debentures.
Filed Dec. 21, 1940.
(See subsequent page for further details).
filed
The last
in
previous list of registration statements
was
given
issue of Dec. 21, page 3736.
our
Alton RR.
Pro v.
Loss
1939
1938
$348,883
$411,528
1940—3 Mos.—1939
1940—12 Mos.—1939
$439,548
$394,034
$2,040,435
$1,707,899
73,042
70,023
22,276
82,120
64,554
23,698
314,961
287,378
89,579
115,000
383,712
250,735
96,468
20,000
1,438
2,541
prof 1,323
322
1,375
foreign exchange
minority interests
343
Maint. of non-oper. prop,
less rental inc. there¬
from
American
Net profit from oper..
Cr2,280
185,813
$202,372
$0.26
Earnings
$187,222
$187,222
$837,974
6,282
$1,052,042
$837,974
$1.11
per share
$0.24
$1.39
For unrealized foreign
exchange loss, at New York rates on net current
b Of United States and Canadian companies.—V.
151, p. 2930.
Aeolian Co.—Income Statement
Years End. June 30—
1940
1939
$46,586
$32,314
1938
Directors
of
50e.
$24,827
2,914
1940
Accts.& bills
from
1939
$47,888
172,669
rec..
Inventory.
Directors
terly
25,000
110,000
rec. on real
to
x
American
i°
Car
&
Net sales.
Profit,
Other income.
.
_
.
_
..
_
_
$2,271,6861
?! £-c0r(* ^ec- 10.
4017.
Assets—
92,000
1,091,100
72,150
273,141
1,195,550
72,150
on
1903.
and
demand
Net ry. oper. income..
From Jan. 1—
Gross from railway
.
Youngstown Ry.
Jan.
2.
1,150,341
1,335,613
1937
$182,819
57,489
30,254
$163,052
$141,767
19,986
loss2,052
2,167,579
1,863,243
1,514,852
735,866
429,619
570,£33
267,484
343,696
151. p. 3224.
Pacific
51,013
21,075
45,170
Co.—Liquidating
Company has declared a liquidating dividend of $6 on its common
stock,
payable Dec. 30 to holders of record Dec. 26.
Payment results from recent
sale of the company's southeastern Alaska
properties to P. E. Harris & Co.
All of the company's bank loans and
current bills have been paid, accord¬
ing to G. N. Skinner, President.
The company's entire issue of
preferred stock has been called for re¬
demption Feb. 5,1941, with accrued dividends to date of
payment.—V. 151>
p. 235.
Accrued accounts.
(net)
for
Prov.
and
869,358
142,596/ 7% preferred stock
1,487,760
—
Common stock
$8.623.071
705,637
State
Income taxes....;
1,208,052
....
$6,475,064
308,191
8,315
292,987
companies—
Federal
t Deficit
599,485
4,351;779
3,596,420
8,584,164
Total
...
$8,623,071
a Notes
payable: (1) Bank, guaranteed by American Car & Foundry Co*
$375,000; (2> affiliated companies (Hall-Scott Motor Car Co. capital stock
pledged as collateral), $6,100,063.—V. 151, p. 3548.
American Discount Co. of Georgia—20-Cent Dividend—
Directors have declared a dividend of 20 cents per share on the common
stock, no par value, payable Dec. 20 to holders of record Dec. 16.
Pre¬
viously quarterly dividends of 30 cents per share were distributed.—V. 149,
p. 1751.
—
To Pay $6 Dividend—
The directors have declared a dividend of $6 per share on the common
stock, payable Dec. 28 to holders of record Dec. 20.
This compares with
$1 paid on June 28, last; 84 on Dec. 28, 1939; $1 on June 28, 1939, Dec. 28
and June 28, 1938: $2 paid
paid on June 28. 1937 and
1,985,843
651,524
299,143
Dividend
—
Prov. for contingencies.......
Goodwill..
on
on
Dec. 28, 1937, and dividends of $1 per share
Dec. 28, 1936.—V. 149, p. 4164.
American Hardware Corp.—Extra Dividend—
Directors
have declared
an
regular quarterly dividend
payable Dec. 27 to holders
were
paid
on
Dec.
2e,
dividend
extra
the
both
Salmon
& others.
contracts
Real estate, plant and eq.
Deferred accounts..
to
Preferred Stock Called —
on
Due to affiliated
American Dredging Co.
1938
Notes payable
Deposits
21,060
Inventories (net)...
872,605
Prepaid accounts14.330
-Earnings ■
1939
Net from railway
Alaska
on
$218,917
85,309
59,087
Net ry. oper. income..
—V.
a
Accts. pay., vendors
...$2,390,714
Notes receivable-
—
1940
-
Second Revenue Act of 1940.
Liabilities—
hand
329,337
$1,833,054 $2,271,686
Similar amounts paid
$506,968
—
Cash
pref. (6%
p.
$1,761,653
400,541
b854,144
17*786
cumulative when
Total
—
-
Net income for the period...
Due from affiliated company..
Common stock..
-_
9,615,776
$1,677,973
83,680
a Includes
$618,646 of sales by Hall-Scott Motor Car Co. to the J. G.
Brill Co.
b The provisions for Federal income and excess-profits taxes by
Accounts receivable.........
Surplus...
November—
;
.
-
3,398
21,482
18,902
Akron Canton &
.
530,955
x
'.$11,293,749
Income before other expenses, &c
Other expenses, incl. interest paid to affiliated companies
Provision for Federal income and excess-profits taxes.
3,013
16,597
Gross from railway
Net from railway
Subs.) —
(&
Co.
i
19,250
Class A
12,045
s
quar¬
—
....
256,865
earned)........
p.
to
both
were
Cost of sales, incl. operating, selling, servicing, administrative
and general expenses and depreciation for period
deposits In banks
(Fire) Insurance Co.—Extra Dividend
149.
Foundry Motors
6% secured notes.
Deferred credlts..
80,814
$1,833,054
i
addition
Consolidated Balance Sheet Oct. 31, 1940
have declared an extra dividend of
20c.
in addition to the
regular quarterly dividend of 40c. per share on the
common
stock, payable
1940.—V.
in
[Based on Interim Statements Prepared and Submitted by the Severa
Companies, Subject to Adjustments and Audit.]
Directors
nn?k
60c.
[Company, A.C.F. Motors Co. (Del.), Hall-Scott Motor Car Co., Fageol
Motors Co. and Fageol Co.]
72,000
Represented by 14,430 shares of $5 each.—V.
149,
Aetna
19.
American Brass Co.—Government Contract
Total
Total....
of
the common stock,
Dvidends of 40c.
on
Company was recently awarded a contract totaling $644,393 to manu¬
facture brass discs for the United States Government.—V. 149, p. 1904.
Reserves-
15,557
est.
dividend
pavaWe
paid in
the two preceding quarters; 30c. on March 30 last, and previously regular
quarterly dividends of 25c. per share were distributed.
In addition, extra
dividend of 25c-. was paid on Dec. 21, 1939.—V. 151, pp. 2483. 2339.
28
47,700
Furn. Afixt. &un-
lmprov. real
Foundry Co.—Extra Dividend
extra
an
$9,029
9,609
tion of lease
64,651
Deferred charges..
declared
of 40c.
per
share
holders of record Dec.
1,632,531
estate sold.....
44,700
Invest., at cost... 1,379,380
6% secured notes
Aeolian Co
have
dividend
Dec.
20,000
Accrued liabilities.
Due for concella-
don
per
American Brake Shoe &
1939
815,925
bank
81,439
Aeolian
Co., Ltd., Lon¬
Mtges.
1940
Liabilities
|
$94,478 Accounts payable
189,225 Notes
payable—
71,164
...
declared an extra dividend of $1.25 per share on the
na.vahle Dec. 23 to holders of record Dec. 16.
Dividend
paid on Nov. 30 last, and previously quarterly dividends of
share were distributed.—V. 151, p. 2178.
was
the respective companies were based upon the
Balance Sheet June 30
Due
have
stock,
common
1937
loss$16,645
7%
preferred stock
Cash
carried increasing numbers
capital city was reopened.
Ol 56
118,738
$1,058,324
-
assets, &c.
Assets—
company
advanced section and limited section of the "Twin Mercurys."
Albany was added to the Nation's system of air routes on Dec. 1, when
reestablished service after the airport of New York
State's
1,751
014,536
36,960
$208,654
6,282
b Net profit for period
Net income for year
Prem. and divs. on
Airlines, Inc.—Operations—
American
*
03,322
68,532
*
Reserve.
a
3,634,890
718,742
Figures on operations during the month of December are not yet com¬
piled, but for the first 11 months of 1940, the airline carried 810,339 revenue
passengers, flew 289,816,372 revenue passenger miles, and operated 427
147,221 seat miles.
The load factor for the first 11 months was 67.8.
This compares with 488,664 revenue passengers carried and 186,688,061
revenue passenger miles flown in the first 11 months of 1939.
During 1940, American Airlines increased its service over its trans¬
continental system.
On Sept. 15, it began the operation of its famous
overnight Skysleeper flight, "The Mercury" in double sections each way
between New York and Los Angeles.
These flights are known as the
a
a
15,509,176
Income Account 10 Months Ended Oct. 31, 1940
_
Income tax (estimated)
14,105,288
3,025,494
121,292
During 1940 the flagships of this
*
Corp.- -Earnings—
for contingencies.
on
15,185,304
3,688,808
729,041
of passengers and mounting loads of air express and air mail.
1937
$596,952
realized
Pref. divs. guaranteed to
$1,336,834
277,264
8,844
14,927,081
2,719,371
defl52,627
railway.
railway.
Net ry. oper. income...
—V. 151, p. 3225.
25c.
Patents, develop. & en¬
gineering, incl. amortiz
Depr. of oper. properties
Int., deb. disc't & exp._
1937
$1,283,047
311,613
75,016
From Jan. 1—
Gross from
Net from
[Including Canadian Subsidiary, But Excluding European
Subsidiaries]
Period End. Oct. 31—
Net operating profits
1938
$1,462,291
366,851
118,979
American Arch Co.—Extra Dividend—
1940
$630,584
Addressograph-Multigraph
1939
$1,363,209
287,664
33,810
On Dec. 10, 1940, American Airlines carried its 3,000,000th passenger,
the first air transport line in the world to transport that
many passengers.
The airline carried its first passenger on April 1, 1927.—V. 151, p. 3548.
Before depreciation, bond interest and income tax.—V.
151, p. 3736.
x
1940
railwayNet from railway
Net ry. oper. income
Abitibi Power & Paper Co., Ltd
.—Earnings—
Month of November—
Earnings—
—Earnings —
November—
Gross from
1939.—V.
of
of
151,
like
of
p.
25c.
amount
record
Dec.
share in addition
the common stock,
per
on
13.
Similar
amounts
403.
American International Corp.—New Director —
Henry K. Smith has been elected
a
director of this company to fill the
vacancy caused by the death of Steele Mitchell.
death of Matthew C. Brush on Oct. 15,1940, has
of Donald G. Millar.—V.
151,
p.
Vacancy caused by the
been filled by the election
539.
American Maize Products Co. —Extra Dividend
—
Directors have declared an extra dividend of 25 cents per share in addi¬
tion to the regular quarterly dividend of like amount on the common stock,
Volume
The Commercial & Financial Chronicle
151'
both payable Dec. 30 to holders of record Dec. 23.
paid
on
Similar amounts were
American &
Directors
Foreign Power Co. Inc. (& Subs.)—Earns.
1940—3 Mos.—1939
1940—12 Mos.—1939
Operating revenues, —.$15,521,902 $14,131,793 $60,249,405 $58,996,243
36,288,350
Oper. exps., incl. taxes. 10,429,823
8,714,596
39,174,474
Property retirement re¬
serve appropriations..
5,480,021
1,373,988
1,179,984
5,834,888
(net)
4,892
$4,108,827
Gross income.
$4,232,321 $15,221,157 $17,209,870
360,534
810,379
677,221
$4,592,855 $16,061,536 $17,887,091
Int. to public and other
deductions.
Int. charged to construe.
550,322
2,461,061
Cr53,579
2,186,508
3,057,696
Cr93,446
2,329,209
Cr205,221
Drl04,342
Pref. divs. to public
220,698
408,200
667.506
Cr7,370
Exchange adjustments.on
working capital (net).
0329,294
Portion applic. to minor¬
ity interests
110,172
—
$3,194,491
$3,417,389 $11,142,506 $11,238,929
$3,194,491
equity—_
$3,417,389 $11,142,506 $11,238,929
25,165
41,968
66,968
Power
Co., Inc.—•
a
Net equity.
_
Other income
14,848
_____
$3,442,554 $11,184,474 $11,305,897
142,282
574,173
551,036
Total.
$3,209,339
Expenses, incl. taxes
188,508
Int. to public and other
deductions.
—1,450,017
_____________
$4,518,127
Foreign Power Co., Inc. in income of subsidiaries
Of American
a
&
$4,786,477
$1,754,545
$1,570,814
—
(not all of which is available in United States currency).
Statement of Income
Period End. Sept. 30—
Other
1940—12 Mos.—1939
$9,040,559
$8,216,395
41,968
66,968
$9,082,527
574,173
5,823,824
$8,283,363
551,036
6,236,734
$2,684,530
$1,495,593
!
Total
$2,179,889
142,282
1,545,727
$2,167,714
188,508
1,450,017
Expenses, incl. taxes___
Interest and other deduc.
Directors have declared
common
a year-end dividend of 25 cents per share on the
stock, payable Jan. 6 to holders of record Dec. 20.—V. 137, p. 4191.
American Type
Founders, Inc.—Operations
$491,880
$529,189
surplus
Balance Sheet
Sept. 30, 1940
a
8514,677,854
—Subsidiaries, &c.
Cash in banks, on demand:
kwh., an increase of 11.7% over the output of 56,160,000 kwh. for the
corresponding week of 1939.
Comparative table of weekly output of
electric energy for the last five years follows:
1936
Wk.End.
1940
1939
1938
1937
Nov. 30...*58,130,000
55,661,000
45,697,000
42,206,000 *44,832,000
47,052,000
43,911,000
47,357,000
Dec.
7
56,234,000
60,466,000
49,479,000
42.701,000
46,947,000
Dec. 14
56,222,000
60,839,000
47,564,000
38,240,000
50,201,000
Dec. 21
56,160,000
62,722,000
Thanskgiving Day.—V. 151, p. 3737.
♦Includes
American Woolen Co.—Government Contracts
6,576,762
rent rates of
exchange.,;,.
Accounts receivable
Funded debt.
Accrued
following material in
respective amounts:
Serge cloth,
serge
cloth,
$2,455,150; flannel shirting, $837,500, and
the
$1,004,350;
overcoating, $3,821,395.—V. 151, p. 3548.
Amoskeag Co.—Extra Dividend—
declared
have
Directors
extra
an
dividend of $1.50 per share on
66,257
■
.
45,569
payable...
1,827,537
80,099
29,374,176
credit
Earned surplus
.
33,856
...
annual dividends of 75 cents per share were
Angostura-Wuppermann Corp.— Five-Cent Dividend—
dividend of five cents per share on the common
a
stock, payable Dec. 27 to holders of record Dec. 21.
Last previous dis¬
tribution also amounted to five cents per share and was made on March 31,
151,
2180.
p.
Directors have declared a dividend of 25 cqnts per share on the common
stock, payable Dec. 21 to holders of record Dec. 14.
Last
tribution was the 12)^-cent dividend paid on Dec,23, 1937.
Sundry debits
_
$0.55
Appalachian Electric Power Co.—Bonds Called—
_
5530,267,8341
.$530,267,834
Total
Represented by $7 cum. pref., 478,995 shares; $6 cum. pref., 387,025.65
shares (incl. scrip equivalent to 4.65 shares); 2d pref., series A, $7 cum.,
2,597,061 shares; common, 2,083,938 shares; option warrants (without
expiration date) to purchase 6,641,794.8 shares of common stock for $25
a share
(one share of 2d pref. stock, series A ($7), acceptable in lieu of
cash, with warrants for four shares, in full payment for four shares of
common stock); capital stock subscribed,
preferred stock ($7) allotment
certificates, $480.—V. 151, p. 3385.
American Light & Traction Co.
(& Subs.)—Earnings—
1939
1940
12 Mos. Ended Oct. 31—
Gross
operating earnings of subsidiaries
eliminating intercompany transfers)
General operating expenses
______
(after
$45,902,113 $42,112,059
25,132,476
23,118,313
2,199,537
2,301,241
3,500,529
3,246,181
Provision for depreciation
General taxes and estimated Federal income taxes
6,252,102
$8,134,790
43,748
$8,812,846
their debentures with all coupons maturing sub¬
1940 attached, for payment at the principal office of the
Holders should present
sequent to Aug. L
Central Hanover Bank & Trust Co., New York City, on and after
Jan. 20, 1941, after which date the debentures will cease to bear interest.
Holders of the debentures called for redemption may obtain immediately
the full redemption price, namely $1,056.13 for each $1,000 debenture, by
presenting the debentures at the office of the trustee.
Company has also called for redemption on Jan. 20, 1941, all of its out¬
standing first mortgage bonds, 4% series due 1963, at 106 and accrued
interest.
Payment will be made at the New York office of Bankers Trust
Co.
Holders are advised that they may present their bonds for payment
immediately and receive the full redemption price, namely $1,078.78 for
each $1,000 bond.—Y. 151. p. 3737.
trustee,
Appleton-Century Co.—Year-End Dividend—
Company paid
Total income of subsidiaries
$8,178,539
4,227,941
$3,897,324
10,043
Proportion of earnings,
common
9,035
$4,574,863
$3,888,289
1,547,466
1,553,558
Inc.
A. P. W. Properties,
all employees a oonus of
$35,040
157
z62
$30,877
1,089
6,667
8,139
$35,197
$38,948
2,209
6,607
11,507
2,022
Co., Inc.
2,373
Interest
Total income
.
Depreciation on plant
TctXCS—
m
mm
m
mm
m
mm
m'miim
—mm
m"m 'mmmm
Provision"for"Federal income
mm mm .
tax _
_.
Interest
$6,122,329
212,843
253,508
Total
;__
Balance
$5,655,977
—
64,583
804,486
~
$4,183,691
$1.73
$1.51
1940 earnings reflect increased income
151, p. 3079.
under the Second Revenue Act of 1940.—V.
American Manufacturing
have
Directors
declared
an
extra
Co.—Extra Dividend—
dividend
of
$1
per
payable Dec. 31 to holders of record Dec.
quarterly
dividend of 25c. previously declared will also
Dec. 31 to holders of record Dec. 14.—V. 151, p. 1884.
stock,
American
share
14.
be
on
the
Regular
paid
on
Stamping Co. —To Pay 27}4-Cent Dividend —
P Directors have declared a dividend of 27 K cents per share on the common
of record Dec. 21. This, compares with
\2)4 certs paid in the three preceding quarters, 35 cents paid on Dec. 30,
1939, 25 cents on Sept. 29, 1939, 20 cents on June 30 and on March 31.
1939; 25 cents on Dec. 25, 1938; 12H cents paid on Dec. 22 and Oct. 1,
1937, 15 cents paid on Sept. 1. 1937 and a dividend of 20 cents paid on
July 20, 1937.—V. 149, p. 4018.
stock, payable Dec. 31 to holders
American Stores Co.—SalesPeriod Ended Nov. 30—
Sales
—
A strike
in the Philadelphia area from
responsible for drop in November sales.—V. 151,
$15,113
4,444
x
--
yl,694
3,945
11,203
4,444
$12,986
7,328
4,444
by A. P. W. Paper Co., Inc. on its
z Interest and discount.
Includes surtax of $139.
of dividends waived
Exclusive
holdings of class A
stock,
y
Balance Sheet June 30
1940
Assets—
Cash in banks
—
Inc.—Accrued rental (net)._
A*. P. W. Paper Co., Inc., 6% junior lien notes
Property and plant at cost less depreciation
Depreciation fund-
A
P
W. Paper Co.,
Total
Liabilities-—
•
Accrued real estate
Divs. on class A
Stock 'm
mm
m
m
m
and other taxes
mm m mm <m m ** m
-
Int. due on
taxes
collections rec. on acc't of
A. StOCk
m
m m m m
m mm m mm m
surplus (arising
subscriptions)
Earned surplus
Cap.
_
—V. 151, P-
$419,638
$10,502
3,443
1,600
2,222
m m m m
stock (par $5)
: m m m m m m
318,395
-
--—---,
2,373
1,365
319,363
74,067
74,067
5,411
4,815
3,33?
from cancellation of stock
_
$4,129
17,275
126,870
258,075
13,289
$3,661
subscr. to cl.
— m mm m m m m m m m — m m m
4% cumulative preferred"class
Class B stock (par $10)
18,356
1939
2,222
2,023
m m mm. mm m mm mm m m m • ■
Dividend"on class B stock
Provision for Federal income
9,755
126,870
252,764
;
stock—unpaid pending issuance of
m mm m m mm
^'222
$413,805
—
--
Total
1940—4 Weeks—1939
1940—11 Mos.—1939
$8,615,624
$9,432,963 $113540,966 $104769,537
which closed company's stores
15 to Nov. 15, was
1,715
$12,960
x7,294
Net income
$4,988,177
804,486
Earnings per share of common stock
Note—Federal income taxes on
Class A dividends
$5,052,760
$5,594,977
surplus
preferred stock
J.
210,013
179,074
$4,790,491
Balance transferred to consolidated
7,926
$5,441,847
61,000
Holding company interest deductions
1,430
6,639
------
Class B dividends
Expenses of American Light & Traction Co
Taxes of American Light & Traction Co
on
1938
$38,886
$30,717
160
Administrative expense
Balance.
1939
1940
•
attributable to minority
stock
Equity of Amer. Lt. & Trac. Co. in earns, of subs
Income of American Light & Traction Co. (exclu¬
sive of income received from subsidiaries)
Dividends
^
J;' :;H;:
-Earnings—•
Years Ended June 30—
Rental from A. P. W. Paper
I'
director of this company to succeed the late
George B. Cortelyou.
The company will pay
10% of their annual salaries.—-V. 149, p. 4165.
4,281,215
$4,584,906
Int., amortization and pref. divs. of subsidiaries._
149, p. 4165.
Co.—New Director—
(D ) Appleton-Century
Reid Carr has been elected a
operations of subsidiaries
Non-operating income of subsidiaries
Like
year-end dividend of $2 per share on Dec. 20.
a
paid on Dec. 22, 1939.—V.
amount was
5,311,533
1,817,470
Dr4,624
Net earnings from
Balance-
sinking fund debentures, 4series
due Feb. 1, 1948, that it will redeem all of these outstanding debentures on
Jan. 20, 1941 at 103H% and accrued interest to the redemption date.
a
Maintenance.
$69,313
Company is notifying holders of its
6,683,980
9,944
Total
charges
Net income after all
Unamort. debt discount and
expense
previous dis¬
Earnings for 10 Months Ended Oct. 31, 1940
—V.
2,216,382
2,798
Other current assets.
Apolo Steel Co.—Common Dividend—
Earnings per share. —
151, p. 2181.
and divs. receivable
—Subsidiaries
Oct.
the
of record Dec. 18. Regular semi¬
also declared payable Jan. 3
and July 3, 1941, to holders of record Dec. 18, 1940, and June 21, 1941,
respectively.—V. 149, p. 4165.
stock, payable Jan. 3 to holders
common
1939.—V.
accounts
Deferred
Foreign currencies at cur¬
p.
—
The U. S. Government recently awarded this company contracts to manu¬
facture
$393,940,452
105,000,000
Capital stock (no par)
Accounts
i
y
United States currency..
common
Inc.—Output—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Dec. 21, 1940, totaled 62,722,000
Liabilities—
Assets—
Invest, secur. and advances
taxes
—
$10,000,000 and $12,000,000 of government orders in addition to its regular
peace-time business.
The large volume of war orders will probably have
little if any effect on the results for the year ended March 31, 1941.
De¬
liveries on the largest order are not to start until April next year, and so
will influence earnings in the year to start April 1 next.
In the first half of its current fiscal year, company had a loss of $3,350,
compared with a profit of $19,030 in the like period of the preceding year.
Earnings in the last half of the last fiscal year, however, were sufficient to
bring net for the full year up to $89,591 or 16 cents a share on 568,096 shares
of stock.
The second half of the current year will probably show a similar
upswing in business and profits.—V. 151, p. 2932.
Directors have declared
Bat. carried to earned
Interest
American Turf Association—Year-End Dividend—
(Company Only)
1940—3 Mos —1939
$2,152,866
$2,154,724
14,848
25,165
Income from subsidiaries
1884.
p.
6,236,734
5,823,824
1,545,727
_
Balance.
—
share on the common
18.
Extra of $1 an I
Nov. 1 last.—V. 151,
per
American Water Works & Electric Co.,
Subsidiaries—
Amer. & Foreign
$1
of
Dr946,503
170,229
607,684
Cr 17,727
543,501
__
Net
18,002
18,886
-■
$3,712,567
396,260
Operating income
dividend
a
In the most active half of its fiscal year company now has on hand between
5,524
Other income (net)
declared
have
stock, payable Dec. 23 to holders of record Dec.
regular quarterly dividend of 25c. was paid on
$4,237,213 $15,240,043 $17,227,872
Net oper. revenues.__ $3,718,091
Rent for lease of plants
a
American Thermos Bottle Co.—$1 Common Dividend
Dec. 27, 1939.—V. 151, p. 1132.
Period End. Sept. 30—
3879
4,585
$413,805
$419,638
3386.
Artloom
Corp.—2o-Cent Common Dividend—
declared a dividend of 25 centsmer share on the common
Jan. 31 to holders of record Jan. 20.
This will be the first
dividend paid since 1930..
connection with the resumption of common dividends, corporation
Directors have
stock, payable
3225.
common
American Superpower
Corp.—Transfer Agent—
been appinted transfer
agent and registrar for the 1st preferred stock, preference stock and common
stock of this corporation, effective Jan. 1, 1941.—V. 151, p. 1425.
The
First
National
Bank
of Jersey City
has
In
states
that all arrearages on
7% pref. stock have been paid in the past
years and there has been approximately $400,000 spent
period of time for additions to machinery and betterments.
two
during this
The Commercial & Financial Chronicle
3880
operating on a three-shift basis.
Prospects for 1941
appear very favorable, but it was stated by the corporation that rate
and time of payment of future common stock dividends would depend
entirely upon future conditions.—V. 151, p. 3079.
The corporation is
Arkansas Power & Light
Co.—Earnings—
1940—12 Mos.—1939
1940—Month—1939
Period End. Nov. 30—
_ —
$931,052
335,311
$845,774
343,571
$9,910,558
4,086,222
$9,615,593
3,877,109
...»
157,655
85,428
1,438,478
1,222,330
Prop, retire't res. approp
107,000
108,000
1,288,000
1,275,652
Net oper. revenues...
Other income (net).--—
$331,086
1,325
$308,775
$3,097,858
11,802
$332,411
$310,082
146,373
$3,109,660
1,757,122
237,261
$3,252,894
1,756,588
Direct taxes.....
Gross income
Int.
on
....
1,307
147,032
19,037
CY512
mtge. bonds
Cr3,300
208,593
04,110
$46,503
$1,118,577
$1,291,823
Dividends applicable to pref. stocks for the period
949,265
949,265
$169,312
$342,558
Other int. & deductions.
Int. charged to construe.
Net
117.721
CV515
$166,854
income
Balance
-V. 151. P.
3226.
Art Metal Works,
Baltimore & Ohio RR.—Earnings—
Period End. Nov. 30—
1940— Month—1939
1940—11 Afos.—1939
Freight revenues
$14,339,944 $15,056,929 $144685,226 $128170,762
Passenger revenues
875,785
753,127
9,539,902
9,855,589
Mail revenues
264,869
253,299
2,953,926
2,832,050
Express revenues
151,094
147,240
1,523,510
1,524,519
regular quarterly dividend of 15 cents per share on the common stock, both
payable Dec. 24 to holders of record Dec. 17.—V. 151, p. 2181.
$562,688,
were
respectively,
on
depreciation,
but
$970,177
$1,245,628
Nov. 30, 1939.—V. 151, p. 3737.
Net ry. oper.
income. $3,321,470
$3,423,282 $27,801,780 $24,049,980
New
—
At the regular meeting of the board of directors held on Dec. 18, C. W. Van
Horn was elected Vice-President, Operation and Maintenance, to succeed
Judge Vincent
Baltimore Radio Show,
Management Corp. reports that for the week ended Dec. 20,
of the Associated Gas & Electric group was 112,996,784
18.—V. 151,
(kwh.).
This is an increase of 9,660,855 units or 9.3%
duction of 103,335,929 units a year ago.—V. 151, p. 3737.
above pro¬
Bangor & Aroostook RR.—Earnings —
1940—Month—1939
Period End. Nov. 30—
$.391,291
285,669
$4,427,447
3,424,650
$4,705,914
3,527,819
$53,600
28,222
Operating expenses—
$105,622
39,799
$1,002,797
405,972
$1,178,104
437,285
Net rev. from opers
Tax accruals
$65,823
19,707
$25,378
12,942
Othr income—
on
$85,530
61,920
2,801
x$24,878
$20,809
61,576
funded debt.
& Santa Fe Ry.—Earnings—
Atchison Topeka
Railway oper. expenses.
Railway tax accruals—
Other debits or credits..
10,943,258
1,578,912
057,670
10,615,028 118,095,477 114,764,353
1,328,077
16,238,919
14,390,933
0104,578
0761,640
025,560
Net ry. oper. income.
—V. 151, P. 3550.
$2,834,966
$1,874,599 $20,585,959 $17,369,943
Atlantic Coast Fisheries Co. (&
6 Mos.
x
After taxes
&nd ch&r&cs#
Reflecting the
1940
1939
1938
1937
$10,704 loss$45,858 loss$98,952
$1,319
and depreciation but exclusive of profit ana loss credits
of trawlers
sale
ana
liquidation of
a
subsidiary, sales
dropped from $2,052,212 in the six months to Oct. 31, 1939, to $1,246,076
period this year.
Current assets at Oct. 31, 1940 were $1,359,115, including $580,523
of cash and deposits.
Current liqbilities were $300,201, leaving net work¬
ing capital $1,058,914, compared with $1,089,454 on July 31. 1940.
President Taylor says to the stockholders, in part:
"Since the last statement issued to stockholders, as of July 31, 1940,
several changes of note have occurred in the company.
"(1) The company disposed of its interest in Ship Bottom Pound Fish¬
eries Co. of Beach Haven, N. J., formerly carried as an 'investment and
advance.'
This was an asset of Chesebro Bros. & Robbins, Inc., a sub¬
sidiary now in liquidation.
"(2) The liquidation of Chesebro Bros. & Robbins, Inc., has continued
satisfactorily and to Oct. 31, 194u, 80% of the capital employed by this
subsidiary, as of the day it ceased operations on May 31, has been liquidated.
"(3) On Oct. 7, 1940, the company acquired the leaseholds of stores
Nos. 6. 8 and 10, Boston Fish Pier, which adaed to its original store No. 4,
provides the company with a total floor space at Boston of 18,000 square
feet, just three times as much as previously occupied.
This space will be
used to expand the operating facilities in Boston, previously badly over¬
in the same
Agreement has
been entered into for the sale of the company's
property at Groton, Conn.
The sale of this property, which has been idle
for several years, will not only add materially to the company's cash working
capital, but remove an annual carrying expense of around $11,000.
This
was
arranged after Oct. 31, 1940, the date of this statement."—
V. 151, p. 2036.
sale
Jan. 1 at
$14,000 5% bonds due 1943 has been called for redemption
105—V. 124, p. 504.
Auburn Central
Harry
Woodhead,
•his corporation, it was
ooard of directors.
on
$139,927
Loss.—V. 151,
p.
3227.
Service, Inc.—Stock Fraud —
The Securities and Exchange Commission
and the Department of Justice
corporations were found
class A common stock of
S. District Court for the
Bankers Industrial
E. Gaffeney
were:
(President) of Plainfield, N. J., and Willard R. Jeffrey (director) of Scranton, Pa.; Ililtz & Co., Inc. of New York City, and Frank Ware of Garden
City, Long Island, a former officer; and Medford H, White of Wilmington
a certified public accountant.
Henry I. Pitney, a broker of N. Y. City, pleaeed guilty to the indictment
during the trial.
Sentencing of all the defendants was deferred by Judge
Clarence Galston until Dec. 27.
According to the indictment, Mr. Pitney was engaged in the sale of the
stock, while Hiltz & Co., Inc. and Mr. Ware arranged for distribution
of the stock to various brokers and dealers.
The indictmert charged that
stock
was
sold at
a
price of $7.50 a share on the false misrepresentation
that the dividends paid came out
of earnings.
Among the other misrep¬
resentations alleged to have been made by the defendants were statements
that the company had a net profit of approximately $22,000 for the year
1935 and $27,000 for the year 1936; that no compensation had ever been
paid to the directors of the company or its subsidiary; that the DuPont
family of Wilmington was interested in the company; that the company
was a sound aDd prosperous corporation; and that as of Dec. 31, 1936, it
had current assets of $271,969.
The indictment charged that the defendants knew that these representa¬
tions were false at the time they were made.
It further charged that the
defendants employed these misrepresentations in order to induce investors
to buy the stock so that they could convert and appropriate the proceeds to
their own use and benefit.—V. 149, p. 3108.
of Aviation
was
Corp.,
and
elected President of
announced on Dec. 22 following
a
K. MacGowan,
meeting of the
who will continue
as
a
nrector.—V. 151, p. 1462.
Capital, Inc.—Initial Dividend—
Directors have declared an initial dividend of 60 cents per share on the
outstanding, payable Dec. 20 to holders of record
Dec. 17.
Company paid a stock dividend of 100% on June 18, last.—V.
151, p. 405.
common
stock now
(J. T.) Baker Chemical Co.—Extra Dividend —
dividend of 25 cents per share in addi¬
dividend of 12 H cents per share on the com¬
mon stock, both payable Dec. 24 to holders of record Dec. 19.
Extras of
121^ cents were paid on Oct. 1 and July 1 last.—V. 151, p. 2183.
Directors have declared
was
Directors have declared
Corp.*—Dividend —
account
on
of dividends
accumulated
on
the
an extra
tion to the regular quarterly
Baldwin Co.—40-Cent Dividend—
directors have declared a dividend of 40 cents per share on the
stock, payable Dec. 24 to holders of record Dec. 20.
This com¬
with 20 cents paid on Sept. 25, June 25 and March 25, last; 40 cents
paid on Dec. 23, 1939; 20 cents on Sept. 25. 1939; 10 cents paid on June 24
and on March 25, 1939; 15 cents paid on Dec. 24, 1938, and five cents paid
on Sept. 24, June 25, and on March 25, 1938.—V. 151, p. 2183.
The
common
on
Dec. 23, 1936.—V. 151, p. 540.
(W. H.) Barber Co .—Extra Dividend—
Directors have declared
common
Woodhead succeeds John
\viation
on
10 cents
1939; Dec. 30, 1937, and
Manufacturing
Inc.,
a year-end dividend of 15 cents per share on the common
Dec. 27.
Like amount was paid on Dec. 26, 1939 and dividend of
paid on Dec. 20, 1938, this latter being the first dividend paid
since April 10, 1931, when 10 cents per share was also distributed.—V. 150,
page 123.
Company paid
stock,
partic. pref. stock, a dividend of $1 per share, payable Jan. 15 to holders
of record Dec. 31.
Like amount was distributed on Jan. 15, 1940; Jan. 10,
Mfg. Co.—New President—
President
Chairman of the Board of Vultee Aircraft,
new
$864,430
687,951
36,552
.26,873
x
reported Dec. 20 that four individuals and two
guilty of fraud in connection with the sale of the
Bankers Industrial Service, Inc.
The verdict was returned by a jury in the U.
Southern District of New York. Those convicted
Bankers Securities
Atlanta Water & Electric Power—Bonds Called—
A total of
Mr.
Bankers Industrial
$726,476
678,116
21,487
Bankers Investment Trust of America—Dividends—
taxed.
"(4)
Including maintenance and depreciatoin.
$740,819
123,611
Service, Inc. of Wilmington, and two former officials, Leo
End. Oct. 31—
Net profit
x
Subs.)—Earnings—
Net income
a
$596,825
129,651
1,622
$38,320
Gross income
Interest
1940—11 Mos.—1939
$326,053
272,453
Gross operating reves...
a
Other deductions
[Incl. Gulf Colorado & Santa Fe Ry. and Panhandle & Santa Fe Ry.]
Period Ended Nov. 30—
1940—Month—1939
1940—11 Mos—1939
Railway oper. revenues_$15,299,466 $13,713,125 $154158,714 $146550.788
3738.
Directors have declared an extra dividend of 60 cents per share on the
stock, payable Dec. 27 to holders of record Dec. 18.
Regular
quarterly dividend of five cents was paid on Dec. 2, last.
Extra dividend
of 40 cents was paid on Dec. 23, 1939.—V. 149, p. 4166.
net electric output
units
p.
Inc.—Extra Dividend—
common
Operating income
Weekly Output—
The Utility
51,822,060
1,354,596
5,202,977
12,467
$4,842,210 $42,606,215 $38,343,495
957,589
10,672,696
9,825,651
333,438
2.488,147
2,926,929
127,901
1,643,592
1,540,935
the late C. W. Galloway, effective Dec.
L. Leibell on Dec. 23 ordered Stanley
Clarke, trustee, to agree to a settlement for $175,000 of the claims of
subsidiaries of that concern of maximum aggregate claims of $250,000
against National Surety Corp,
The settlement was made on a fidelity
policy issued by the surety company covering the entire Associated System
against financial misappropriations by employees, and in particular to
settle claims the parent company of the utility system had brought against
the insurance company for misappropriation of about $495,000 made by
officers of a subsidiary, Kentucky-Tennessee Light & Power Co.
Judge Leibell also authorized Dr. Willard L. Thorp and Denis J. Driscoll,
co-trustees of Associated Gas & Electric Corp. to employ O. John Rogge,
former Assistant Attorney General in charge of the Justice Department's
Criminal Division, as special counsel to handle litigation for that concern
relating to the 1933 recapitalization plan which is to be instituted shortly by
the company's trustee.
District
56,661,106
1,438.816
5,546,001
12,043
Official
Ordered—
Federal
4,393,439
161,515
170,794
1,653,317
999,538
Railway tax accruals
Equipment rents (net)..
Joint facility rents (net).
$2,385,170 and current
$3,330,947 and $1,153,056,
with
Associated Gas & Electric Co.—Settlement with National
Sui ety
2,849
operations
way
1939
1940
comparing
434,999
Transp'n for invest.—Cr
Current assets as of Nov. 30, 1940 amounted to
liabilities
5,282,402
96,520
450,941
5,140
5,344,936
114,312
General expenses...
Arundel Corp .—Earnings—
profit after expenses and
before Federal income taxes
4,971,888
Railway oper. revs—$16,110,674 $16,659,862 $163,674452 $148776,359
1,439,857
16,205,654
13,828,049
Maint. or way & strues..
1,773,355
4,148,357
36,686,765
Maintenance of equipt..
3.391,655
31,897,293
404,715
4,541,938
400,949
4,340,356
Traffic expenses
Net revenue from rail¬
11 Months Ended Nov. 30—
Net
449,267
478,982
All other oper. revenues.
Transportation exps
Miscell. operations
Inc.—Extra Dividend—
Directors have declared an extra dividend of 20 cents in addition to the
1940
28,
subsidiary companies, including the Midvale Co.. was $47,070,350 as compared with $9,923,194 for November, 1939. The month's book¬
ings brought the total for the consolidated group for the 11 months of 1940
to $157,022,06,3 as compared with $63,118,558 in the same period of 1939.
Consolidated shipments, including Midvale, in November aggregated
$5,213,155 as compared with $3,731,746 in November, 1939. Consolidated
shipments for the 11 months of 1940 were $47,246,388 as compared with
$32,084,888 for the 11 months of 1939.
On Nov. 30,
1940, consolidated unfilled orders, including Midvale,
amounted to $153,474,856 as compared with $44,215,799 on Jan. 1, 1940
and with $44,626,364 on Nov. 30, 1939.
All figures are without intercompany eliminations.—V. 151, p. 3556.
win and its
$3,240,502
12,392
Operating revenues
Operating expenses_
Dec.
an
extra dividend of
25 cents per share on the
stock, payable Dec. 28 to holders of record Dec.
17.
Extra of
paid on
p.2933.
25 cents in addition to regular quarterly dividend of 25 cents was
Dec. 161ast.
Extra of 50 cents was paid on Dec. 26,1939.—V. 151,
Barker Bros.,
Directors
have
Inc.—To Pay 75-Cent Dividend —
declared
a
dividend
of
75c.
per
share
on
the
Dec. 28 to holders of record Dec. 24.
Dividend
was paid
on Dec. 30. 1939, and one of 75c. was paid on Dec.
23.
V. 151, p. 2340.
stock,
payable
Bates Valve Bag
common
of 25c.
1937.—
Corp.—Debentures Called—
Corporation is notifying holders of its 6% 15-year sinking fund gold
debentures, due Aug. 1, 1942, that $51,500 principal amount of these
bonds have been drawn by lot for retirement by redemption on Feb. 1,1941,
at 100y2% and accrued interest, to exhaust the balance now held in the
Nov. 15,1940 sinking fund.
Payment will be made at the office of J. Henry
Schroder Banking Corp., New York City, on and after Feb. 1, 1941, after
which date interest on the drawn bonds shall cease to accrue.—V. 150,
p. 4118.
pares
Baldwin Locomotive
Charles
E.
Br.nley,
directors have
Works—Bookings—
President,
the
Baldwin
Locomotive Works, an¬
November by Bald¬
Optical Co.—DividendI—
declared
a
stoca, payable Dec. 28 to
dividend of 50 cents per share on
holders of record Dec. 24.
the
Dividends of
paid on Oct. 1, July 1 and April 1, last; 75 cents paid on
Dec. 29, 1939, and 25 cents paid on Oct. 2, July 1 and April 1, 1939, and
on Dec. 28 and April 1, 1938, this last being the initial distribution.—Y. 151,
p. 2486.
25 cents
nounced today that the dollar value of orders taken in
Bausch & Lomb
The
common
were
The Commercial & Financial Chronicle
151
Volume
Bendix Aviation
annual
report
published Dec.
square feet.
By planning for straight-line production and extra-shift operation, the
313% increase in working space will make possible an estimated increase of
592% in plane output by May, 1941, when present expansions are com¬
pleted.
Finished Beechcrafts will be turned out at a rate of better than
2lA planes per day during the manufacturers' fiscal year 1941, ending
Sept. 30.;
Accelerated production is required by a current backlog of $22,361,110,
almost ten times the corporation's net delivered sales of $2,367,511 (esti¬
mated) for its 1940 fiscal year.—V. 151, p. 2487.
The Securities and Exchange Commission Dec. 20 announced the filing
of
an
employees within the coming year.
Backlog or unfilled orders has increased from approximately $37,000,000
of Jan. 1 to approximately $95,000,000 on Sept. 30.
Nearly 40% of
this backlog represents balances on unfilled contracts directly with the
U. S. Government.
Officials of the corporation, however, state that the
full effect of their national defense program is not as yet reflected in these
figures as many direct contracts for the supply of instruments, devices and
parts to fulfill the aircraft program have not as yet been negotiated, and
aircraft and engine manufacturers who have recently received large direct
Government contracts on which the corporation's products are specified,
had not at the time of the compilation of these backlog figures, let their sub¬
as
or
issued purchase orders.
The corporation has held a particularly advantageous position in
established manufacture of aviation instruments, aircraft
well
already
electric
equipment, carburetors,
magnetos, aircraft radio equipment,
landing
gears, &c., as well as automotive parts and marine equipment enabling it to
move rapidly
into increased production of these as well as other new
products, ordnance equipment, &c., which it has been called upon to furnish
in increased demands both for commercial and defense program needs.
Consolidated Income Account for
(File 70-173) under
sidiaries of Engineers Public Service
Bethlehem Steel
Co.—V. 151, p. 2487.
Corp.—Government Contracts
—
Government recently awarded this company the following
respective amounts: New York City unit: Turbine wheels and
nozzles, $42,500; Quincy, Mass. unit: Four destroyers and $800,000 limiting
cost of additional facilities; Staten Island, N. Y. unit: Three destroyers and
$700,000 limiting cost of additional facilities; San Francisco unit: Seven
destroyers and $1,500,000 limiting cost of additional facilities, and San
Pedro. Calif, unit: Six destroyers and $1,250,000 limiting cost of additional
facilities.—V. 151, p. 3387.
The
U.
S.
contracts im
Bliss &
Laughlin, Inc.—75-Cent Dividend —
Directors have declared
a
dividend of 75 cents per share on the common
Previously regular
stock, payable Dec. 30 to holders of record Dec. 21.
quarterly dividends of 25 cents per share were distributed.—V. 151, p.
2934.
Stock Offered—Lehman
Brothers and Wertheim & Co. headed an underwriting group
on Dec. 24 that offered 75,000 shares of common stock at a
price based on the most recent sale of the common stock on
the New York Stock Exchange.
[The stock closed Nov. 23
at 23^.]
The offering does not involve any financing by
the corporation nor will the corporation receive any of the
proceeds from the sale of the stock.
Of the shares being
offered, 50,000 shares are being purchased from Benj. J.
Friedman, President, and 25,000 shares from Barney Ruben,
Bond
Inc.—Common
Stores,
First Vice-President and Treasurer.
Stated Periods
Calendar Years
al938
■—9 Mos. End. Sept, 30—
1940
1939
Period—
declaration and application
amendment to the
Holding Company Act in regard to the proposed merger of Mesilla
Valley Electric Co. into El Paso Electric Co. (Texas), the refinancing of
that company, and the dissolution and liquidation of El Paso Electric Co.
(Del.) and intermediate holding company.
The companies are all sub¬
the
tional
contracts
half-million
additions enlarging the total area of the Beech factory to over a
Corp.—Report—
18 establishes new peaks in sales,
payrolls, and earnings. Officials outline details of larger program under way.
The report for a period of nine months only, on account of change of
fiscal year date to Sept. 30, shows substantial new gains over the 12 months'
period of the preceding calendar year.
Gross sales and revenues from all sources, attaining a new all-time high,
totaled $46,725,219 as compared with $28,396,188 for the comparable period
of 1939. an increase of about 65%.
The major part of this increase is due
to heavily increased demands for component parts for aircraft, in the manu¬
facture of which the corporation has played a leading part.
Increased sales
of automotive and marine products show also a substantial gain.
Big gains have been made in number of employees.
At the close of 1939,
less than one year ago the corporation showed an increase of employment
of 35%.
In September. 1940 employment showed a further increase of 40%.
Payrolls totaling $18,869,240 were paid to employees in 14 communities,
for the nine months' period, as compared to $11,277,154 during the pre¬
ceding entire 12 months' period.
In addition to higher compensation, over
90% of all eligible employees participated in a cooperative group insurance
plan with sickness, disability, hospitalization, and death benefits.
The corporation has undertaken a very active and important part in the
national defense program.
Approximately $26,000,000 worth of additional
aircraft facilities is Deing provided under the Defense Plant Corporation
plan, practically quadrupling existing aviation and ordnance production
facilities to meet requirements of contracts.
The greater portion of these
new facilities
will be provided at South Bend, Ind.; Bendix and East
Orange, N. J.', Elmira, Sidney and Rochester, N. Y.; Baltimore, Md., and
at recently acquired plants at Wayne, Mich., and Philadelphia, Pa.
It is
anticipated that the corporation will furnish work for some 18,000 addi¬
The
3881
al939
Company—The business of the company consists principally of the retail
clothing at 60 stores located in 48 cities, and
clothing sold at these stores.
During the
past five years, the corporation's business has expanded substantially, and
the number of stores has almost doubled.
On Dec. 4, 1940, the corpora¬
tion opened its largest store at Broadway and 45th St., N. Y. City, one
of the most modern stores in the country.
The clothing manufacturing
plants of Bond are located at Rochester, N. Y. and New Brunswick, N. J.
On Oct. 31 of this year, the corporation had approximately 6,325 employees.
sale of men's and students'
x
Gross sales, royalties &
y
Cost of sales....
35,734,137
deprec. of plant
bldgs.&equip., &c.._
925,611
812,754
1,116,161
1,094,452
Net profit from opers_$10,065,472
Other income
901,123
$4,258,982
196,385
$5,354,940
844,720
$571,063
167,787
$4,455,367
70,386
234,752
$6,199,660
98,446
311,645
$738,849
96,914
30,224
98,888
41,250
117,695
165,581
82,500
143,155
68,486
57,807
to
Corporation, on Dec. 18. 1940, borrowed the sum of $3,000,000, evidenced
by 10 notes of the corporation payable $300,000 annually Nov. 30, 1941
bearing interest at rates from 1% to 3.10%. The notes
were sold to The Equitable Life Assurance Society of the United States.
otheroper.
income...$46,725,219 $28,396,189 $41,726,548 $30,893,547
23,324,453
35,255,446 29,228,032
Prov. for
Gross income
.$10,966,595
Interest paid I
Prov. for contingencies.
z
20,047
178,355
_
Charges on real estate
not used in the busi¬
ness
and
on
surplus
plant—net....
75,255
_
Prem. paid & exp. of debs
Prov. for losses on invests
45,353
49J21
profits taxes...
4,205,787
799,549
867,007
279,649
i
$6,474,754
$3,092,848
$4,485,972
1,261,804
1,272,319
Capitalization and Funded Debt—Corporation's caitalization as at Oct. 31,
of common stock ($1 par) of
outstanding.
.
dM
1940 consisted of 1,000,000 authorized shares
which 701,497 shares are
P As of Oct. 31, 1940 the corporation had a funded debt of $217,872 con¬
sisting of a bond secured by a mortgage on property at Rochester, N. Y.
Of the principal amount $73,500 bears interest at the rate of 4% per annum
and the balance of $144,372 bears interest at rates varying from 2H%
4 H % per annum.
The bond matures in instalments to and incl. March 1,
1953, each instalment being apportioned between the principal amounts'of
$73,500 and $144,372.
$156,048
2,594,858
1,116,271
Miscell. deductions
12,397
Prov. for Fed. income &
excess
the manufacture of most of the
Nov. 30, 1950 and
.
.
Earned surplus at end
of the period
Earns per share.
3,670,806
Sales..
—l
$23,597,549 $24,588,574 $19,551,928
goods sold
13,481,285
13,528,641 11,049,316
Operating expenses..8,222,985
8,308,753
6,848,975
$20,153,435
:—
Cost of
11,884,272
6,518,034
$2,611,878
$2.14
$1,272,319
$0.07
$1,751,128
288,783
v-t.
$5,398,806
$3.09
$3,305,849
$1.47
x After reserve for dis¬
and allowances,
y Includes selling, service, admin¬
development, and general expense, and provision for
possible losses on receivable and inventories,
z Includes depreciation of
$17,007 in 1940 and $21,914 (9 months), 1939, $29,875 calendar year 1939
and $7,054 in 1938.
Note—The parent company's proportion of the undistributed net income
of non-consolidated French subsidiary and affiliated companies, of an
indeterminate amount due to the lack of reliable information, is not included
above.
As to the other non-consolidated subsidiary and affiliated com¬
and returns
patent,
panies, dividends received during the nine months ended Sept. 30, 1940
were approximately equal to the company's proportion of the net results
of operations of such companies.
Consolidated Balance Sheet
Sept. 30 '40
Assets—
$6,577,103
1,074,014
a Trade notes,
acceptances & accounts receivable..
7,562,261
Receivable from Defense Plant Corporation...
679,167
b Inventories..
14,615,834
Investments and advances
4,955,385
c Plant land, buildings, and equipment...
11,786,539
d Special plant facilities.
1,795,784
Leaseholds and improvements—
14,021
Prepaid royalties, insurance, &c
—
918,746
Patents, patent rights, contracts, goodwill, &c
1
Cash
Marketable short-term notes
$1,893,279
■
Dec. 31 '39
$3,413,909
5,228,462
9,343,441
4,699,633
11,530,305
15,193
622,676
1
$1,653,637
504,263
408,888
Total income
$2,195,011
_
1,255,442
28,890
583,456
$2,062,525
40,813
339,123
$2,039,911
28,983
310,928
124,107
$2,643,096
$1,682,588
$1,575,892
40,564
520,331
deductions
Other
Prov. for Fed. income tax
Prov,
for surtax—for
Fed,
excess
—
Prov.
prof, tax under Second
238,591
Revenue Act of 1940.
Net income
$1,395,524
-
Underwriters—The names of the principal underwriters and the number
of shares of common stock which each has severally and not jointly agreed
to purchase are as follows:
...
No. of Shares
No. of Shares
to Be Sold by
to Be Sold by
B.J. Friedman
Barney Ruben
,T
$3,500
3,500
2,000
LRRR
2,667
H'RRR
1,333
1,000
1,000
-----
2,000
2,000
2,000
L9RR
1,000
1,000
—
1,333
667
—
——
A. G. Becker & Co., Inc
———
Hornblower & Weeks..,—
Merrill Lynch,
Otis & Co..
7,000
7,000
4,000
3,334
3,334
3,334
2,000
Lehman Brothers
Wertheim & Co
._...
$2,751,179
301,732
Operating profit
Other income
_
E. A. Pierce & Cassatt.
.-w-
Hallgarten & Co
Emanuel & Co.
Graham, Parsons & Co
Laurence M. Marks & Co
G. M.-P. Murphy & Co
L. F. Rothschild & Co.
-
— — —
— — -
—
$49,978,854 $34,853,619
Sept. 30 '40 Dec. 31 *39
$9,720
3,835,369
1,993",300
5,678,255
599,485
Customers' advances on sales orders.
1,671,052
2,647,490
Taxes, payrolls, & sundry accrued accounts
Federal income & excess profits, State income &
1,123,933
5,361,098
social security taxes
- - — .——. i'.—
765,000
586,645
R eser ve for contingencies
10,488,315
10,488,315
Capital stock (par $5)
38,511
39,742
Minority int. in cap. stock & surplus of sub. co
15,756,289
15,756,289
Capital surplus
——
5,398,806
2,594,858
Earned surplus
—
—
Total......
Liabilities—
payable
Accounts payable...
Notes
—
.
—
Bear, Stearns & Co
R. S. Dickson & Co., Inc..The First Cleveland Corp
Henry Herrman &
I. M. Simon & Co
—
-$49,978,854 $34,853,619
doubtful receivables of $362,894 in 1940 and $317,377
in 1939.
b After reserves of $1,067,289 in 1940 and $869,578 in 1939.
c After reserves for depreciation of $5,506,891
in 1940 and $6,184,694 in
1939.
d Under item "special plant facilities" it is shown equipment pur¬
chased with funds provided by customers to facilitate deliveries totaled
$1,874,282 while unexpended cash advanced by customers for purchase of
special facilities was $510,556, making a total of $2,384,838 for this purpose.
Unamortized balance of $1,795,784 for other special facilities is being
amortized over 5-year periods.—V. 151, p. 3738.
— — -
Stroud & Co., Inc—
Corp,—RFC Loan—
of the Kansas City agency of the Reconstruction
Finance Corporation, has announced approval of a loan of $13,540,509
to the corporation.
Proceeds will be used to provide $1,619,509 worth of
additional plant facilities and equipment, and $11,921,000 in working capital
according to the company.
Now under construction are new buildings
w hich will increase production floor area to 468,850 square feet and other
1,333
667
667
31, 1940
Balance Sheet as at Oct.
Liabilities
Assets—
Cash
on
hand and In banks.. $1,012,709
Accounts receivable
Miscell. acc'ts rec.,
3,302,465
14,378
(net)
&c
Valuelife Insurance policies..
Due from employees
(net)—
Advances to employees
9,025,874
120,686
20,377
12,281
4,873
of and advs.
wholly-owned subsidiary
137,823
Property,
plant
and equip.
2,649,577
(net)
Alter, and improv'ts to
banks
and
$2,250,000
payable, officers
payable—Trade—
Accounts
Construction
Due to leased departments
Customers'
deposits
Reserve
for
—■
Federal
leased
Capital surplus...
Earned surplus
213,377
126,898
17,182
806,366
income
Mortgage payable
Common stock (par
596,000
1,310,425
—-
869,629
217,872
701,497
$1)
...—
6,435,713
4,140,803
553,355
Alterations & fixtures
construction
under
—
Leasehold (net)
Deferred charges—
328,162
2,679
500,528
.$17,685,764
Total
-V. 151, p.
payable,
bankers
Loans
and excess profits taxes—
Invest, in secur.
to
Notes
Accrued liabilities
Deposits, advances & claims
receivable, &c
properties
Beech Aircraft
667
667
1,333
1,333
.
After reserve for
Frank Hodges, manager
667
667
...
—
Stein Bros. & Boyce
Inventory.——!
Total
1,666
1,333
— -
i
L666
1.333
1,333
—
— —
Co
-
—
a
1937
1938
1939
'40
31,
$1,272,319
Includes domestic and Canadian subsidiaries,
a
counts
istrative,
Years Ended Dec. 31-
10 Mos. End.
$5,758,291
3,146,413
$4,354,653
1,048,803
$9,069,612
'.'h£
Earnings for Stated Periods
Oct.
3738.
Total..
.$17,685,764
The Commercial & Financial Chronicle
3882
Boston Elevated
merger,
Ry.—Earnings—
Month of November—Total receipts. —
—
— -
Federal, State, and municipal tax
Kent for leased roads..
1939
$2,184,793
1,543,634
130,461
—.
— —
3-761
^3,761
329,374
99.497
6,426
329,374
99,497
$154,782
^
bonds
on
......
235.918
235,978
.
Dividends
Miscellaneous items
........
{Brill Corp. & Underlying
$13,766,227
Net sales._,—
Cost of sales, incl. operating, selling, servicing, administrative
and general expenses and depreciation for period
Income before other expenses, &c
$1,979,143
460,070
x854,144
Other exps. incl. int. paid to affiliated companies
RR.—Earnings—
Provision for Federal income and excess-profits taxes
1940—11 Mos.—1939
1940—Month—1939
Period End. Nov. 30—
Operating revenues.....
Operating expenses
$4,106,160
2,824,821
$4,015,004 $43,190,211 $42,260,906
2,910,319
31,266,106
30,284,789
Net operating rev....
$1,281,339
Income for the period
$1,104,685 $11,924,105 $11,976,117
Taxes...
307,294
276,541
3,331.058
3,332,177
Equipment rents—-Dr..
240,541
215,178
2,374,594
2,336,192
Joint fac. rents—Dr....
7,404
13,816
113,739
170,993
income.$726^100 ""$599,150
$6,136,755
1,068,824
Net ry. oper.
Other income
Total ded.
101,418
Net
94,906
$694,056
$7,172,378
$7,205,579
379,238
615,490
5,490,406
6,815,673
$4487280
$78,566
$1,681,972
$389,906
(rtls. int. &c.)
income
—V. 151, p. 3551
Directors
to
have
declared
an
extra
Trust—Extra Dividend—
dividend
of
6c.
per
the
regular quarterly dividend of 16e. per share on
payable Dec. 23 to holders of record Dec. 19.
paid on Dec. 23, 1939.—V. 151, p. 2342.
both
share
in
addition
the common stock,
Extra of 4c. was
an extra
to
a regular quarterly dividend of 30 cents on the common stock,
both
payable Dec. 28 to holders of record Dec. 19. Last previous payments were
made on Dec. 23, 1939 and consisted of a special dividend of 30 cents,
extra dividend of 40 cents and regular quarterly dividend of 30 cents thus
making a total of $1 per share.—V. 151, p. 2343.
a
dividend of 41
on
declared
extra
Brewster Aeronautical
Stock
Foundry Motors
Co., all the stock of Hall-Scott Motor Car Co. is pledged for an indebtedness.
Balance Sheet
dividend
3H%)
U.S. Treas. bonds 3 M%
over
—
-
4,572,091
$ 16.292,180
Book value
as
$ 16,292,180
Total
determined from balance sheets of underlying companies»
Note—Cumulative
dividends
preferred
on
stock
in
are
arrears
from
Sept. 30, 1932, in the amount of $2,103,993.—V. 151, p. 3738.
(J. G.) Brill Co.—Earnings—
[Includes J. G. Brill Co. of Massachusetts]
Consolidated Income Account for 10 Months Ended Oct. 31, 1940
a
Net sales
$8,333,466
Cost of sales, incl. operating, selling, servicing, administrative
and general expenses and depreciation for the period
Profit
Other income (net)
Profit for period
$166,818
Includes $5,242,342
a
Government Contract
8,232,007
$101,459
65,359
—
of sales of motor coaches and motor coach parts to
Foundry Motors Co., namely the A.C.F.
subsidiaries of American Car &
Motors Co. and Hall-Scott Motor Car Co.
Consolidated Balance Sheet Oct. 31, 1940 {Incl. Sub.)
Assets—
Liabilities—
Cash
Notes payable: Banks
Affiliated companies
$663,923
Notes receivable (net)
2,529
293,092
Accts.rec,, customers, net
Due from affiliated companies.
Inventories
Marketable securities, at cost.
Real estate, plant
Patents
Goodwill
"...
Miscellaneous
at
reserves
$100 par)
4,810,200
Deficit
369,753
46,863
1,327,948
1
............
1
........—......
Total
511
117,895
7% preferred stock
b4,580,000
Common stock (48,102 shares,
3,817,818
&eq. (net)
Deferred accounts
162,426
Due to affiliated companies
14,875
304,147
Investments
165,918
Accrued accounts...
154,671
Prepaid accounts....—
5550,000
250,000
Accts. pay., vendors & others.
720,628
2,920,698
...
Investments In Idle plants
Said in 1940. Dividends of 10 cents per share were paid in February and in
lay of 1939.
$9,309,002
I
Total
$9,309,002
—
a
Company was recently awarded a contract totaling $15,160,501 to build
airplanes for the U. S. Government.—V. 151, p. 3738
Brill
Corp.— Group Formed to Oppose Plan—Shareholders
Told Treatment of Their Stock Is Unfair—Proxies Asked
for
Jan. 8—
A committee headed by Charles E.
Maltby announced Dec. 20 that it
would oppose the reorganization of the Brill Corp. in accordance with the
plan recently announced by the American Car & Foundry Co.
The other
members of the committee are George F. Rusch and
Winthrop C. Swain.
Bainton, McNaughton & Douglas are counsel for the committee.
"This plan is most unfavorable to class A stockholders of the Brill
Corp.,"
"It
proposes
that you exchange each
share of
your present class A
stock, which is callable at $60, for one-half share of new
class A stock having a par value of
only $4 a share and callable at $4. Present
class A stock is entitled to dividends of $4 a share with a
possibility of divi¬
dends of $6 a share.
In other words, for each share of class A stock
Brown-Forman Distillery Co.—50-Cent Accum. Div.—
Directors have declared
12 cents.
a
dividend of 50 cents
per
share on account of
accumulations on the 6% preferred stock, payable Jan. 2 to holders of
record Dec. 27.
Like amount was paid on July 16 last and a dividend of
$1.50 was paid on Jan. 1, 1938.—V. 151, p. 1136.
Brown &
Sharpe Mfg. Co.—-Special Dividend—
Directors have declared special dividend of $3 per share on the common
stock, payable Dec. 27 to holders of record Dec. 18.
Extra dividend of
$4.50 and regular quarterly dividend of $1.50 per share was distributed
on Dec.
10, and Sept. 10 last.
Extras of $1.50 per share were paid on
June 10 and Marcn 10, 1940.
Special dividend of $6 was paid on Dec. 27,
1939.—V. 151, P. 3389.
you now
($60 callable price) you are offered one-half share of new class A stock
having a callable value of $2 and entitled to maximum dividends of but
Includes in plant account is a net amount of $608,016, representing a
plant in Springfield, Mass., now idle,
b Cumulative dividends on preferred
stock are in arrears from Sept. 30, 1932, in the amount of $3,213,265.
—V. 151. p. 2343.
Budd Wheel Co.—20-Cent Common Dividend—
hold
a dividend of 20 cents per share on the common
13 to holders of record Jan. 3.
Like amount was paid
July 15, last, this latter being the first distribution made on the common
shares since June, 1937.—V. 151, p. 3083.
Directors have declared
stock, payable Jan.
seems
to be no
justification for this treatment of the class A stock¬
holders; the apparent excuse is that a subsidiary of the Brill Corp., the
American Car & Foundry Motors Co., owes the American Car &
Foundry
one
of its
subsidiaries $6,100,063
as
security for which the
sizable profits
from rearmament orders in the future, it is obviously an
to request him to exchange his present
issue from which he can, in no
event, receive more than the
equivalent of 12 cents a share annual dividends (instead of $6 a share) on
his present stock.
This effort on the part of the Brill Corp.
management
seems little short of a move to
deprive the class A stockholders of their proper
share of the profits after many years of
patient waiting without returns on
injustice to the class A stockholder
a new
their investment.
"In order to defeat this plan it is vital for the class A
stockholders to
unite and to vote against it at the stockholders'
meeting to be held on Jan. 8.
"The committee undertakes to vote at the stockholders'
meeting against
the plan on behalf of all holders of record of class A stock
from whom proxies
and options are received.
The committee hopes to receive enough
support
from the holders of class A stock to have sufficient
strength to formulate and
propose some plan for obtaining an equitable provision for the holders of the
class A stock which will also be more fair to holders of the
preferred stock
of the Brill Corp. and with this support to pursue its efforts to
that end."
The Brill Corp. and American Car &
Foundry Motors Co. have issued
financial statements as of Oct. 31 for the companies involved in the
on
Buffalo Insurance Co.—Extra Dividend—
motor-
company has pledged the capital stock of its subsidiary, the Hall-Scott
Motor Car Co.
The Motors company and its
subsidiary are not worth
$6,100,063 either to the Brill Corp. or American Car & Foundry Co.
"The Brill management—largely one of
interlocking directors—is not
qualified to set up a reorganization of the several corporations involved in
an unprejudiced manner.
The plan which they have asked you to approve
would severely penalize the class A stockholders and in
view of the recent
substantial improvement in the company's business and the outlook for
stock for
worth
$8,047,000: J. G. Brill Co.: 45,719 shs. preferred and $48,002 shs. common:
Foundry Motors Co.: 24,097 shs. preferred and 200,000
b Based upon cost of investments in underlying companies.
a
Co. and
net
99,477
Total
Corp.—To Sell 50,000 Shares of
Directors have declared a dividend of 25 cents per share on the common
stock, payable Dec. 30 to holders of record Dec. 23. This is the only dividend
"There
of
capital stock
al5,875,189
American Car &
Dividend—
announcement.
b Excess
26,078
underlying cos., at
cost.,.
Privately—
the
34 7% pref. stock (par $100)..u, 3,718,400
199,744 Classes A and B stock (no par) 8,000,000
—
Invest, in
$6
Accrued taxes1,683
Notes receivable (net)
a
Accounts payable
$91,658
S. Treas. bonds
shs. common..
of
At a meeting of directors recently the board authorized the issuance and
delivery of 50,000 shares of capital stock by private sale at $12 a share to
Alfred J. Miranda Jr., 1. J. Miranda and F. William Zelcer, all officers
and directors of Brewster Export Corp.
Brewster Export Corp. has no
direct or indirect ownership in the company at the present time, but acts
as exclusive foreign sales agent on a commission basis not to exceed 12
H %
of the contract price of foreign orders.
Under an agreement dated Nov. 30, 1939, Brewster Aeronautical Corp.
agreed to pay Brewster Export Corp. commissions aggregating approxi¬
mately $3,500,000 on sales of airplanes and accessories to certain foreign
governments believed to be Great Britain and the Dutch East Indies.
The board also has authorized an agreement whereby George F. Chapline,
newly elected President and director, received rights to purchase 25,000
shares of the company's capital stock at any time on orjbefore Nov. 6, 1945
at the following prices: The first 5,000 at $8.50 a share, next 5,000 at $10
a share; next 5,000 at $12.50 a share, next 2,500 at $15 a
share; next 2,500
at $17.50 a share, and the next 5,000 at $20 a share.
It is understood the funds to be raised by the sale will be used for the
construction of a substantial addition to present manufacturing facilities
necessitated by a backlog of close to $110,000,000.
At present the com¬
pany has approximately 884,000 square feet of floor space at two plants
in Long Island City and one at Newark Airport.
said
{Brill Corp.) Oct. 31, 1940
Liabilities—
Cash
Acer. int. (U.
share on the class A stock
Dec. 30,1939, and $3 was paid
$3 per share in addition
to the regular monthly dividend of 50c. per share on the common stock,
both payable Dec. 23 to holders of record Dec. 14.
Extra of $3.50 was
paid on Dee. 23, 1939.—V. 149, p. 4167.
an
shown in the consolidated balance sheet of American Car &
per
(C.) Brewer & Co., Ltd.—Extra Dividend—
have
In this connection note is also made of the fact that a sub¬
stantial number of the shares of the preferred and common stocks of Amercan Car & Foundry Motors Co. are held by others than Brill Corp. and, as
Deferred accounts
Corp,—Class A Dividend—
Directors have declared
Directors
Note—Out of the above net income of $664,665, the amount of $506,968,
approximately 76%, represents consolidated earnings of American Car &
Foundry Motors Co. and subsidiaries, and the amount o f$157,697, or ap¬
proximately 24%, represents the consolidated net income of the Brill Corp
and of the J. G. Brill Co. and its subsidiary.
The income of American
Car & Foundry Motors Co. and subsidiaries is not presently available to
stockholders of either American Car & Foundry Motors Co. or Indirectly
to the stockholders of the Brill Corp. as a stockholder of American Car &
Foundry Motors Co. for reasons disclosed by the consolidated balance sheet
[Interim Statement, Subject to Adjustments and Audit]
dividend of 40 cents per share in addition
payable Dec. 31.
Like amount was paid
on June 30, 1937.—V. 151, p. 2343.
$664,665
—
x The
provisions for Federal income and excess-profits taxes by the
respective companies were based upon the Second Revenue Act of 1940.
Assets—
(E. J.) Brach & Sons—Extra Dividend—
Directors have declared
Brandon
Net profit
of the latter.
Boston Personal Property
$664,929
264
Income applicable to minority interest in J. G. Brill Co—
or
$6,104,714
1,067,664
$827,518
Total income
11,986,795
$1,779,432
199,710
Profit
6,168
151. p. 3228.
Boston & Maine
Cos.)
[Based on interim statements prepared and submitted by the several
companies, subject to adjustments and audit.]
Other income
Excess of cost of service over receipts
—V.
[These fi¬
viz. the two foregoing companies and J. G. Brill Co.
Income Account 10 Months Ended Oct. 31,1940
$164,020
*
—
Subway, tunnel and rapid transit line rentals—Interest
1940
28,
nancial statements are listed under the companies mentioned, which see.]
1940
$2,227,796
x—
1.570,611
accruals—...
136,931
,
Total operating expenses...-
Dec.
proposed
an extra dividend of $1.50 per share in addition
regular quarterly dividend of $3 per share on the common stock,
payable Dec. 28 to holders of record Dec. 23.
Extra of 50 cents was
paid on Sept. 28 last and one of $2 was paid on Dec. 28, 1939.—V. 151,
P. 1887.
Directors have declared
to
the
both
_
1
,
_
(James) Butler Grocery Co., Inc.—Suit Dismissed—
Reversing a decision of Supreme Court Justice Aaron Steuer, the Ap¬
pellate Division dismissed Dec. 20 a stockholders' accounting suit brought
against the company, the executors of the late James Butler and directors
of the company.
Justice Steuer on
May 21 held that an accounting must be made for
alleged waste and mismanagement.
He held liable the executors of the
Butler estate, four directors, the late James Butler Jr., Frank J. Brady,
D. Philip MacGuire and Walter D. Travers; the Seminole Condensed Milk
Co., Inc., and tne Peerless Construction & Repair Co., Inc.
The plaintiffs, owners of 965 shares of common and an equal number of
preferred shares of the grocery compary, charged a fraudulent scheme
whereby the Seminole and Peerless companies, owned by the elder Bugler
and his family, had received excessive prices from the grocery compdny
for condensed milk and for construction and other work, at the expense of
grocery stockholders.
These acts
Mr. Butler died in 1934.
allegedly extended from 1925 to 1936.
vain," the Appellate Division said in
reversing Justice Steuer's decision, "to find any fraud or misconduct on
the part of James Butler, deceased, in connection with the operation
either the Seminole or Peerless companies."
"The record
can
be searched in
Volume
Since there was no wrongdoing by Mr. Butler or the two companies,
the Court said, there could have been no negligence on the part of the
directors in failing to discover wrongdoing.
Justice Edward J. Glennon
the prevailing opinion, in which Presiding Justice Francis Martin
Dore and Albert Cohn concurred.
Justice Irwin
wrote
and Justices Edward S.
Untermyer dissented.—V.
144,
p.
445.
preferred stock ($100 par) to its parent company, Niagara Hudson Power
Corp., at par before Nov. 1, 1941.
The company's latest request was for
permission to sell 38,877.6 additional shares of preferred as well as $5,000,000
of bonds.
Proceeds from sale of the bonds are to be applied toward new
construction, including water gas plant at Syracuse.
The costs of issu¬
ance of the new bonds shall not exceed $71,500, the Commission ordered.
Company officials have not determined as yet whether the company
Commission.—V. 151, p. 3084.
Burlington Mills Corp. (& Subs.)—Earnings—
Central Violeta Sugar Co., S.
$36,805,112
.
1,320,389
609,301
Selling, general and administrative expenses
Depreciation.
....
Operating profit
_
*
..........
122,808
sugar
Total income..
....
Cost of
cane_.
654,401
Net profit
Common dividends.
per
share
.
_
_
;
....
102,312
—.
Net profit after taxes before minority interest.
— . —
Net loss of subsidiaries applicable to minority interests,— ....
— -.
919
$2.75
Gross
Gross profit...
Adminis. & sell, expense
Profit
$180,880
114,018
Total income
Income & franchise taxes
$57,267
35,533
$73,211
24,270
$29,984
617
$30,351
2,025
1,610
5,957
;•
$48,940
1,159
$21,735
366
$11,246
1,368
734
2,509
Discounts allowed
Allowance for bad debts.
$213,492
140,281
36,878
$10,946
300
.
$171,869
114,602
$66,862
$46,462
35,516
i
Int. & disc'ts received-
1937
1938
1939
$50,100
2,741
1,000
8,489
$22,351
2.183
2,207
3,868
'
_
.
$20,760
18,400
$6,636
16,000
.
.
$37,870
44,000
$14,094
12,000
class A stock, and 12,800 shares class B stock, both of no
earned surplus, $9,768; total, $227,132.—V. 151, p. 981.
par)
$203,153;
—
r
Company paid a dividend of 15M cents per share on its common stock on
Dec. 20 to holders of record Dec. 10.
Like amount was paid on Nov. 20
paid on Oct. 19 last; 153^ cents on July 20 last; 193^ cents
cents on Feb. 15 and 15 cents on
1940, and on Dec. 20 and Nov. 20, 1939; 30 cents on Sept. 20,
1939; 2 cents on Aug. 20, 1939; 7 cents on July 20, 1939; 22 cents on June
20, 1939; 19 cents on April 20, 1939; 11 cents on March 20, 1939, and a divi¬
dend of 15 cents per share distributed on Feb. 20,1939.—V. 151, p. 3084.
cents was
June 20, \\XA cents on May 20,
Jan. 20,
Campbell,
Dividend
Wyant
&
Cannon
Foundry Co.—35-Cent
—
Directors have declared a dividend of 35 cents per share on the common
stock, payable Jan. 24 to holders of record Jan. 3.
Dividends of 25 cents
were paid on Nov. 20, Aug. 23 and April 26 last; 40 cents paid on Jan. 26,
1940; 20 cents on Nov. 24, 1939, and previous payment was the 25-cent
distribution made on Feb. 26, 1938.—V. 151, p. 2487.
an extra
Taxes
Loss
on
on
$5,524,224
1940—11 Mos.—1939
$4,974,604 $38,733,861 $17,080,805
Earnings of the System for the
—V. 151,
$300,641
22,184
$63,856
17,279
$164,154
18,267
$23,093
20,603
$322,825
21,897
.
55,407
1,410
38,687
6,351
39,015
8,736
93
312
312
31,259
10,035
2,424
...
bonds.
1,441
37,000
on
3,088
724
119
loss$13,422
$62,813
loss$45,692
e40,788
c40,478
z500
y 10,773
$27,366
property retired
$103,291
loss$45,192
$266,541
605
30.527
31
36,000
$72,764
loss.$12,205
70,755
$230,541
.
1939
$5,584,110
$4,475,346
$255,768
Special credits to profit
and loss.
.
..
Total
Adjust, of opers. ©f prior
fiscal periods
Prov. for Cuban profits
33,018
.
25,803
Prov. for contingencies..
$957
35,378
Net inc. for the year..
Including sales value of sugar subsequently sold, and unsold sugar at
estimated realizable value,
y Amount claimed and received by Central
Violeta Sugar Co., S. A., out of the proceeds of final liquidations of Eastern
Sugar Corp.'s 1936 crop sugar, $9,733 and discount on purchase of Central,
Violeta Sugar Co., S. A., 6% collateral trust bonds, $1,040.
z Discount on purchase of Central Violeta Sugar Co., S. A., 6% collateral
x
trust
bonds.
Includes sales value of sugar sold to
b Includes $48,900
Dec. 10,1939.
profit on exchange of United States dollars into Cuban currency,
c Dis¬
count on purchase of Central Violeta Sugar Co., S. A. 6% collateral trust
bonds of $1,500; additional income on final realization of crop 1938 sugar
and molasses of $32,157 and miscellaneous other items (net) of $6,821.
d Includes sales value of sugar sold to Nov. 26, 1940.
e Additional
income on final realization of crop 1939 sugar and molasses $38,082, and
miscellaneous other items (net) of $2,706.
;'"
:
Consolidated Balance Sheet Sept. 30
1939
$62,129
-
hand.
Special deposits ...
Margin deposits..
15,400
6,659
Accts. receivable..
2,780
Bal.
rec.
Retained
crane
6,451
liquidations....
5,242
11,603
Accounts payable.
9,877
643
31,274
31,436
1,028
3,120
Accrued taxes....
.
10,869
1,957
349
Int. coupons,...
442,209
532,382
TJncl'd divs. pay..
114,867
90,148
Unpresented
lasses sold—
-
.... ..
cane
.
..
389
677
25,884
ping expenses...
Deferred credits.-
20,388
518
447
1,381
1,534
Liens
growers for adv.
int. & rentals...
-
bond
Est. molasses ship¬
& supplies,
Recelv. from
1,410
Accrued bond int.
14.900
sold (est.)
Receivable for mo¬
26,769'V
:A
29,643
38,551
48,051
(Censos) on
properties.--...
Res.
for
currency
37,000
exch. differences
1,000 Res.for contlngs..
900
receivable-...-y
$43,093
&e_—
10,978
-
for sugar
at cost
1939
Secured bank loans,
Cash in banks and
on
1940
Liabilities—
1940
$51,375
Assets— •;
25,803
,
Cent. Vio.Sug. Co.
Prop., plant and
equipment..
2,930,489
Prepaid exps. and
othr defd. chgs.
38,008
2,978,300
•
'
S. A. 6% coll.tr.
94,000
bonds due 1940.
37,215
on
surp.
2,688,690
727,935
138,980
727,935
arising
consolldat'n.
Earned surplus
Increase
2,688,690
Cap.stk. (par $19)
Cap
Week Ended Dec. 21
1940
Gross revenues
$3,464
19,629
Rights under mtge.
Operating revenues
$22,389,448 $20,584,777$223,790,418$184,773,869
Operating expenses..... 16,865,224
1 5,610,173 185,056,557 167,693,064
Net revenue.........
b53,893
bond interest-_
Growing cane
—Earnings of System—
1940—Month—1939
$110,261
19,379
Balance.
dividend of 50 cents per share in addition
regular quarterly dividend of 37 Vi cents per share on the common
1 to holders of record Jan. 20.
Like amounts
paid on Feb. 1, 1940.—Y. 149, p. 4168.
Period End. Nov. 30—
26,211
differences.
Mat'ls
to the
Canadian National Ry.
22,067
Other exps. relating to
securities issued
Prov. for curr. exchge.
stock, both payable Feb.
were
■
19,523
$44,477
Total income
Sugaronhand
Canadian Bronze Co.—Extra Dividend—
Directors have declared
■-
18,060
:
Int., exchange & disct..
Legal, auditing & other
a
Callaway Mills —Dividend^
on
80,323
Dividend paid.
Balance Sheet Sept. 30, 1940
Assets—Cash, $27,152; accounts receivable (less allowance for doubtful
accounts of $7,075), $24,161; notes receivable, $2,000; inventory, $68,858;
land, buildings, machinery and equipment (less allowance for depreciation of
$140,986), $102,601; deferred expense, $2,362; total, $227,132.
Liabilities—Accounts payable and accrued liabilities, $11,702; income and
franchise taxe3 accrued or reserved for $2,509; capital stock (16,000 shares
last; 16
95,807
\
._
tax
Net profit.
Dividends paid
846,266
96,472
from
income
sugar & molasses.
Other income
Interest
-Earnings-
1940
$158,526
112,064
787,590
96,305
_
expenses
Cost of sales
728,029
$1,716,037
v
Years End. Sept. 30—
Net sales
v
654,290
properties
Maint. of non-oper. mill
and gen. exps. of nonoper. subs_.__
$1,715,118
624,757 shares common stock (par $1)-.
•
California Art Tile Corp.
a$l,837,166 x$l,859,499 x$2,524,688
882,882
950,571
1,271,246
other
expenses.
468,568
on
—V. 151, p. 3738.
812,132
_
&
Prov. for deprec.on oper.
267,732
391,595
-
1937
,
. ..
,
port and sales
ofmolasses..
d$l,625,264
$3,131,158
and
Provision for Federal income taxes....'
Provision for State income taxes
b.
o.
Cuban
Mfg., shipping
Other deductions, including interest expenses of $242,403
loss of $25,328 on sale of fixed assets
Provision for Federal excess profits taxes....
_________
f.
1938
1939
1940
of
Sales
$3,008,350
......
.
Other income, including interest of $13,780
A.—Earnings—
Consolidated Income Statement Years Ended Sept. 30
31,867,072
Cost of sales..
shall
accept this second order from the
Earnings for the Period Jan. 1 to Sept. 28, 1940
Sales, less discounts, returns and allowance..
Earnings
3883
The Commercial & Financial Chronicle
151
173.401
$1,108,764
Total-..
p.3739.
y
Capital Transit Co.—Year-End Dividend—
—-..-$3,669,462 $3,822,915
After reserve for
149, p. 4169.
$3,669,462 $3,822,915
Total....
depreciation of $393,759 in 1940 and $289,447 in 1939*
—V.
a year-end dividend of 75c. per share on the
1939 to holders of record Dec. 5.
Divi¬
paid on July 1, last, and 50c. was paid on Dec. 20,
1939 this latter being the first dividend paid in some time.—V. 151, p. 100.
Directors have declared
common
Champion Paper & Fiber Co.
stock, payable Dec. 20,
dend of 2o cents was
B.
McKinley, Assistant Treasurer of this company will retire from
and will take a well-earned
climate.—V. 151, p. 3739.
business duties at the close of this year,
rest in Florida's sunny
Central Aguirre
Associates—New Trustee —
Boston has been proposed lor election as a
the annual meeting on Jan .23, 1941, in Boston,
according to the proxy statement.
If he is elected, it will increase the
number of trustees to 10.—V. 151. p. 3739.
George S. Mumford Jr. of
trustee of this company at
Central Arizona
Operating revenues.
Operating expenses
$369,217
.
$76,638
$1,119,473
$1,072,398
16
Net oper. revenues
Other income (net)
16
17,271
18,870
$78,087
18,958
721
$58,393
mtge. bonds
interest
on
$76,654
18,958
736
Gross income..
Int.
$56,975
charged to construe.
Net
Divs.
income
applicable to pref. stocks for the period-.._
Balance
—V. 151, P. 3230.
$4,226,047
1,902,462
793,927
$78,071
76,078
27,000
Other
$4,712,412
2,249,028
2,913
185,155
—L.
Int.
$340,108
1940—12 Mos.—1939
146,439
74,118
40,000
2,913
Prop, retire't res. approp
Amort, of ltd.-term inv.
Direct taxes
s
..........
—
422,300
34,960
$1,136,744
227,500
9,557
Crl.162
$1,091,268
$900,849
$855,089
108,054
$792,795
227,500
8,679
108,054
$747,035
Central New York Power
Commission
Corp.—Capital Request Cut—
has for a second time refused £o allow
corporation to sell sufficient additional bonds and stock to raise an
the utility contends it needs to finance new construction
and for more working capital.
The Commission authorized the corporation to sell $5,000,000 314%
the
amount of money
general mortgage bonds, due 1965. to the Equitable Life Assurance Society
of the U. S. at 101 not later than Dec. 31, 1940, and 16,415.6 shares of 5%
Corp.—Registrar—
Trust Co., effective Feb. 4, 1941, has been appointed
registrar for the common stock of this corporation consisting of
250,000 shares $5 par.—V. 151, p. 2935.
Directors on Dec.
common
Inc.—To Pay 14-Cent Dividend—
14 cents per share on the
15 to holders of record Dec. 31.
This com¬
20 declared a dividend of
stock, payable Jan.
with eight cents paid on Oct. 15, last; seven cents paid on July 15,
last; eight cents on March 27, last; 13 cents paid on Jan
15, 1940; seven
cents on Oct. 14 and July 15,1939; eight cents paid on March 29 and Jan. 14.
1939, and an initial dividend of IK cents per share paid on Oct. 15, 1938.
—V. 151, P. 2796.
pares
Chesapeake & Ohio Ry.'—Earnings—
1940
1939
1938
railway-...$10,843,851 $12,172,453 $10,058,293
November—
Gross from
rail wayl~4;744;221
oper. income...
3,463,653
Net from
Net ry
Net from railway.
Net rv.
—V.
oper.
" ~5;76i',442 " 4,397,702
4,260,350
3,136,084
122,922,913 109,150,698
54,699,531 46,153,902
37,427,291 33,232,972
Gross from railway
■■■■'•/
'
The New York P. 8.
876,951
432,000
34,960
Checker Cab Mfg.
Manufacturers
successor
Chemical Fund,
Light & Power Co. —Earnings—
1940—Month—1939
Period End. Nov. 30-
28 Weeks Ended
'39 Nov. 10, '40 Nov. 12, '39
$356,817
$405,428 $1,176,747
$725,805
com.stk
$0.43
$0.53
$1.62
$0.85
x After depreciation,
depletion, interest, Federal taxes, &c.
Note—After deducting flood losses in 1940 amounting to approximately
$285,000—V. 151, p. 1566.
Net profits..
Earns, per sh. on
x
Caterpillar Tractor Co.—Official to Retire—
H.
his
(& Subs.)—Earnings—-
12 Weeks Ended—
Nov. 10, '40 Nov. 12,
income
97,433,225
38,473,120
26,738,924
1937
$9,741,759
3,701,656
3,017,142
118,502,613
51,553,129
39,534,839
151, p. 3740.
Chicago Milwaukee St.
November—
Gross from railway
Net from railway.
Net ry. oper.
income.
Paul & Pacific RR.
1940
$9,734,284
-
.
_
Net ry. oper. income—
—V. 151, p. 3231.
1938
-Earnings
1937
24,170,563
11,962,587
$9,424,231
2,576,239
1,559,845
$8,854,632
2,068,754
996,327
$8,697,064
1,692,824
601,283
97,989,282
2,695,143
1,609,382
From Jan. 1—
Gross from railway
Net from railway
1939
90,831,038
16,825,9.55
4,267,352
99,395,594
19,198,520
8,407,498
19,097,036
6,839,684
The Commercial & Financial Chronicle
3884
of
paid
declared
have
stock,
dividend
payable
25c.
each of
in
in
a
Dec.
addition
the
three
year-end dividend of $1.50 per share on the
27 to holders of record Dec. 17.
Extra
to regular quarterly dividend of $1.25 were
preceding quarters.—V.
151.
p.
Chicago Railway Equipment Co.—Preferred
28,
1940
exemption of operations of non-utility subsidiaries may be secured. —V .151,
P.3085.
Chicago Flexible Shaft Co.—Year-End Dividend—
Directors
common
Dec.
2038.
City Water Co. of Chattanooga—Preferred Stock Offered
—Public financing on
behalf of the
(an operating
System)
14,000 shares of
company
unit in the American Water Works & Electric Co.
Dividend—
was
announced Dec. 27 with the offering of
Directors have declared a dividend of S1.31M per share on account of
accumulations on the 7% cum. pref. stock, par $25, payable Dec. 28
to holders of record Dec. 18.
Dividends of 43 % cents were paid on Oct. 1,
5% preferred stock ($100 par) at $105 a share, by a banking
July 1, and March 31, last; dividend of $1.75 was paid on Dec. 26, 1939,
previous dividend was made on Dec. 18, 1937, and amounted to
$3.06J£ per share.—V. 151, p. 2491.
is
and last
Cities Service Co.—Exemption Denied by SEC—Agency
Opposes Stand of Company That It Is Only Incidentally a Hold¬
ing Company—Effective Date Delayed—
The Securities and Exchange
Commission denied Dec. 23 an application
by the company for exemption from the provisions of the Holding Company
Act which the company had asked on the grounds that it was "only incident¬
ally
a
more
holding company, being primarily engaged or interested in one or
businesses other than the business of a public utility company"—
namely, the gas and petroleum businesses.
The company's application was denied on five grounds, as follows:
|r (1) That the applicant is more than "incidentally" a holding company
within the meaning of Section 3 (a) (3) and 3 (a) (5) of the Act.
(2) That it derives a material part of its income from its public utility
subsidiary companies within the meaning of Section 3 (a) (3).
(3) That the exemption provided by Section 3 (a) (5) is not available
to the company because most of its public utility subsidiaries are domestic
companies.
k
(4) That the company drives a material part of its income from such com¬
panies within the meaning of Section 3 (a) (5).
fc-*(5; That exemption of the applicant would be detrimental to the public
Interest or the interest of investors or consumer.
The Commission deferred the effective date of its decision for 20 days
and said it would instruct its staff to be available immediately to discuss
with representatives of the company any arguments that it should be allowed
to retain its interests in its oil subsidiaries on the ground that their reten¬
tion was "reasonably incidental or economically necessary or appropriate"
to the operations of the public utiity subsidiaries.
fcalf study of such a claim indicated it to be sound, the Commission said,
some or all these businesses might be retained under Section 11 of the Act.
"If it is not so found," the Commission declared, "then'applicant will be
,
required to dispose of its interests in those businesses if it is to remain a
public utility holding company."
The essential elements of the Commission's findings and opinion, which
covered the history of the company's development as a combined utility,
gas and oil organization, were as follows:
"Section 3 (a) 13) requires that a holding company to be eligible for the
exemption provided tnerein must be 'only incidentally a holding company,
being primarily engaged or interested in one or more businesses other than
the business of a public utility company.'
The applicant urges that the
phrase 'only incidentally a holding company' is defined and restricted by the
words following and therefore that any holding company which is 'primarily
engaged or interested in one or more businesses other than the business of a
public-utility company' must necessarily be only incidentally a holding
company.'
"We are asked, in effect, to ignore the phrase 'only incidentally a hold¬
ing company,' to read this section as though the words had been omitted
and thus to violate the cardinal rule of statutory construction that, if
....
possible, significance and effect must be given to every word in a statute.
"While we cannot accept applicant's contention in this respect, we do
agree with its argument that the words 'only incidentally a holding com¬
pany, being primarily engaged or interested in one or more businesses other
than the business of a public utility company's must be read together to
create a single test and that the scope of the qualification is explained by
the latter portion of the quoted language,
But it is equally true that the
meaning of the entire clause must be construed in the light of the 'incidentallv' phrase.
"Thus in determining whether applicant is 'only incidentlly a holding
company, being primarily engaged or interested in one or more businesses
other than the business of a public utility company,' we must give signifi¬
cance and effect to 'only incidentally' as well as to 'primarily.'
"We are of the opinion, therefore, that the question whether a holding
company satisfies this requirement of Section 3 (a) (3) must be determined
in each case upon consideration of a variety of circumstances, such as the
relationship between the gas and electric operations of the company's
utility subsidiaries and the other business or businesses in which it is
engaged or interested (i. e., whether the business of the utility subsidiaries
is incidental or accessory to the non-utility business or is wholly unrelated
to it), the size of the company's utility subsidiaries and the scope of their
operations, and, where the utility business is small, the company's stake in
the utility business as compared with its interest in other lines of business.
"At its inception Cities Service Co. was purely a utility holding company,
having been organized in 1910 for the purpose of holding the securities of
gas and electric utility companies.
Thereafter it became interested in the
wholesale distribution of natural gas and, following the discovery of large
oil fields in the course of the exploratory activities of its gas subsidiaries,
organized subsidiaries for the production of petroleum ano related products.
"In 1934 Cities Service owned directly or indirectly a controlling stock
interest in more than 150 operating subsidiaries, doing business in 39 States
and foreign countries and engaged principally in three industries—electric *
light and power, natural gas and petroleum.
"The operations of the bulk of applicant's utility subsidiaries do not, and
in the past did not, have any functional relationship to the business of its
non-utility companies.
While the operations of some of applicant's natural
gas utilities appear to be functionally interrelated with the business of its
oil subsidiaries, it is conceded that there is no such interrelation with respect
to the electric utilities."
The Commission's opinion dealt with one of the chief claims for exemption
raised by the company as follows:
"Applicant has urged that because of competitive conditions in the oil
industry—and the resultant need for speed and secrecy in order to con¬
transactions
summate
essential
to
the
conduct
of the
oil
business—the
regulation of Cities Service and its subsidiary oil companies under the act
would seriously jeopardize their ability to complete successfully, since their
competitors are tree of such regulation.
"We are not unmindful of the difficulties which may be encountered by
those subsidiaries of the applicant which are engaged exclusively in the oil
business as a result of their becoming subject to the requirements of the
Act as subsidiaries of a registered holding company.
"But this does not stem from the Holding Company Act, it is the natural
consequence of Cities Service having developed a hybrid form of organiza¬
tion which places under its common control both public utility and oil
companies.
Whatever burden is imposed by the Act upon applicant's
competitive position in the oil business results from the fact that Cities
Service, whatever else it may be, is a public utility holding company and
as such has been subjected by Congress to
regulation under the Act.
"The right of Cities Service to retain its interest in its oil subsidiaries is a
matter
to
be
determined
in accordance with the standards expressed in
appropriate proceeding under that section it is found
are 'reasonably incidental, or economically neces¬
sary or appropriate to the operations' of such of Cities Service's public
utility subsidiaries as are found to comply with Section 11, some or all of
these businesses may be retained.
\
Section 11.
If in
an
that these oil businesses
1 ^ ^
80 found, then applicant will be required to dispose of its
interests in those businesses if it is to remain a publics-utility holding
■
company.
"We have
/
the authority under
_
Sections 3 (d) and 6< (b) of the Act to
exempt the acquisition of non-utility properties and the issuance of securi¬
ties by the oil subsidiaries, and we will give due consideration to the exercise
of our powers under these provisions
during such period and under such
circumstances as may
be consistent with the
purposes
of the Act and the
protection of investors and consumers."
The offering
headed by Equitable Securities Corp.
group
subject, as to 10,000 shares, to the prior right of the
company's 6% cumulative preferred stockholders to take
that number of shares under a company offer of exchange
Under the offer, holders of the
which will expire Dec. 30.
6% pref. may exchange each share for one share of the new
5% pref. plus $1.50 in cash.
Associated with Equitable
Securities Corp. in the offering are Fred A. Hahn Co., Chat¬
tanooga; Elder & Co., Chattanooga; Courts & Co., Atlanta,
and Chattanooga Securities Corp., Chattanooga.
Simultaneously with the public offering, the company is
issuing and selling to the parent company 2,597 additional
shares of its common stock, the $220,000 of net proceeds to
be used also to repay an equal amount of the company's
ndebtedness to its parent.
Bonds Placed Privately—In December, 1940, company sold
privately to nine insurance companies $3,900,000 first mort¬
gage 3l/i% bonds, series A, due Nov. 1, 1965, proceeds being
used to retire first mortgage 5% gold bonds, series B and C,
then outstanding in the amount of $3,816,000, and to reduce
indebtedness to its parent.
5% preferred stock is redeemable at the option of the company,
The
at any time, in whole or in part by lot, at $110 per share if redeemed within
five years and therefater at prices scaling downward to $105 per share, plus
accrued dividends.
It is entitled on voluntary liquidation to the then
current redemption price and to $100 per share and accrued dividends on
involuntary liquidation.
History and Business—Company was incorp. Feb. 19, 1869 in Tennessee.
Company is engaged in the business of collecting, purifying, distributing
selling water for public and private use and consumption and for fire
service purposes in the City of Chattangooa, Tenn., and in several small
communities in the territory adjacent thereto in Hamilton County, Tenn.,
and Catoosa, Dade and Walker Counties, Ga.
In some of such small com¬
munities water is distributed for resale by the communities.
The territory
served by the company is estimated to have a population, based on tenta¬
tive 1940 Federal Census figures, of approximately l60,OCO.
This territory
contains a large number or industrial plants manufacturing a diversified
group of products.
Company derived during the year 1939 approximately
64.2% of its operating revenues from domestic and commercial customers;
23.7% from industrial customers; 10.8% from municipal customers, includ¬
ing charges for public fire protection; and 1.3% from other customers.
and
Capitalization Giving Effect to Present Financing
Authorized
Outstanding
1st mortgage bonds, series A, 3K% (due Nov. 1,
1965)
5% pref. stock (cum., par $100)
Common stock (par value $85 per share) b
a
Indenture
a
b
b20,000 shs.
$3,900,000
14,000 shs.
c20,000 shs.
as of Nov. 1, 1940) provides for the issuance of
The amount of bonds authorized is unlimited except that
(executed
bonds in series.
the amount of bonds at any time issued and
ture shall not exceed $15,000,000 and except
outstanding under said inden¬
that additional bonds may be
issued only under the terms of said indenture.
b Charter of company was amended after Sept. 30, 1940, changing the
common stock from 17,419 shares to 20.000 shares
authorized amount of
value of the common stock from $100 per share to
were effected on the books as of
the 5% preferred stock now offered
so as to (1) create a new preferred
one class will constitute the securi¬
ties now offered), which will rank junior to the 6% cumulative preferred
stock and prior to the common stock, (2) increase by $3,850,000 the auth¬
orized capital stock, $850,000 of such increase to consist of 10,000 shares of
common stock and $3,000,000 of such increase to consist of 30,000 shares
of the new preferred stock and (3) decrease the authorized capital stock by
$2,000,000, such decrease to consist of the 20,000 shares of 6% cumulative
preferred stock. The authorized capital stock of the company, after giving
effect to such amendment and to the retirement of the 6% cumulative
preferred stock, will be 30,000 shares of the new preferred stock and 30,000
shares of common stock.
14,000 shares of the new preferred stock are to
be designated as 5% preferred stock.
and
changing the
par
$85 per share, both of which changes
Sept. 30, 1940. Prior to the issuance of
company proposes to amend its charter
stock (to be issuable in classes of which
c
All owned of record
or
beneficially by American Water Works & Electric
Co., Inc.
vA
Earnings for Stated Periods
9 Mos.
Year Ended Dec. til
End.
Provision for retirements
$708,645
$388,797
20,717
41,568
$913,692
$456,291
22,186
53,411
$885,693
$443,161
24,135
52,579
1937
$880,524
$427,757
21,153
51,728
Operating income
Non-operating income..
$257,562
5
$381,801
355
$365,816
1,072
$379,885
532
$257,567
143,100
$382,157
190,800
(2,327)
11,681
$366,889
190,800
(2,097)
6,953
1,421
$380,417
190,800
(583)
Sept. 30, '40
Total
a
oper.
Operating
revenues...
expenses...
Provision for inc. taxes.
Gross income
Int.
on
Int.
on
funded debt
construe.—credic
Other interest
Taxes assumed
on
12,740
1,174
int
1938
1939
2,079
3,058
1,396
Amort, of debt discount
14,058
18,744
18,744
18,745
$87,077
$161,179
$151,067
$166,417
and expense..
Net income...
a
Including maintenance and taxes (other than provision for income taxes)
but excluding provision for retirements.
Company has provided for the redemption of all of the funded debt out¬
standing during the period covered by the aoove statement and there is
now
outstanding $3,900,000 first mortgage bonds, series A, 3J£%, the
annual interest requirement on such bonds amounting to $126,750 per year.
The annual dividend requirement on the 14,000 shares of 5% preferred
stock of amounts to $70,000.
Purpose—The net cash proceeds are to be used (1) to pay the cash adjust¬
by the offer of exchange and to provide for the redemption
before Feb. 1, 1941, of all of the company's 6% cumulative preferred
stock not exchanged, (2) to pay $168,000 to its parent ocmpany in reduc¬
tion of the open account indebtedness wrhich indebtedness as of Nov. 30,
1940, is estimated to oe approximately $414,000 and (3), with the remaining
amount, to provide for the completion or construction of improvemencs,
additions and betterments to the plant and property principally a new
ments called for
on or
chamber.
intake
Transfer Agent and Registrar—The transfer agent for
stock is to
be Commercial National Bank,
the 5% preferrea.
Chattanooga and the registrar
is to be Hamilton National Bank in that city.
Statement
late
on
by Company—The Cities Service Co. commenting
on the order of the
SEC, issued the following
Dec. 23
Underwriters—The
Fred
The order of the Commission is in line with its most recent decisions.
denies the company's application for a
order
This
complete exemption, but in
the opinion supporting the order the Commission suggests a means
name
tive amounts under .vritten
of each principal
follows:
by which
Elder
A.
&
Courts
&
Hahn
under writer and the respec¬
are as
Equitable Securities Corp..
statement:
Co..
-—;■
— —
-
Co_
Co
Chattanooga Securities Corp
—
7,700 shs.
2,800 shs.
1,400 shs.
1.400 shs.
700 shs.
The Commercial & Financial Chronicle
Volume
Balance Sheet
as
of Sept. 30, 1940
Assets—
/
Liabilities—
Property, plant and equip.. $7,101,453
1st mortgage 5s-
Cash in banks and
28,846
Special deposits
22,500
Current liabilities
Cust. acc'ts &c. rec. (net)—.
Oper. materials and supplies.
58,171
7,920
Customers' security deposits.
Construction materials
23,145
$3,816,000
302,181
Indebtedness to parent co—
hand--
on
-
Deferred charges
320,791
-—
-
252,979
84,141
28,803
struction.
3,315
Deferred liabilities, <fcc
424,599
Consolidated Aircraft Corp.—$2 Dividend —
1,000,000
6% preferred stock.
1,479,255
86,535
Common stock (par $85)
Capital surplus......
Total
$7,562,827
—
-V. 151, p. 3740.
made in December,
was
1938 and amounted to $1
Government Contract—
83,119
Contributions in aid of constr.
$7,562,827
Directors have declared a dividend of $2 per share on the common stock,
payable Dec. 26 to holders of record Dec. 20.
Last previous distribution
1,900
Reserve for contingencies
3885
30,
1940, the output was 8,055,220,856 kwh., as compared with
7,111,225,629 kwh. for the corresponding period in 1939, an increase of
13.27%.
Total output for the year ended Nov. 30,1940, was 8,789,165,587
kwh., as compared with 7,749,943,729 kwh. for the year ended Nov. 30,
1939, an increase of 13.41%.—V. 151. p. 3742.
Customers' advances for con¬
Reverse for retirements
Total
Nov.
The U.
S.
per
share.
•'
:
Government has awarded this company $17,536,973 for ex¬
pansion of plant facilities.—V. 151, p. 3086.
;V
Consolidated Amusements, Inc.—Extra Dividend—
Directors have declared an extra dividend of 50 cents per share on the
stock, payable Dec. 19 to holders of record Dec. 11.
Regular
quarterly dividend of 40 cents was paid on Nov. 1, last.
See also V. 149,
P. 3869.
common
Cleveland Cliffs Iron
Co.—■Preferred Dividend—
Directors have declared
a dividend
of $2.50 per share on the $5 pref.
stock, payable Dec. 27 to holders of record Dec. 20.
This compares with
$1.50 paid on Oct. 5, last; $1 paid on July 6, last; $2 paid on Dec. 21, 1939;
$1 on Oct. 31 and July 31, 1939, and $2.75 on Dec. 24. 1937.—V. 151,
2936.
P.
Y
Cleveland Union Stockyards Co. —12
y^-Cent Dividend —
Directors have declared a dividend of 12 >6 cents per share on the common
stock, payable Dec. 30 to holders of record Dec. 19.
Dividends of 25
cents was paid on Oct. 1, last, and previously regular quarterly dividends
of 12y2 cents per share were distributed.—V. 151, p. 1717.
Cliffs Corp.— Common Dividends
—
Directors have declared a dividend of 35 cents per share on the common
stock, payable Dec. 27 to holders of record Dec. 20.
This compares with
15 cents paid on Oct. 9 and on July 10, last; 10 cents paid on April 10, last;
30 cents on Dec. 21, 1939; 10 cents on April 15, 1939; 15 cents on Dec. 21,
1938; 10 cents on April 1, 1938, and dividends of 20 cents paid on each of
the four preceding quarters.—V. 151, p. 1888.
Collins & Aikman Corp.
(& Subs.)—Earnings—
$3,783,871
25, '39
$2,154,576
61,306
$3,845,177
$2,192,795
420,141
356,214
Nov. 30, '40 Nov.
—
Other income
j.-y- Total income—
-
Depreciation—
Federal, State, income &
profits taxes..
excess
..
Net profit--.-.
Common dividends
Surplus—.
Earnings per share
y
1,177,300
$2,278,208
153,722
422,100
Preferred dividends
-
—.
$1,702,386
$3.77
"$1,416,440
160,434
422,100
>
$833,606
$2.23
Bonus—
Corporation on Dec. 20 made a special distribution of approximately
$140,000 among its employees, according to an announcement made by the
company.
All of the corporation's employees, except executives, number¬
ing close to 6,000, received a check for $25.
The company manufactures upholstery fabrics for automobiles, furniture,
railroad cars, buses, and airplanes and also velveteens, corduroys, and
worsteds and woolens for women's wear.
Mills and offices are located in
N.
Y.
City,
—V. 151, p.
Pennsylvania, Rhode Island, North Carolina and Canada.
2936.
Collins Co.—To
Collyer Insulated Wire Co.—To Pay 50-Cent Dividend—
Directors have declared
dividend of 50 cents per share on the common
a
value, payable Dec. 28 to holders of record
compares with 30 cents paid on Oct. 1, last; 20 cents paid
and previously regular quarterly dividends of 10 cents
distributed.
An extra dividend of 20 cents was paid on
—V. 151, p. 2348.
par
Colorado & Southern Ry.
November—
Gross from
$616,297
210,102
111,084
Columbia Mills,
5,980,393
1,512,121
475,303
5,952,021
947,345
Crl3,918
-
Net ry. oper. income
—V. 151, p. 3231.
$584,426
164,673
46,815
$640,066
144,566
27,409
5,917,324
7,196,308
1,225,178
137,562
1,721,248
736,682
164,800,000 kilowatt hours, compared with 158,200,000 kilowatt hours for
week of 1939, an increase of 4.2%.—V. 151, p. 3742.
Consolidated Rendering Co.—DividendDirectors have declared
the common stock on Dec. 27
with 50 cents paid on Oct. 1,
July 1 and April 1, last; $2 paid on Dec. 27, 1939; $1.25 paid on Oct. 2,
1939; 50 cents paid on July 1, 1939, 25 cents paid on Dec. 23, Oct. 1 and
July 1, 1938; 50 cents paid on April 1, 1938, and regular quarterly dividend
of $1 paid on Dec. 24, 1937 —V. 149, p. 4170.
us
a
dividend of $1.50 per share on the common
stock of
no par value, payable Dec. 21, to holders of record Dec. 16.
Pre¬
vious distributions were as follows:
$1 paid on July 11, June 27 and May 20,
last; $1.50 on Dec. 18, 1939; $2 on Nov.
1939, 30 cents on Aug. 21, $1.50 on June
50 cents on March 30, 1939; $1 on Nov. 14,
and 70 cents on Aug. 22, 1938.—V.151, p.
20, 1939; 75 cents on Oct. 15,
16, 75 cents on May 15, 1939;
1938; 30 cents on Sept. 26, 1938
1429.
Consolidated Retail Stores, Inc.—20-Cent Common Div.
Directors have declared a dividend of 20 cents per share on the common
stock, payable Dec. 28 to holders of record Dec. 21. Last previous payment
was the 25-cent distribution made on July 1, 1930.—V. 151, p. 3554.
Consumers Co. of Illinois—Bonds Called
Dec. 31 at 100.—V. 149, p. 104.
Container Corp. of
'
America—Registrar—
Corporation has notified the New York Stock Exchange of the appoint¬
Co. as registrar of its capital stock, effective
ment of the New York Trust
Jan. 2,
1941.—V. 151, P. 2349.
Continental Gas & Electric Corp.
(& Subs.)—Earns.—
12 Months Ended Oct. 31—
JL940
Gross
operating earnings of subsidiaries
eliminating intercompany transfers)—
General operating expenses
Maintenance
Provision
for
$38,966,445 $37,329,563
14,421,627
13,958,376
.
1,977,143
-
$11,501,694 $11,397,978
Total income of subsidiaries
4,776,634
4,699,018
$6,725,059
Balance
$6,698,959
15,577
17,808
of earnings, attributable to minority
stock-.-
adjusted to show general business cbnditions
territory served by deducting sales outside of territory to other utility
companies:
x
-Kilowatt-Hour
OutputP. C.
Week Ended—
1940
1939
Increase
Dec. 21
157,437,000 142,325,000
10.6
Dec. 14
-.153,000,000 141,172,000
8.4
Dec.
7
151,555,000 137,663,000
10.1
Nov. 30
152,012,000 139,165,000
9.2
—V. 151, p. 3742.
I
-------
y
-----
Equity of Continental Gas & Electric Corp. in
earnings of subsidiaries
$6,709,482
Income of Continental Gas & Electric Corp. (ex¬
clusive of income received from subsidiaries)—
37,839
$6,556,818
$6,371,527
2,531,834
2,554,853
159,840
46,846
161,273
42,659
$3,818,298
$3,612,743
1,320,053
$2,498,245
$2,292,690
$11.65
$10.69
—
-
Balance--
«.«.«•«»
«*•»'•—
•»»»*'«»
—
-
•» *
*
Holding Company Deductions—
Interest on 5% debentures, due 1958-Amortization of debenture discount and expense,-
interest
Balance transferred to
Dividends
on
12,050
$6,693,201
85,776
235,897
1,320,053
-
—
5,681,151
i,747,321
103,405
87,097
Expenses of Continental Gas & Electric Corp__.__
Taxes of Continental Gas & Electric Corp
-
with the following summary of weekly kilowatt-
hour output of electrical energy
5,402,879
4,660,024
$11,473,906 $11,347,238
27,787
50,739
Net earnings from operations of subsidiaries
Non-operating income of subsidiaries
common
1,961,046
5,135,101
5,958,668
General taxes and estimated Federal income taxes-
Proportion
1939
(after
depreciation
Taxes on debenture
Co.—Weekly Output—
—
$46,000 5% bonds due 1956 has been called for redemption
A total of
on
Total
Inc.—Pays $1 Dividend—-
Company has furnished
..j.,
Interest, amortization, and pref. divs. of suds.—
Company paid a dividend of $1 per share on
to holders of record Dec. 26.
This compares
Commonwealth Edison
;y.-'::'y; y:-;.'
.
the corresponding
1937
From Jan. 1—
-
Output
Consolidated Edison Co. of New York announced production of the
electric plants of its system for the week ended Dec. 22, 1940, amounting to
Y
1938
1939
$659,214
198,751
116,575
railway
Net from railway
Net ry. oper. income
Dec. 20.
This
on July 1, last,
per share were
Dec. 27, 1939.
-Earnings—
1940
,:;;.,yy\
Gross from railway
Net from railway
the
dividend of $2 per share on the common stock,
a
payable Dec. 23 to holders of record Dec. 16.
Dividends of like amounts
were paid on Oct. 15, and July 15, last; dividend of $1 was paid on May 29,
last, and $2 were paid on April 15 and Jan. 14, 1940.—V. 151, p. 242.
no
the counter at a price of 21^ net;
The deal is one of
largest "off-the-Exchange" transactions of its kind ever
arranged, according to Wall Street observers.
over
Pay $2 Dividend—
Directors have declared
stock,
Consolidated Edison Co. of New York, Inc.—Block of
Stock Sold—Smith, Barney & Co/announced the distribution
of 179,000 shares of common stock after the close of trading
on
the Stock Exchange Thursday, the shares being sold
38,219
389,669
9 Months Endedt—
Operating profit before depreciation
Consolidated Cigar Corp.—Registrar—
Corporation has notified the New York Stock Exchange of the appoint¬
of its common
stock and 7% cumulative preferred stock, effective Jan. 2, 1941.-—V. 151,
P. 3554.
ment of the Public National Bank and Trust Co. as registrar
-
consolidated surplus
prior preference stock.
of
Balance----
-------
-
Commonwealth Loan
Co.—Earnings—
Earnings for Nine Months Ended Sept. 30, 1940
Net income after all charges.
Earnings per sh. on 257,529 no par shs. common stock
Commonwealth Securities, Inc.— Accumulated Div.—
of record
V. 151, P.
New Vice-President
—
Exchange has been notified that Louis P. Jervey
Vice-President of the Fidelity-Phenix Fire Insurance Co,
New York and of this company.—V. 151, p. 546.
The New York Stock
has been elected
Directors have declared a dividend of 85 cents per share on account of
$6 cum. pref. stock, payable Dec. 28 to holders
Dividend of 35 cents was paid on Dec. 22, 1939.—
the
on
Continental Insurance Co.—Year-End Dividend—
declared a semi-annual dividend of 80 cents per share
addition to a special year-end dividend of 40 cents per share on the
capital stock, both payable Jan. 10 to holders of record Dec. 31.
Similar
amounts were paid on Jan. 10, 1940.
Year-end dividends of 20 cents were
paid on Jan. 10, 1939, Jan. 10, 1938, and Jan. 11,1937.
The directors have
in
$744,899
$2.53
3391.
accumulations
taxes
income taxes on
-
—
—V. 151, p.
1940 earnings reflect increased income
under the Second Revenue Act of 1940.—V. 151, p. 3086.
Note—Federal
—
—
—
Earnings per share of common stock
Dec.
21.
545.
-
Corroon &
Reynolds Corp.—Accumulated Dividend —
Directors voted a
dividend of $1.50 per share on the $6 preferred
stock, payable Jan. 2 to holders of
issue of $28.50.—V. 151, p. 1718.
Commonwealth & Southern
Corp.—Weekly Output- —
hour output of electrical energy of subsidiaries of
adjusted to show general business
conditions of territory served for the week ended Dec. 19, 1940, amounted
to 185,635,673, as compared with 167,136,098 for the corresponding -week
in 1939, an increase of 18,499,575, or 110.07%.
The weekly kilowatt
the Commonwealth & Southern Corp.,
Monthly Output—
of
•
•
^
■
output of the Commonwealth &
month of November was 1,744,087,200
Gas
<
«
.
Southern Corp. system for the
cubic feet, as compared with
1,591,867,900 cubic feet for November, 1939, an increase of 9.56%.
For
the 11 months ended Nov. 30, 1940, the output was 16,425,304,000 cubic
feet as compared with 14,205,045,400 cubic feet for the corresponding
period in 1939, an increase of 15.63%.
Total output for the year ended
Nov. 30, 1940, was 18,206,014,900 cubic feet, as compared with 15,937,941,500 cubic feet for the year ended Nov. 30, 1939, an increase of 14.23%..
Electric output of the Commonwealth & Southern Corp. system for the
month of November was 809,355,035 kwh., as compared with 718,475,137
kwh. for November, 1939, an increase of 12.65%.
For the 11 months ended
Cramp Shipbuilding
series A
record Dec. 24, leaving arrears on the
Co.—Most of Bonds Exchanged for
Common Stock—
In
a
that a
Sons'
supplement to its prospectus of Sept. 23 last, company announces
total of $2,491,625 of the $2,499,500 outstanding Wm, Cramp &
Ship & Engine
been deposited
™Under
Building Co. 6% general mortgage gold bonds have
in exchaage for new common stock
and subscription war-
of the exchange offer, holders of the 6% bonds were offered
16 shares of new Cramp common and subscription warrants for 40 addi¬
tional shares of common for each $1,000 bond held.
Cramp Shipbuilding
Co directors have decided to continue to receive deposits of bonds and issue
stock (but not subscription warrants) until Dec. 31, 1940.
The original
terms
°f^SubscriptionCwar rants were issued
with respect to 99,345 common shares
with the exchange offer and warrants for 6,368 shares have
exercised.
On Oct. 29 Harriman Ripley & Co.. Inc., bought 93,612
of the shares reserved for holders of warrants at $11 a share.
in accordance
been
The Commercial & Financial Chronicle
3886
The banking house sold 25,000 units (unit consists of one share common
Securities Corp. holds 69,177 shares, American Ship Commerce Corp.
35,200 shares, Blue Ridge Corp. 30,000 shares and 10,700 option warrants,
Chicago Corp. 5,000 common and 1,800 warrants, and Harriman Ripley
& Co., Inc., 68,612 shares common and 37,500 warrants.
Cramp Shipbuilding Co. has contracts on hand for six light cruisers for
the Navy, to cost over $106,000,000.—V. 151. p. 3392.
(Consolidating all wholly-owned subsidiaries)
Nov. 2 '40
Sales for
1940 Show Large Increase—
Oct. 31, 1940. compared with $49,103,463 for the entire year of 1939,
according to figures included in the registration statement.
Ordnance produced and sold by the company, chiefly for purposes of the
National defense program, amounted to 6,071 tons for the first 10 months
of this year, against 4,342 tons for the entire previous year, or, in terms of
dollar sales, $4,589,290 to Oct. 31, 1940, against $2,991,502 for 1939.
The
ordnance output comprised shells, armor piercing and explosive rrojectiles
and bombs, gun forgings, and torpedo and periscope tubes.
A comparison
of tonnage and dollar sales volume over a six year period shows that the 10
months ordnance tonnage figure represents an increase in production of
513 % over the full year 1935, while the ordnance sales volume has increased
307% over that year,
iWtCrucible's production of high and medium grade steels, also vital for
purposes of National defense, likewise shows a sharp increase over 1939
and over the six year period.
High grade steels, used for the manufacture
of such products as high speed drills, cutters, taps and dies, aircraft valves
and superchargers and light armor plate, totaled 58,436 tons in the 10
months to Oct. 31, 1940, compared with 48,262 tons in all of 1939.
Sales
volume reached $28,798,634 for the first 10 months of this year against
$22,483,007 for 1939.
Hi Medium grade steels, used by manufacturers for making aircraft engine
parts, machine tools, cutlery, axes and hatchets, bearings, machine gun
and rifle parts and railway springs, also showed a sharp increase over 1939,
totaling 79,164 tons to Oct. 31, 1940 against 59,844 tons in the previous
year.
Sales for medium grade steel equalled $11,204,568 for the first
10 months of 1940, compared with $8,111,088 in*1939.
High and medium
grade steel tonnage since 1935 has increased 58 and 112% respectively,
while dollar sales gains for both categories are 84 and 147% respectively.
With the company concentrating on the production of higher grade
steels, Crucible's output of commercial carbon steels used for the manu¬
facture of such products as seamless tubes, shaftings and springs showed a
decrease in tonnage compared with both 1939 and 1935.
The 10 months
figure for 1940 is 262,926 tons and for 1939 310,185 tons.
The decrease
in commercial carbon steel sales since 1935 is 7% in tonnage, although dollar
sales of $14,212,685 for the first 10 months of 1940 are 22% higher.
Sales of miscellaneous items amounted to $2,630,579 up to Oct. 31, 1940
and compare with $1,493,488 for 1939.
Such sales have risen 322% over
1935.—V. 151, p. 3742.
Cuban-American Sugar
Deposits
are
Co.—Deposits—
being received
now
by the depositary,
Central Hanover
Co., 70 Broadway, New York of 7% cumulative preferred
stock, for exchange iftto the new 53^% cumulative convertible preferred
stock and cash, in accordance with the plan of recapitalization.—V. 151,
p. 3742.
Cudahy Packing Co.—Annual Report—
16,109,078 16,901,528
Inventory
E. A.
Cudahy Jr., President, states in part:
report for the fiscal year ended Nov. 2, 1940, shows net
of $2,116,223, compared with $860,293 for 1939.
After pref.
dividend requirements this is equivalent to $3.29 per share of common
stock for 1940 and 60 cents per share for 1939.
Sales and operating revenues for the year totaled $211,924,795, com¬
pared with $202,264,626 for the previous year.
The net earnings for 1940
represent only 1 cent per dollar of sales.
Company closed the fiscal year with no bank loans.
In accordance with the authorization by the stockholders at a special
meeting held on March 6, 1940, directors proceeded with a plan whereby
the par value of the common stock was reduced from $50 to $30
per share,
and the records of the company were adjusted to reflect a cost-valuation
appraisal of substantially all its fixed assets by independent appraisers.
The suspension of dividend payments was a policy adopted by the man¬
agement with the punaose of strengthening the financial position of the
company.
In view or the much improved financial position at the end
of the fiscal year, directors at a
special meeting held on Dec. 12, 1940.
declared a dividend of $3 per share on the 6% cum. pref. stock and $3.50
per share on the 7% cum. pref. stock, payable Dec. 27 to holders of record
Dec. 23.
These payments are to apply on dividends at present in arrears.
The
annual
g the pa8t year.net additions to physical properties totaled $685,000,
r
i
the largest item of which was a new
enlarged sausage kitchen at the Los
Angeles plant.
At the Omaha plant a new canned meat department and
a
new
sausage kitchen
are
under construction.
At Newport,
Minn.,
company is building additional freezers and new cold storage rooms as
well
additional
as
livestock
processing
facilities.
in *941, and w'll represent
L
mately $750,000.
i
an
These
improvements
expenditure of approxi¬
during the past year the largest volume of livestock for
any year in history.
*
Relations with employees have continued on a
satisfactory basis, all
misunderstandings having been handled promptly to the advantage of
both the company
and its workers.
Years Ended—
Nov. 2 '40
Total sales
Oct. 28 '39
Oct. 29 '38
Oct. 30 *37
.$211,924,795 $202264,626 $192407,537 $222222,016
Paid for hvestock-
1205,086,785 196,157,139 190,832,875 219,641,067
Mfg., sell., &c., exps../
Net income
Miscellaneous income
$6,838,010
£6,937,549
1,774,587
$6,188,640
1,644,341
$1,674,756
1,648,575
$2,630,571
1,458,662
1,548,264
1,521,758
1,304,028
75,300
147,100
89,061
yl ,659.048
386,102
1,272,760
x22,912
1,315,242
x30,491
17,359
Total income
Depreciation
$6,107,487
81,153
$1,574,662
99,539
15,292
15,539
16,414
$2,116,223
$860,293
Taxes (other than inc. &
processing)
debts charged
_
Bad
Int.
(incl. amortiz'n of
disc, on funded debt).
Res. for Federal taxes..
Earnings applicable
minority interest
1,065,925
504,794
—
Total profit & loss surp.
Shares of common stock
profits,
assets,
*$2,953,895 *$1,776,100
60,000
229,268
876,564
$2,116,223
5,610,225
$860,293 z$2,953,895 z$2v941,932
4,921,159
4,060,866
7,0l3v9l7
outstanding (par $50).
Earns .per sh.on com.stk.
Loss,
x
Includes
Of this
Deficit.
y
z
1,651,435
—II
_
dividend
—
$2,580,949
49,622
to
Net profit
First preferred dividend.
Second pref. dividend
*
100,094
off,
recoveries
Surplus.
888,256
1,000,000
1,000,000
Sinking fund pay-
29,664
Acts
29,664
595,962
ments,
due Sept.
Conv.
Old Dutch Cleanser
380,651
1,109,388
135,256
145,973
103,686
& adv.
.
137,108
55,460,678 68,247,714
.55,460,678 68,247,714
Total....
After reserve for depreciation of $18,641,247 in
151,
in 1939.—V.
Crum &
p.
74,321
2,000,000
6% preferred stock 2,000,000
6,550,500
7% preferred stock 6,550,500
Com .stk.($50 par) 14,024,670 23,374,450
1,727,487
Capital surplus
3,494,002
Earned surplus... 2,116.223
3,193,672
406,054
478,782
count
inventories.....
4,437,500
175,553
4,313,000
Min. int. insub.co.
68,000
will,
Prepaid insurance.
Bond and note dis¬
Deferred charges.
fd. 4%
1950
Royalty int., good¬
Stationery
sk.
1 *55.18,057,500 18,407,500
debs, due Sept. 1
750,000
advertis'g invest
249,586
current.
IstM.sk.fd. bds.,
220,915
36,061,335
Investments
-
1940 and $10,121,190
3743.
Forster, Inc.—Special Dividend—
share on the
Directors have declared a special dividend of 40 cents per
stock, payable Dec. 23 to holders of record Dec. 16.
Directors also declared a regular quarterly dividend of 30 cents
common
Jan. 15 to holders of
record Jan. 2.
See also V. 150, p.
payable
3971.
Curtiss-Wright Corp.—Acquisition—Govt. Contract
—
plant of the
of its Jan. 1,
1941, preliminary to renovating it and installing machinery for increasing
production of Curtiss electric propellers for airplanes for the U. S. Army
and U. S. Navy as part of the National defense program.
The plant comprises three buddies including a one-story structure
100 by 800 feet and a five-story factory 600 by 80 feet, located on a 14-acre
site, and will employ over 4,000 skilled workmen when put into production,
according to Guy W. Vaughan, President of Curtiss-Wright.
It will be
operated, he said, by the organization's Curtiss Propeller Division of
Caldwell, N. J., which also has factories in Clifton, N. J., and Pittsburgh,
Corporation on Dec. 23 announced its acquisition of a
Marmon Co. at Indianapolis, Ind., and will take possession
Pa.
Addition of the Indianapolis plant—the fourth to be acquired by the
Propeller Division within the past 2 H years—increases that
organization's production area to approximately 1,000,000 square feet of
floor space, and indicates the greatly rising demand of the military services
for airplane propellers of the Curtiss electric type.
The Curtiss Propeller Division has been awarded a contract totaling
$63,202,820 to build propeller assemblies and control sets for the U. 8.
Curtiss
Government.—{V. 15ll p. 3557.
Dallas Power &
Light Co.—Earnings1940—Month—1939
Period End. Nov. 30—
Operating revenues
Operating expenses
Direct taxes-.-.*..-
$586,749
217,853
$565,203
213,927
138,439
-
99,820
—-
1,366
25,555
$229,091
$225,901
$2,742,303
Dr4,577
$2,678,154
$229,091
$225,901
$2,737,726
Prop, retire't res. approp
Net oper. revenues._.
Other income—
46,667
560,000
1,827
a45,607
b234,813
$2,683,392
560,000
b518,528
$133,627
$1,942,913
$1,604,864
$180,597
income—.
Divs. applicable to pref. stock for the
a
Includes
expense over
—
-
5,238
46.667
Int. on mtge. bonds— —
Other int. & deductions.
Net
1940—12 Mos.—1939
$7,017,176
$6,864,043
2,668,294
2,553,197
1,315,934
1,166,404
290,645
466,288
—
507,386
507,386
$1,435,527
period.
$1,097,478
—-
-
amount required to amortize pref. stock commission and
the life of the charter, plus additional amortization of $43,000.
b Includes, in excess of normal amortization requirements, additional
amortization of debt discount and expense and pref. stock commission and
12-month periods ended Nov. 30,
Debt discount and expense and
fullV amortized at Oct. 31, 1939,
April 30, 1940, respectively.—V. 151, p. 3233.
of $169,326 and $452,658 for the
1940, and Nov. 30, 1939, respectively.
pref. stock commission and expense were
expense
and
Delaware
Fund, Inc.—Extra Dividend—
Directors have declared an extra dividend of 20 cents per
common
stock, payable Dec. 2-± to holders of record Dec.
share on the
Year-end
19.
paid on Dec. 15, last, and previously regular
quarterly dividends of 15 cents per share were distributed. In addition extra
dividend of 20 cents was paid on Dec. 20, 1939, and extra of 10 cents was
paid in December, 1938.—V. 151, p. 3234.
dividend
of 20
cents
was
Delaware & Hudson Co.—Clears Bank Loans—
The company
has paid off the approximately $.500,000 of outstanding
which the company negotiated
bank loans clearing up the last of the loans
a number of years ago.—V. 151, p. 3234.
Delaware & Hudson
RR.—Earnings—
1940
November—
Gross from
railway
Net from railway.
Net ry. oper. income
1939
1937
1938
$2,240,233
619,691
428,606
$2,304,277
756,584
548,991
$1,945,363
622,301
509,259
$1,952,064
236,703
165,830
467,489
$3.29
$5,000
amount,
($6,681
$380,509
467,489
$0.60
in
is
1937)
for
Gross from
railway
Net from railway
Net ry. oper. income
24,452,409
7,194,253
5,148,000
23,342,124
7,365,663
5,122,955
19,194,175
4,556,379
2,937,084
23,316,265
4,195,231
2,748,914
—V. 151, p.
1890.
Detroit Edison Co.—Final Dividend—
Comparative Consolidated Income Statement
Common
965,928
Em pi. pension tr._
From Jan. 1—
We processed
less
Res. for Fed. tax..
Fixed assets....25,908,737
Balance---
earnings
2,818,553
accrued expenses
Acc'ts payable and
Gross income.
'Bank & Trust
3,424,656
2,582,034
4.321,929
8,138,106
Special deps. under
State Compensa¬
x
S
282,500
3,296,191
notes
Total.
Sales of company reached a total of $61,435,756 for the 10 months ended
LiaMlllies—
Notes payable
8,380,383
<fc
receivable
tion
Company on Dec. 22 filed an amendment with the Securities and Ex¬
change Commission listing the names of underwriters for its proposed issue
of $15,000,000 15-year
sinking fund debentures, and the amounts
of their participations.
(••Heading the underwriting group is Mellon Securities Corp. which will
underwrite $2,800,000 of the debentures.
Participations of other under¬
writers are as follows:
First Boston Corp.; Smith, Barney & Co.; Dillion,
Read & Co. $2,100,000 each; Bonbright & Co., Inc., $1,000,000; Blyth
& Co., Inc.; Drexel & Co.; Halsey, Stuart & Co., Inc.; Harriman Ripley
& Co., Inc., $850,000 each and W. C. Langley & Co. and Stone & Webster
and Blodget, Inc., $750,000 each.
at
Cash............
Accounts
x
Oct. 28 '39
Nov. 2 *40
Oct. 28 *39
€
A c't'p/c—.
Other
Crucible Steel Co. of America—Underwriters Named—
1940
28,
Consolidated Balance Sheet
and
% option warrant) at $10.50 per unit to Blue Ridge Corp. and 3,600
units to Chicago Corp.
As of Dec. 16, 1940, there was outstanding a total of 219,023 shares of
common
stock and option warrants for 50,000 shares, of which Orama
Dec.
467,489
Nil
467,4S9
Nil
surtax on undistributed
loss on disposition of fixed
Directors have declared
a
capital
final dividend of $2 per share on the
par $100, payable Jan. 15 to holders of record Dec. 27.
This com¬
with $1 paid Oct. 15, last; $2 on July 15, last, ana on Jan. 15, 1940;
$1 paid Oct. 16, 1939; $* paid on July 15, 1939; $1 on April 15, 1939; a
final dividend of $2 paid on Jan. 16,19o9; $1 on Oct. 15,1938; $2 on July 15,
1938; $1 on April 15, 1938; $2 on Jan. 15, 1938, and previously regular
quarterly dividends of $1 per share were distributed.
In addition, an extra
dividend of $1 was paid on July 15 and Jan. 15, 1937, and 1936.
stock,
pares
Bonds Called—
All of the outstanding general and refunding mortgage gold bonds series D
4H % due Feb. 1, 1961 have been called for redemption on March 1 at 105
and accrued interest.
Payment will be made at the Bankers Trust Co.,
New York City.—V. 150, p. 3744.
Detroit
Reoi
Railway
&
Harbor
Terminals
Land
Co.—
ganization—
Holders of the 6 K % sinking fund bonds and preferred stock are notifiep
provisions of the plan of reorganization ap¬
proved by the U. S. District Court for the Eastern District of Michigan,
Southern Division, by order entered May 2, 1935, the time within which
holders of the 6^% sinking fund gold bonds and preferred stock may con¬
vert said securities into new common stock in accordance with the pro¬
that by virtue of the express
visions of said plan of reorganization expires on Dec. 31, 1940.
All such securities not presented for exchange for such new stock
trustees, 4072 Penobscot Building,
5 p. m., Dec. 31, 1940, shall become void.
voting
to the
Detroit, Mich., on or before
The voting trustees are:
Lewis LeB. Goodwin, F.
Walter H. Steere—V. 140, p. 969.
Morris Cochrane, and
Diamond T Motor Car Co.—Government Contract
—
Company was recently awarded a contract totaling $6,311,085 to manu¬
facture trucks for the U. S. Government.—Y. 151, p. 3558.
Volume
The Commercial & Financial Chronicle
151
Disher Steel Construction Co.—Accumulated Div.
Directors
have
accumulations
of
record
paid
18.
Dec.
on
May
A
class
declared
the
on
shares
2,
dividend
a
A
class
Dividend
1938,
in
this
some
of
$1.50
preferred stock,
of $1 was paid
latter, being;
vears.—V.
share
per
—
account
on
of
payable Dec. 24 to holders
on
Dec. 28, 1939, and 50c.
paid on the
the first dividend
412.
lo'L—p.
§rills and variousWire and for motor vehicles, and miscellaneous commercial
ie castings; (f)
housings cable for motor vehicles and certain light com¬
(Joseph) Dixon Crucible Co.—$1 Dividend—
Directors have declared
mercial uses;
dividend of $1 per share on the common
a
payable Dec. 28 to holders of record Dec. 19.
Similar Amount was
on Sept. 30, last and on
Sept. 22, 1939 and Dec, 23, 1937.
(g) Sparkplugs; (h) Miscellaneous products,—including horns,
heaters, hub caps, windshield wipers, bumpers and other motor vehicle
accessories, industrial gauges, fuses for projectiles, unfilled steel projectiles,
cooking untensils, and a variety of miscellaneous commercial products of
minor importance.
".
Of the estimated 1940 consolidated net sales, the products mentioned in
group (a) above account for approximately 30%, those in group (b), ap¬
proximately 20%, those in group (h), approximately 21%, and those in
each of the remaining groups, between 3.9% and 8.7%.
Approximately
91 % of the estimated 1940 consolidated net sales consist of sales of products
used for motor vehicles.
These products are sold either directly to motor
vehicle manufacturers (both for original installation and replacement),
or to other manufacturers (as, for instance, rubber companies, in the case
of batteries), or to distributors, dealers and jobbers for the replacement trade.
Sales directly to motor vehicle manufacturers (including Chrysler, Ford,
Hudson, Nash,.Packard and Studebaker) account for the greater part of
sales of products used for motor vehicles (and for approximately 69% of
the estimated 1940 consolidated net sales).
Sales to Chrysler (including
stock
paid
Obituary—
George T. Smith, 85, President of this company, and war-time Treasurer
Board, died on Dec. ID-—V. 151, p. 1892.
of the U. S. Shipping
Dominion Fire Insurance Co.,
Ltd.—Extra Dividend—
an extra dividend of $2 per share in addition
regular semi-annual dividend of $3 per share on the common stock,
both payable Jan. 2 to holders of record Dec. 31.
Like amounts were
paid on Jan. 2, 1940, Jan. 3, 1939 and on Jan. 3, 1938.
An extra dividend
of $2 was paid on Jan. 2, 1936, and on Jan. 2, 1935, and an extra of $1 per
share was paid on Jan. 2, 1934.—V. 149, p. 4173.
The directors have declared
to the
Drake
Towers, Inc.—Earnings—
Six Months Ended Sept. 30—
Net loss after all charges
those for Chrysler, Dodge, DeSoto and Plymouth models) account for
approximately 52% of the estimated 1940 consolidated net sales.
The sales of the company and its subsidiaries are for the most part made
on a purchase order
basis and not pursuant to general sales contracts.
Company and its subsidiaries have certain general sales contracts (which,
in the case of motor vehicle manufacturers, do not last for more than a
particular car model year),
The percentages of total sales accounted for by different products or
groups of products have in the past varied and may in the future vary from
year to year, due to the introduction and expansion of new lines (such as,
in recent years, bumpers, spark plugs, windshield wipers, fuses and pro¬
jectiles, and cooking utensils).
No material change has occurred in the general nature of the business of
the company and its subsidiaries for the preceding five years.
From time
to time during such period the company has commenced the manufacture
of additional products, among the more important of which are spark
plugs (1936), electric windshield wipers (1938), starting and lighting equip¬
ment for Diesel trucks (1939), unfilled steel projectiles (1940), and fuses
for projectiles (1940).
Company has also during the period developed
various improvements on products previously manufactured.
The de¬
mand for the company's products during the last five years has necessitated
a substantial expansion of the company's plant and facilities.
1939
$24,352
1940
$29,035
—V. 139, p. 1866.
(R. G.) Dun-Bradstreet Corp.-—Pays Special Div.—
Company paid
on Dec. 23
a
stock
of 50 cents
was
special dividend of 50 cents per share on the common
19.
Regular quarterly dividend
Special dividend of 50 cents was paid
to holders of record Dec.
paid on Dec. 10 last.
Sept. 10, 1939.—V. 149
on
p.
2229.
Early & Daniel Co.—Extra Dividends—
Directors have declared an extra dividend of 50 cents per share in addi¬
tion to the regular quarterly dividend of 50 cents per share on the common
stock, both payable Dec. 28 to holders of record Dec. 2<±.
Like amounts
paid on July 15, last. Extra of 25 cents was paid on Dec. 28,1939.—V. 151,
p. 243.
;
■
,
Eastern Gas & Fuel Associates—Earnings—
12 Months Ended Nov. 30—
Total consolidated income
Federal income taxes (estimated)..
Interest..
1939
$9,365,499
488,048
4,227,037
2,869,922
624,161
1940
..--$12,266,330
1,325,994
4,255,067
2,737,084
606,874
......
Depreciation and depletion
...........
Debt discount and expense
Net income available for div. requirements-...
Earned per share of
prior preference stock..
$1,156,331
$4.69
$3,341,311
$13.56
—V. 151. P. 3234.
Eastern Magnesia Talc Co.,
Inc.—Special Dividend —
Company declared a special dividend of $1 per share in addition to the
regular quarterly dividend of $1 per share on the common stock par $100.
The special was paid on Dec. 20 to holders of record Dec. 10 and the regular
quarterly dividend was paid on Dec. 26 to holders of record Dec. 14.—
—V. 149 p. 4027.
;
Eastern Steel
Products, Ltd.—Year-End Dividend —
Directors have declared
mon
stock
were
paid
a
year-end dividend of $1 per share on the com¬
Like amounts
1936.—V. 149,
payable Feb. 1 to holders of record Jan. 15.
Feb. 1, 1940, 1939 and 1938 and on Nov. 2
on
3887
(a) Starting, lighting and ignition units for motor vehicles (generators,'
starting motors, distriDUtors, coils and regulators); (b) Storage batteries,
largely for motor vehicles; (c) Lamps for motor vehicles; (d) Instruments
panels for motor vehicles including the instruments therefor, such as speedo¬
meters and gauges or indicators for gasoline, oil, temperature and (or)
electricity; (e) Aluminum and zinc base die castings,—including radiator
Capitalization Giving Effect to Present Financing
Authorized
Outstanding r? ;
2^% debentures due 1950
$8,000,000
$8,000,000
7% cumulative preferred shares, ($100 par)..
55,000 shs.
None
Common shares, ($5 par)
1,500,000 shs. xl,197.194 shs.
x Exclusive of 23,809 common shares, and scrip certificates
(not Issued
by the company) for 1 19-60 common shares, held in treasury.
Included among the treasury shares are 6,500 common shares purchased,
earmarked and set aside for the purpose of resale or allotment to employees
under a plan or arrangement, the details of which have not yet been de¬
termined and consideration of which has been deferred.
:
Company's 4% debentures are convertible into common shares, 200,000
of which have been reserved for conversion.
As at Sept. 30, 1939, and to
and incl. Jan. 31, 1941, the conversion price at which the common shares
are taken upon conversion is $60 per share.
At such price, 150,000 coinmon shares would be required for the conversion of all of the outstanding
4% debentures due 1952.
Concurrently with the redemption of the 4%
debentures due 1952, the conversion privilege will cease and steps will be
taken to release from reservation the common shares then reserved.
..
.
proceeds"from
Eastern Utilities Associates
Period Nov. 30—
(& Subs.)—Earnings—
1940—12 Mos.—1939
1940—Month—1939
$796,889
356,736
38,598
115 604
$9,152,461
4,458,170
397,993
1,434,007
$8,939,622
4,266,509
420,922
1,237,332
$258,412
414
$258,952
Drl,119
$2,862,290
27,890
$3,014,859
Dr4,246
$258,826
66,490
$284,833
65,808
$2,890,180
785,318
$3,010,613
772,924
Interest & amortization.
$192,337
36,389
$219,025
36,495
Miscell. deductions.....
324
358
$2,104,862
436,314
11,132
$2,237,689
455,386
11,292
$155,624
$182,172
$1,657,417
77,652
$1,771,011
77,652
$1,579,765
$1,693,359
26,354
Operating revenues
$815,439
Operation
378,500
Maintenance.33,493
Taxes (incl. inc. taxes)..
145,034
Net oper. revenues...
Non-operating inc. (net)
Balance
Retirement
res.
accruals
Grossincome
...
Balance
Pref. div. deductions: B. V. G. & E. Co
Balance........
.............
Applicable to minority interest..
23,844
$1,667,005
309,824
Applicable to Eastern Utilities Associates$1,555,921
Non-subsidiary income.
309,824
Total income.
$1,865,745
149,817
Balance,...
....
Amount not available for divs. and surplus..
Balanc^ available
—V. 151, p.
for dividends and surplus
$1,715,929
109
$1,840,356
2
$1,715,820
Expenses, taxes and interest
$1,976,829
Pug-pose—Company will deposit the net
the sale of the
$8,000,000 2%% debentures due 1950 (estimated at $7,924,502 after de¬
ducting expenses but excluding accrued interest), together with an estimated
amount of $1,435,498 out of the general fund of the company, with the
trustee, in trust for the redemption on or about Feb. 8,1941 to the company s
outstanding $9,000,000 4% debentures due 1952, at 104% and int. to
redemption date, which will also be paid out of the general funds of the
company.
4% debentures due 1952 shall be surrendered
1941, the company proposes, on or aoout
redemption an equivalent principal amount
2 % % debentures due 1950 now offered.
In the event that any of the
for conversion prior to Feb. 8,
said date, to proceed to call for
of the
Underwriting—The names of the several principal underwriters, and tha
respective principal amount of debentures which each has severally agreed
to purchase from the company are as follows:
250,000
Lehman Bros..
$1,530,000 Wertheim & Co
200,000
Smith, Barney & Co
...
1,340,000 Kidder, Peabody & Co...
900,000 Field, Richards & Co....
150,000
Hemphill, Noyes & Co
...
450,000 G.M.-P. Murphy & Co
150,000
Goldman, Sachs & Co..
450,000 Bodell & Co., Inc
125,000
Harriman Ripley & Co., Inc..
300,000 Stern, Warn pier it Co., Inc—
125,000
Hallgarten & Co
280,000 Rlter & Co
100,000
Domlnick & Dominick
250,000 Schoellkopf, Hutton & PromeBlair & Co., Inc
L—
...
Inc.—Weekly Input—
For the week ended Dec. 19, 1940 the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co. as
compared with the corresponding week during 1939, was as follows:
■
[\
;
-i'V'
'
Oper. Subsidiaries of—
in---
1940
1939
Amer. Power & Light Co
139,011,000
Electric Power & Light Corp._ 69.703.000
National Power & Light Co...
123,078,000
66,614,000
93,162,000
83,358,000
i
1
ITMsTCCISC
Amount
15,933,000
3,089,000
9,804,000
r '
P. C.
12.9
4.6
11.8
The above figures do not include the system inputs of any companies not
appearing in both periods.—V. 151, p. 3745.
stock, payable Dec. 26 to holders of record Dec. 14.
This compares with
25 cents paid on Sept. 30, July 29 and April 1, last; 50 cents paid on Dec. 28,
1939 and 20 cents paid on March 31, 1938.—V. 151, p. 2190.
^
..
Total income
...
....
Income deductions
$7,090,567
324,500
$7,203,985
602,443
$2,504,537
385,990
$5,156,617
521,807
$7,415,068
$7,806,428
574,333
886,342
$2,890,528
722,888
>,678,424
732,975
1,549,045
1,153,013
1,194,287
190,701
3,040
15,000
52,550
4,408
49,908
507
26,000
51,605
6,836
$3,914,541
...
.
$5,653,839
$1,836,149
$4,206,614
2,693,687
3,591,702
1,198,453
^
Fed. normal inc. & undis¬
tributed profits taxes.
profits tax..
State income tax...
Foreign income tax-....
Minority int. in profits..
Net income.
Pref.
Auto-Lite
Co.—Debentures Offered—An under¬
headed by Lehman Brothers, Smith, Barney
Hemphill, Noyes & Co. on Dec. 27 offered
$8,000,000 2M% debentures due Dec. 15, 1950, at 101
writing
&
Co.
group
and
and accrued interest.
15, 1940, due Dec. 15, 1950.
Redeemable at 103% on or
before Dec. 14, 1942; 102H% on or before Dec. 14, 1944; 102% on or
before Dec. 14, 1946; 101% on or before Dec. 14, 1948; and thereafter at
100%, plus accrued int. in each case. \Central Hanover Bank & Trust Co.,
trustee.
Principal and int. (J. & D.) payable at office of trustee,
Denom.
$1,000 registerable as to principal only.
dividends—._
•
of debentures.
^
incorp. in Ohio May 31, 1922.
The
general character of the business now done is the manufacture, assembling
and or sale of various products which may be generally grouped as follows:
History & Business—Company was
10,000
Balance
Consolidated
$
S
Cash & dem. dep. .$5,767,145 $4,461,207
Marketable secur.
129,157
138,119
Sept. 30,'40 Dec. 31,*39
Investments
Fixed assets,
6,111,661
10,919,686
279,377
284,471
(net) 13,756,713 13,788,375
trade-marks,
goodwill, &c
Other assets
Acc. payable, trade 4,410,052
Accrued liabilities. 1,551,253
Prov.forinc,tax
1
1
258,044
124,402
208,894
126,679
Capital surplus— 2,021,669
surplus...14,191,699
(23,810
.
..
-
.
.41,409,903 36,039,092
113,930
9,662,500
209,692
53,409
6,105,015
2.021,669
12,998,999
stk.
shares)
.
1,261,838
529
105,053
9,000,000
Contingent claims.
259,335
Min int. of sub. co
56,450
Com. shs. ($5 par) 6,105,015
Deferred income..
Trea.
.
1,416,496
897,896
3,237,372
affil., notconso.
Earned
Total.
$
2,620,904
Current am. due to
Funded debt
Pat.,
Deferred charges..
$
Liabilities—
Dividends payable
(net)
8,925,099
Inventories ......12,169,966
78,505
3,123,511
Sheet
Sept. 30,'40 Dec. 31,'39
Assets—
Dated Dec.
Sinking Fund—$400,000 in cash, or all or any part in debentures at their
principal amount, to be paid to the trustee on or before Dec. 15, 1941, and
on or before Dec. 15 in each year thereafter, for the purchase or redemption
654,393
271.074;
dividends—._—
Common
Notes and acc. rec.
Electric
100,000
800,000
30,391
profit
Eddy Paper Co.—75-Cent Dividend—
Directors have declared a dividend of 75 cents per share on the common
-
—
Consolidated Income Account
—
Calendar Years
—
1939
1938
1937
Sales—less ret. & allow..$49,423,436 $56,346,032 ^39,469,600 $60,832,407
Cost of sales
37,960,532
42.504,497 31,199,877
50,981,593
Sell., gen., &adrn.exp._
4,295,373
6,596,858
5,746,094
4,622,346
Prov. for doubtful acc...
76,962
40,691
19,091
71,849
Fed. excess
II
........
Sept. 30, '40
Other income
Ebasco Services,
roy.Inc.
Kuhn.Loeb&Co-.-
9 Mos. End.
Gross
3558.
250,000
Statement of
$1,840,353
136,473
250,000
Hay den, Stone & Co.
Union Securities Corp.
Total...
Z>r425,889 DT425,890
41,409.903 36,039,092
V—151, P. 3745.
Electric Controller & Mfg. Co.—$2.75 Dividend—
declared a dividend of $2.75 pen share on the common
payable Dec. 30 to holders of record Dec. 21. This
compares with 75 cents paid on Oct. 1, July 1 and April 1, last; 50 cents
paid in each of the four preceding quarters; 75 cents paid on Dec. 30. Oct. 1
Directors have
stock no par value,
and
paid on Dec. 21,
dividend of $2.50 per share was
1936.—V. 151, p. 1571.
account
Electrographic Corp.—Extra Dividend—
a
dividend of 25 cents per share on the
common stock, payable Dec.
to holders of record Dec. 24.
Extra of 50
cents and regular quarterly of 25 cents was paid on Dec. 2, last.—V. 151,
p. 3088.
Directors have declared an extra
stock (no par), has been
common
New York Stock Exchange because of the
16,504
14,935
life insurance...
Valley Electric Co. for cancellation.
El Paso Electric Co. (Texas) has changed its financing to
the sale of 15,000 shares of $4.50 dividend preferred stock.
s
Erie RR.—Earnings[Including Chicago & Erie RR.]
1940
railway
1939
1938
1937
$7,700,715
2,405,104
1,309,693
$7,459,561
2,249,888
1,192,741
$6 ,254,224
1 ,516,172
531,458
$5,994,911
1,065,976
241,508
.
74,165.606
20,178.731
10,702,960
78.219,429
22,144,526
13,568,794
63 378,383
12 034.268
2, 668,657
Co.—Earnings-
.
427,100
392,026
$884,136
$792,946
$745,583
Net profit on bond sales.
Losses in excess of re¬
loss28,529
71,383
255,807
489,749
$915,403
484,264
66,373
164,093
17,969
$201,071
$17,861
$16,333
Net oper. revenues
$200,673
;
prof48,762
Balance
$201,083
60,000
Interest charges
717
747
Net income..
$10,615
$12,113
Dividends declared
151,
$131,282
Federal Motor Truck Co.—Government Contract
Company
109,199
was
recently awarded
a
—
tingencies from current
year's income, none of
which is now needed on
basis of latest examina¬
6,562
build
Department
Notes—
Stores,
Does
x
Inc.—To
Vote
on
7%
Div.—
a
cum.
24,695,496 22,036,876
&
sale
and bonds
on
Recoveries
on
$344,621
1939
1938
Banking
Real estate..
$412,603
1,939
$282,202
608
Cash
in
subs,
16,504
14,935
a
1,193
2,705
2,776
13,287
23,366
36,112
7,372
$371,771
$440,613
$321,699
$227,310
2,660
1,210
3,662
717
743
778
512
14",980
on
life
surp.
f661,484
154,576
hill,468
122,516
12,497
"9",491
928
868
11,083
1,114
49,107
1,773
10,746
2,318
Interest
88
Stock register fees
Provision for valuation
expenses.
Net income for year..
Dividends paid.
568
265.364
2,468,770
4,222,960
3,733,507
un¬
divided profits
.
.
80,499,528 74.674,447
Total
$25,772,042 in 1940 and $22,214,904 in 1939.
b Market
value $4,616,220 in 1940 and $7,762,410 in 1939.
c After elimination of
classified by bank examiners as "doubtful" or "loss."
d At par
value,
e After depreciation as allowed by U. 8. Bureau of Internal Revenue,
a par
Corp.—V. 151,
value of $10 per share,
p.
h At book value of First Security
3236.
.
capital stock, both payable Jan. 10 to holders of record Dec. 31.
Like
amounts were paid on Jan. 10, 1940.
Year-end dividends of 20 cents were
paid on Jan. 10, 1939, Jan. 10, 1938 and Jan. 11, 1937.
See Continental Insurance Co.
Florida East Coast
above.—V. 151, p. 549.
Ry.—Earnings—
1940
1939
1938
1937
$843,658
174,303
87,733
$725,815
160,490
74,333
$687,644
159,475
49,787
$750,662
148,545
46,939
9,692,241
2,121,202
784,127
8,351,200
1,931,418
617,273
8,694,295
2,371,691
889,432
8.454,522
1,974,663
645,701
November—
Gross from
railway.
Net from railway.
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from
railway
Net ry. oper. income
—V. 151, p. 3746.
Period End. Nov. 30—
Operating
Operating
revenues
expenses
Direct taxes
res. approp.
Co.- Earnings—
1940—12 Afos—1939
1940—Month—193 9
$1,176,540
$1,101,063 $15,634,248 $13,973,937
6,175,808
6,198,463
483,536
475,293
1,772,090
1,201,232
138,775
120,413
1,683,201
1,400,000
233,200
116,667
$388,690
$6,003,149
221
221
2,651
2,651
$321,250
25,662
$388,911
29,333
$6,005,800
431,672
$5,176,893
556,469
$346,912
216,667
110,000
17,370
Cr8.745
$418,244
216,667
110,000
17,775
$6,437,472
2,600,000
1,320,000
214,864
$5,733,362
2,600,000
1,320,000
227,718
$11,620
$73,802
$2,334,199
$1,585,644
1,153,008
1,153,008
$1,181,191
Operating income
Other income
Int.
on
Int.
on
mtge. bonds
deb. bonds
Other int. & deductions.
Int. chgd. to construct'n
$432,636
Net income
a
"~2~,29l
1,899
10,000
20,000
30,000
$340,565
$401,292
246,877
$226,634
307,935
Divs. applic. to pref. stocks for
Cr31,591
the period
Balance.
Dividends accumulated
and unpaid to Nov.
30,
1940, amounted to
Latest dividends amounting to $2.18 a share on $7 preferred
stock and $1.88 a share on $6 preferred stock, were paid on Oct. 1, 1940.
Dividends on these stocks are cumulative.—V. 151, p. 3559.
$6,031,073.
Foote Bros. Gear & Machine
$199,263
245,519
$5,174,242
$321,029
(net)
1,318
Note—Earnings shown above do not include accrued and Undistributed
earnings of subsidiaries.
UmMmsMm
280,153
items
a
stocks
Arbitrary net transfer to
reserve for contingency
1,540,537
2,469,770
stock..
Consolsurp. &
insur¬
Taxes
1,552,245
g Outstand. A & B
80,499,528 74,674,447
Market value,
6,688
925,000
& undlvid.
common
charged off
policies
3,563
475,000
profits of subs.,
Other assets
Total
by
issued
Min. int. in cap .stk
94,021
not
consolidated
c
issued
stock
by banks
of
val.
surr.
1,096,574
88,068
life insurance
$205,485
1,167
2,290
Miscellaneous
1,748,440
furnlt. and fixt.
283,364
2,009
pf.
Other reserves
houses,
e
361,430
1,436
.on
banks
3,000
credit
1937
3,045
22,911
reserve on
stock
Net oper. revenues
Rent from lease of plant>•
(Company Only)
Legal and accounting ex¬
ance
Res. for divs
Pref.
of
176,806
Unclaimed divs
138,000
153,000
bank
letters
3,000
229,927
int.
& other expenses
61,279
58,121
discts..30,382,068 25,773,742
securities..
Gusts,
of stocks
Total income
Res. for taxes,
Other invests, bds.
Loans &
$
Letters of credit..
Ogden—Earnings —
1940_
assets
penses.
Pr
'remiums
7,607,391
4,455,010
1939
70,903,044 65,269,402
Deposits...:
Other liabilities
listed
securities
Prop, retire,
Income Account for the Years Ended Sept. 30
Interest received
$
17,035,727
Florida Power & Light
a year-end dividend of 25 cents per share on the
stock, payable Feb. 1 to holders of record Dec. 30.
Regular
quarterly dividend of 15 cents per share was paid on Nov. 1 last. Year-end
dividend of 15 cents was paid on Dec. 30, 1939.—V. 150 p. 2423.
Dividends received
are
$
Liabilities—-
$
U. S. bonds
b Munic.
Fidelity Fund, Inc.—To Pay Year-End Dividend—
Profit
which
1940
1939
1940
18,665,681
Assets—
Directors have declared
common
First Security Corp. of
building subsidiaries,
New Vice-President—
dividend of $1.75 per share on account of
pref. stock, par $100, payable Jan. 16 to
holders of record Jan. 14.
Similar amount was paid in each of the 14
preceding quarters and a dividend of $3.50 was paid on June 16, 1937.—
V. 151, p. 2496.
the
office
and
The directors have declared a special year-end dividend of 40 cents per
to a semi-annual dividend of 80 cents per share on the
Fenton United Cleaning & Dyeing Co.—Accum.
on
bank
share in addition
$77,538
special meeting of holders of the 4 M % preferred stock has been called,
for a vote to approve the proposed sale of $1,000,000 promissory 2% notes
to the Bankers Trust Co.
The obligations will be dated Jan. 16, 1941, and
will be payable in quarterly instalments of $50,000 each.
The stockholders
also will be asked to approve the guaranty by the company of a loan of
$500,000 made to the John Shillito Co., a subsidiary.—V. 151, p. 1572.
The directors have declared
include
not
Cash
A
accumulations
$902,694
operated on a self-sustaining basis; liquidating companies, the investment
of which is stated at $398,060 in 1939, $267,359 in 1938 and $266,564 in
1937, less than present appraised value.
y Segregated
as follows; Dividend on pref. stock of banks, $21,625
minority interest (common stock of banks), $30,765; int. of First Security
Corp. {$3.46 per share A and B stock outstanding Sept. 30,1940), $853,544;
total, $905,934.
Condensed Consolidated Balance Sheet Sept. 30
Subs.)—Earnings—
151, p.3395.
$1,000,000
228,462
$842,282
Fidelity-Phenix Fire Insurance Co.— Year-End Div.—
Earnings for 9 Months Ended Sept. 30, 1940
Federated
269,340
$885,417
3559.
Prof, after charg., but before prov. for Fed. tax. & salary adjust.
—V.
23,438
y$905,934
Net inc. after appro]
shares of
contract totaling $3,246,150 to
tractor-trucks for the United States Government.—V. 151, p.
Federal Screw Works (&
$1,131,156
f Bank and office building company, $550,000; companies' liquidation (at
book value of First Security Corp.), $111,484.
g 246,977 (246,877 in 1939)
3235.
p.
104,177
$1,111,622
fer to reserve for con¬
$140,717
9,435
$133,368
119,126
$12,861
5,000
$200,717
60,000
$141,083
7,715
$17,861
$11,333
Gross income
$16,333
5,000
prof62,869
$908,854
Less arbitrary net trans¬
Inv,
Retirement Res. accrualsi
46,666
$912,496
44
12
Non-oper. income (net).
408,164
coveries and non-oper.
c
...
Taxes
474,541
$892,262
d Stk. in Fed. Res.
$9.54,771
505,405
62,334
185,960
$2,601,605
1,447,858
Normal oper. profit__
1940—12 Mos.—1939
$78,771
40,972
5,861
14,077
$80,585
41,654
4,630
$2,127,064
$2,691,564
1,415,401
Interest paid.
and
1940—Month—193 9
$2,055,330
540,774
617,960
$2,596,104
1,423,873
379,285
c
Fall River Gas Works
xl937
xl938
554,210
$2,753,480
1,434,118
—V. 151, p. 3745.
Period End. Nov. 30—
b Market value
for Years Ended Sept. 30
xl939
$2,073,604
Other income
a
78,917.288
22,612.646
12,565,668
$3,517,548 $3,527,884
Total
$136,346 in 1939.
$2,199,270
tions
share on the common
stock, payable Dec. 27 to holders of record Dec. 20.
This compares with
25 cents paid on 8ept. 27, last; 20 cents paid on June 29, last; 15 cents paid
on March 29, last; 45 cents on
Dec. 30, 1939; 15 cents in each of the three
preceding quarters; dividend of 20 cents paid on Dec. 30, 1938; 15 cents on
Sept. 30, 1938, and 10 cents paid on June 3d and March 30, 1938.—V. 151,
p. 1720.
Net from railway..
Net ry
oper. income...
290,151
1940
Directors have declared a dividend of 40 cents per
Net ry. oper. income.._
From Jan. 1—
50,000
681,036
314,953
681,441
Condensed Consolidated Income Account
Interest received....
(Bos¬
Equitable Investment Corp. of Massachusetts
ton) -AO-Cent Dividend —
Capital surplus
2,009
^
-
„„„„„„
—V.
Res. for conting..
Market value $201.462 in 1940 and
provide for
It formerly
planned to sell 24,000 shares of $5 dividend preferred stock.
The bonds
and note, which El Paso Electric Co. (Texas) proposed to sell, will remain
($6,500,000 of 3K% first mortgage bonds, series A, due 1970,
and a $1,000,000 214% 7-year serial note).
El Paso Electric Co, (Texas) will redeem, at 102%, $*>,000,000 of 5%
first mortgage bonds, series A, due June 1, 1950, and will call its 7,785
shares of $6 dividend preferred stock at $110 a share and accrued dividends.
The amendment further provides that the El Paso Electric Co. (Del.)
will not be liquidated (as originally proposed), but that it will acquire the
number of shares of its 7% series Arand 6% series B preferred stock which
may be purchased on tenders by stockholders or in the open market, at
not more than the redemption prices, with $1,150,000 of cash in its treasury.
—V. 151, p. 3745.
I
November—
1,000
10,117
$86,032 premium on class A stock exchanged for subsidiary stock; Com¬
panies in active operation $2,881,869, companies in liquidation, $111,468.
the same
Gross from railway
Net from railway
580
1,436
14,170
60,000
Provision for taxes
$3,517,548 $3,527,884
Total
200,000
200,000
($10 par)
Accounts payable.
Unclaimed divs
2,981,350
As originally
of the capital
El Paso
Mesilla
stock of Mesilla Valley Electric Co., consisting of 3,000 shares, from
Electric Co. (Del.).
The Texas company will surrender the stock to
Maintenance
182,069
companies ....-c2,993,337
Cash surr. value—
a
El Paso Electric Co. (Texas) by El Paso Electric Co. (Del.).
proposed. El Paso Electric Co. (Texas) was to purchase all
Class B com. stock
134,963
$232,945 in 1940 and $233,247 in 1939.
c At appraised values of corpora¬
tion's officers as at Sept. 29, 1934, plus subsequent additions at cost, incl.
The amendment proposes the liquidation of Mesilla Valley Electric Co.
and the donation, as a capita] contribution, of its entire capital stock to
Operating revenues
Operation
2,009
1,436
193,130
182,258
-
Inv. of stock of sub
suspended from dealings on the
termination of transfer facilities
(Texas)—Amendment to Plan—
El Paso Electric Co.
Gross from
—
,.,..—
1939
1940
_-.$2 ,269,770 $2,268,770
Earned surplus
New York.—Y. 151, P. 1279.
in the City of
Bonds.
b Blocks
1940
Class A com. stock
($10 par)
Corp.—Suspended from Dealings —
Elk Horn Coal
The
$212,559
$130,883
Cash in hanks
Cash in banks div.
-
28,
Only)
Liabilities—
1939
1940
Assets—
share were distributed.
Dec. 20, 1937, and an extra
Dec.
Balance Sheet Sept. (Company
July 1, 1938 and previously regular quarterly dividends of $1 per
In addition, an extra dividend of $4 was paid on
on
Chronicle
The Commercial & Financial
3888
Directors
have
declared
an
Corp.—Interim Div.—
interim dividend
of 10 cents per share
on
payable Jan. 3 to holders of record Dec. 23.
This
will be the first dividend paid on the common shares in some time.—V. 151,
p. 3559.
the
common
stock,
The Commercial & Financial Chronicle
151
Volume
Fort Street Union Depot
General
Co.—Bonds —
The Interstate Commerce Commission on Dec.
pany to issue not exceeding $1,329,000 first
sold at 98 and int. to date of delivery, and the
18 authorized the com¬
mortgage 3%% bonds, to be
proceeds used to retire matur¬
ing bonds and notes.—V. 151, p. 3236.
Fort Worth & Denver City
Gross from railway.__
—
—
Net ry. oper. income.
—V.
151,
$517,002
177,983
106,388
$528,614
156,775
86,337
5,521,595
1,556,243
713,425
6,015,967
1,782,778
860,916
6,785,018
2,546,232
1,747,729
244,664
174,537
3236.
p.
$216,000.—V.
Directors have declared
a
Corp.—Common Dividend —
dividend of 50 cents per
stock, payable Dec. 30 to holders of record Dec.
23.
share on the common
Dividends of 25 cents'
3561.
p.
Jan. 1 to Dec. 14
—Week Ended Dec. 14
—V. 151, p.
Goodman Mfg.
Directors
1939
$1,098,641
$1,144,099
Co.—$1 Dividend—
declared
have
$25,175
$23,175
(est.)...
3747.
revenues
1940
1939
1940
Oper.
a
of $1
dividend
per
share
the
on
common
$50, payable Dec. 20 to holders of record Dec. 20.
Dividend
of 75 cents was paid on Sept. 30, last; 50 cents paid on June 28, last; 25
cents on March 29, last; $1.10 on Dec. 21, 1939; 40 cents on Sept. 29, 1939,
and regular quarterly dividends of 25 cents per share were previously dis¬
tributed.—V. 151, p. 1897.
stock,
Fostoria Pressed Steel
151,
Georgia & Florida RR.-—Earnings—
$650,290
1—
From Jan.
Gross from railway
Net from railway
Subsidiary's
Acquire
corporation has been authorized by the P. S. Commission to acquire
The
1937
1938
1939
5,401,793
1,554,653
785.400
—
■To
Corp.-
all of Tri-State Associated Telephone Corp's 4,800 shares of common stock
an intermediate subsidiary to be liquidated, United Telephone Co.,
for
Ry.—Earnings—
$491,235
160,165
99,112
-
Net from railway
Net ry. oper. income.
Telephone
Common—
from
1940
November—
3889
paid on Sept. 30 and on July 15, last, this latter being the first divi¬
dend paid since July 1, 1936, when 15 cents per share was distributed.
—V. 151, p. 2644.
par
were
Goodrich Co.—Officials
(B, F.)
—
Col; A. A. Sprague of Chicago was re-elected a director of the company,
L. L. Smith of Akron elected Treasurer, at a meeting of the board
and
(Peter) Fox Brewing Co.—Stock Increase Voted—
/
Stockholders at a special meeting held
held
Dec. 23 approved proposed changes
in Akron, David
—V. 151, p. 3747.
in the company's capitalization.
The charter amendment provide
for the authorization of 250,000 shares
of the 150,000 shares of $5 par now
Outstanding preferred stock of the company all has been
called for redemption.
Frank G.
Fox, President of the company, explained that
the directors
vote the 100% stock dividend until some time in March.
the company will register the shares with the Securities
and Exchange Commission and procure their listing before declaring the
stock dividend.—V. 151, p. 3746.
may not be able to
He explained that
Chairman, announced on Dec.
18.
;
Goulds Pumps,
Inc.—Accumulated Dividend—
accumula¬
Directors have declared a dividend of $4 rer share on account of
of $5 par value common stock instead
authorized.
M. Goodrich,
the 7% cumulative preferred stock, payable Dec. 30 to holders
of record Dec. 20.
This compares witn $1 paid on Oct. 1, July 25 and
tions
or
April 25, last: $2 paid on Nov. 9, 1939 and $6 paid on Dec. 27, 1937.—
V. 151, p. 1721.
Graybar Electric Co., Inc.—Officer to Retire —
George E. Cullinan will retire as Senior Vice-President of this company
Dec. 31 after more than 39 years of active service, it was announced
on Dec. 18.
No one will be appointed to succeed him.—V. 151, p. 701.
on
Fruehauf Trailer Co.—Government Contract
;
Company was recently awarded a contract totaling
trailers for the United States Government.—V. 151, p.
—
$1,115,096 to build
Electric Power
Consolidated
Great
2941.
Co., Ltd.—Bonds
Called—
Fruit of the Loom Co.—50-Cent
Preferred Dividend—
Directors have declared a dividend of 50 cents per share on
the preferred
stock, payable Dec. 28 to holders of record Dec. 18. Dividend of 25 cents
was paid on March 15, last; $1 was paid on Dec. 20, 1939 and an initial
dividend of 10 cents was paid on April 1,1939.—V. 150, p. 1135.
(Geo. A.) Fuller Co.—Initial Common Dividend—
Directors have declared an initial dividend of $5 per share on
stock, payable Dec. 28 to holders of record Dec. 24.
Directors also declared a dividend of $3 per share on
the common
Dillon, Read & Co., as fiscal agent, announced that $450,000 principal
7% sinking fund bonds, series A, due 1944, have
designated by lot for redemption on Feb. 1, 1941, at 100 and accrued
interest, out of moneys in the sinking fund which the company has deposited
with the fiscal agent.
Payment will be made on and after Feb. 1 at the
New York office of Dillon, Read & Co. or, at the option of the holder, at
amount of first mortgage
been
the $3 conv. pref.
28 to holders of record Dec. 24.
Dividends of like
amounts were paid on March 1, 1940 and on March 1, 1939. Dividends are
payable on this class of stock only if earned.—V. 151, p. 1431.
stock, payable Dec.
Henry Schroder & Co., London.—V. 150, p. 4127.
the office of J.
New
Greater
.
Brewery—
York
Norton
Inc.—Acquires
Brewery,
-rf'
-
beer and
York Brewing Co., the latter
Control of the Horton Pilsener Brewing Co., makers of Horton
ale, has been acquired by the Greater New
Inc., which changed its name on Nov. 15.
Both plants will be operated as heretofore for the time being.
In addi¬
tion to Fidelio beer and ale, the Greater New York brewery produces
McSorley's Ale, and New Yorker beer and ale. The Horton plant produces
only Horton beer and ale.
All these brands will be continued for the
immediate future.—V. 151, p. 3089.
the former Fidelio Brewery,
(Robert) Gair Co., Inc.—Recapitalization Plan—
George E. Dyke, President has announced that on Dec. 21, the company
presented to the Delaware Chancellor its application for approval of a
plan of recapitalization designed to eliminate the arrears in preferred stock
dividends, to correct the company's present unbalanced capitalization
between the preferred and common stocks, to reduce the present dispro¬
portionate charge for annual interest and preferred stock dividend require¬
ments to an aggregate amount more nearly commensurate with its earnings
experience, and to eliminate the present preferred stock sinking fund re¬
quired before declaration of common stock dividend.
The present preferred shares are entitled to $50 per share in the event of
involuntary liquidation, and $52.50 per share in voluntary liquidation;
to $3 per annum in dividends; and on Dec. 31, 1940 there will have been
accumulated dividends of $9.75 per share. The plan provides for the issue
in lieu of each share of the present preferred stock and all unpaid accu¬
mulated dividends:
(a)
$10 principal amount of 40-year
6% income notes due 1972 (or
%
fractional scrip therefor for amounts less than $50): (b) One share of new 6
cumulative preferred stock, ($20 par); (c) Three shares of common stock.
The
new
from Jan. 1,1941, and will be entitled to
Upon consummation of the
plan, income notes outstanding will be in¬
$5,035,750, and the common shares from 574,646
The number of preferred shares (186,392) will be unchanged.
The income notes and common stock to be issued will be a part of existing
issues authorized but heretofore unissued.
1,133,822.
Company has also filed with the Securities and Exchange Commission an
application for the qualification under the Trust Indenture Act of 1939, of
the trust indenture under which the income notes are issued.
No solicitation for proxies or approvals of the plan is being made at this
time.—V. 151, p. 2941.
Game well
1940—3 Mos.—1939
— _
x
Net profit
y
$142,192
$109,550
—
$i.00
$0.69
Earns per share
After depreciation,
—V.. 151, p. 3237.
Federal income taxes, &c.
1940—6 Mos.—1939
$244,227
$203,725
$1.66
1.26
y
On common stock,
Greenfield Gas Light Co.—Bonds Called—
Feb. 1, 1941, all of its 1st mtge
1 of the 1st m^ge. 4M% bonds,
There are $2 00,000 of the 4 Ms
151, p. 3747.
Company has called for redemption on
4*A% bonds, series A, due 1945, and al
series B, due 1945, at 103 and interest.
and $50,000 of the 4Ms outstanding.—V.
Guantanamo Sugar
General American Investors Co., Inc.
Gross sug.
Pay 15-Cen
Profit for year
Previous deficit.
.
1937
$2,143,983
1,225,733
1,435,705
1,680,909
$419,313
27,032.
$76,423
CV5.850
$463,074
4,875
$392,281
203,569
$82,273
199,953
-
$458,199
205,502
30,703
47,000
20,000
—
x
After deducting sea
General Aniline & Fiim
Corp.—New Director —
Switzerland, was elected a member of the
corporation, at annual meeting of stockholders,
18 by D. A. Schmitz, President.—V. 151, p.
Doctor Felix lselin of Basie,
board of directors of this
announced on Dec.
>''ZV;.Vy;:y4;
CV;',
3560.
General Electric Co.—Lamp Prices Reduced —
Reductions in list prices of fluorescent mazda lamps ranging from 6.7
to 15.8% are being made on Jan. 1, by this company.
The cuts are at¬
tributed to the rapid acceptance of the new type of lamp.—V. 151, p. 3396.
General Motors
Corp.—Number
or
Stockholders —
General Motors common and preferred stockholders
of 1940 was 397,928, compared with 397,054 for the
of 1940 and with 386,100 for the fourth quarter of 1939.
There were 376,565 holders of common stock and the balance of 21,363
represents holders of preferred stock.
These figures compare with 375,710
common stockholders and 21,344 preferred for the third quarter of 1940.
—V. 151, p. 3747.
The total number of
for the fourth quarter
third quarter
Realty
&
Utilities
Corp.—New
Directors—
$1,282,057
Balance Sheet Sept. 30
Real est.,
33,907,953 $4,033,703
ings, &c
tanamo RR
Cane planting exp.
Inventories
Cash
-
Advs. to colonos..
Accts. rec. (net)-.
Unexp'd Ins., &c_.
Misc. def. chargesLivestock
Total
a
Treasurer.—V. 151, p. 3561.
$1,728,700
4,048,350
stk.
1,650
1,650
payable...
payable and
874,015
968,300
common
636,591
f Notes
125,975
Accts.
72,239
68,577
699,812
38,625
179,780
16,273
92,217
Prov.for inc.taxes
225,580
Taxes & contlng's,
24,040
6,120
1,228
138,341
133,903
accr'd liabilities.
865,143
61,226
88,777
203,400
231,507
307,350
340,900
63,258
1,500,146
1,258,025
Other notes pay'le
(unsecured)
Deficit
47,000
54,951
3,075
..—$5,823,481 $6,252,110
After reserve for
106,903
Loans pay. (sec'd)
pendit. to follow
—
Old
626,115
119,074
Growing crops exseason
Pref. 8% stock...$1,728,700
b Common stock-- 4,048,350
c
d Invest. In Guan¬
1939
1940
Liabilities—
1939
build¬
Total. ——$5,823,481 $6,252,110
depreciation of $2,309,271 in 1940 and $2,310,230 in
b Represented by 404,835 no par shares,
c $50 par value, d After
reserves of $327,755 in 1940 and $299,337 in 1939.
f Secured.—V. 149,
1939.
P.
4175.
Greenfield Tap & Die Corp.—Initial Preferred
of two new directors and voting approval on a
of directors to 12, the annual meeting of stock¬
holders was adjourned until Jan.
15.
The new directors are Hyman
Schroeder, who is also Vice-President and Secretary, and Morris Natelson.
At the adjourned annual meeting stockholders will consider fixing the
number of directors at 12; reducing the capital of the corporation by the
retirement of certain common stock and changing the capital represented
by preferred stock from $50 to $25 per share; making certain changes in
the real estate accounts of the corporation, and acting/Upon the policy of
purchasing shares of preferred stock for retirement.
Corporation also announced that after the election of directors for the
ensuing year the board appointed Louis P. Dodney as Executive VicePresident, and selected an Executive Committee of the board, consisting of
Samuel D. Leidesdorf, George M. Gillies Jr., Morris Natelson and Hyman
Schroeder.
Other officers chosen were Samuel M. Fox, Treasurer and
Comptroller; Sylvan L. Hanauer, Secretary, and Miss Mildred Crowell,
Following the election
and Assistant
1,514,753
$1,399,736
$1,258,025
freight, commissions, &c.
1940
Assets—
a
Meeting Adjourned—
reduction in the number
$232,697
$141,712 lossSl 17,680
1,399,737
1,282,057
loss$242,121
1,258,025
$1,500,146
Deficit
declared a dividend of 15c. per share on the common
24 to holders of record Dec. 20.
Dividend of 25c. was
22, 1939, and last previous payment was made in 1936 and
amounted to 75c. per share.—V. 151 p. 3746.
Assistant Secretary
1938
Prov. for income taxes.-
■To
have
General
QOQ
$1,512,128
loss$29,933
181,484
Profit
Deprec. of mills, &c
i
plantings
paid on Dec.
was
1
$1,645,046
$84,294
114,227
Amort, of cane
stock, payable Dec.
it
Co.— -Earnings-
Sept. 30—
1940
& mol. sales $1,305,697
Cost of Cane mfg. shipping and gen. expenses
1,221,403
Years End.
x
.
Dividend—
Directors
Co.—Preferred Dividend—
dividend of 75 cents per share on account of
pref. stock, par $50, payable Jan. 2 to
Like amount Was paid on Oct. 30 and July 20.
last; dividend of $1.50 was paid on March 30, last, and one of $3 was paid
on Dec. 27, 1939.—V. 151, p. 2045.
cum.
Profit on operations-_
Other deduc. (net)- —
Co.—Earnings—
Period End. Nov. 30—
x
Great West Saddlery
Directors have declared a
accumulations on the 6%
holders of record Dec. 26.
of 6%
$20 per share
creased from $3,171,800 to
Co.—Special Dividend—
dividend of $1.25 per share in addition
regular quarterly dividend of 50 cents on the common stock, no
par value, both payable Dec. 28 to holders of record Dec. 21.
Extra of
50 cents was paid on Sept. 28, last; extra of $1.50 paid on Dec. 29, 1939,
and an extra of 50 cents was paid on Sept. 29, 1939.—V. 151, p. 2045.
the
preferred shares will be entitled to dividends at the rate
share per annum,
in liquidation. '
per
to
Great Lakes Steamship
Directors have declared a special
to
Dividend
—Common Dividend—
Directors
have
declared
$1.50 convertible preferred
record Dec. 23.
an initial dividend of $1.50 per share on the
stock, no par value, payable Dec. 30 to holders
of
_
per share on the common
of record Dec. 23. This will
shares since 1921.
"In cooperation with the United States Government in its program for
national defense," states Donald G. Millar, Chairman, "the corporation
contracted with the War Department last month to install additional gagemaking facilities adjacent to its present gage plant.
"This contract calls for an approximate expenditure of $1,000,000. com¬
prising a two-story brick building with approximately 35,000 square feet
of manufacturing space, and the machinery to equip it.
The Government
has agreed to repav the corporation for substantially all of the expendiDirectors
also
declared
a
dividend of 50c.
»dock, likewise payable Dec. 30 to holders
be the first dividend paid on the common
^
The Commercial & Financial Chronicle
3890
in
ture
that
60
payments
monthly
four
within
months
over
a
is
expected
completed."—V.
be
will
It
period.
five-year
addition
this
151,
1722.
p.
Grumman Aircraft Engineering
Corp.—Govt. Contracts
Company was recently awarded a contract totaling $30,275,805 to manu¬
facture airplanes and spare parts and another contract totaling $5,974,050
to build airplanes for the U. S. Government.—V. 151, p. 3561.
Guarantee Co. of North
America—Extra Dividend
an
Gulf Mobile & Ohio Ry.
-Earnings —
1940
1939
$1,685,482
506,762
201,102
$1,638,846
487,562
250,204
P NovemberGross from railway.-,,
Net from railway..
..—
—
Net railway operating income
1—
Gross from railway
Net from railway
to.
From Jan.
17,122,225
17,132,568
3,954,414
4,416,403
1.351,229
1,981,189
Note—Figures for the month of November and the 11 months ended
Nov. 30, 1939 and for first 11 months of 1940 include Mobile & Ohio RR.
—
Northern RR.—V. 151, p. 3238.
Harnischefeger Corp.—Accumulated Dividend—
accumulations on
recordJJec. 26.
Dividend of $5 was paid on July 1, last.—V. 151, p. 246.
Harrisburg Railways Co.—To Pay 15-Cent Dividend—
the common
Dec. 21 to holders of record Dec. 19. Dividends of 10 cents
paid on July 1, last; 15 cents on Dec. 28, 1939; 10 cents paid on July 1,
1939; 12 cents on Dec. 28, 1938, one of 10 cents paid on July 1, 1938, and
15 cents per share paid on Dec. 27,1937,—V. 150, p. 129.
was
Co.—Financing Plan Approved—
A $2,000,000 financing plan to provide funds for refunding and piant
expansion has been approved by stockholders of the company.
Under the plan, the company proposed to issue 20,000 shares of new
conv. pref. stock at a lower dividend rate than the present 10,000 shares
of 7% pref. stock wuich will be called and redeemed.
Balance of funds
from the financing would be used for expanding plant facilities in Cleveland,
Elyria and Philadelphia.—V. 151 p. 3748.
Hartman Tobacco Co.
The Securities and
—Delisting Hearing —
Exchange Commission Dec. 21
on
Co.—Earnings-
Haverhill Gas Light
Period End. Nov. 30—
$47,267
30,188
2,936
7,447
2,159
6,114
Maintenance
Taxes--.
1940—12 Mos.—1939
1940—Month—1939
$44,648
26,281
Operating re venues
Operation
_
$560,814
$555,455
354,512
81,836
$83,180
$91,862
3
50
39
$7,983
2,917
$8,808
$91,912
$83,219
2,917
35,000
35,000
$5,067
$5,892
$56,912
255
62
755
1,585,433
profit on sales.
Whouse handling charge
$420,590
$495,422
17,395
$485,060
46,073
$643,048
71,432
Total non-utility revs.
Total utility revenues—
$420,590
2,864,959
$512,818
4,267,512
$531,134
3,853,782
$714,480
3,465,446
$3,285,549
2,132,132
$4,780,330
3,608,363
$4,384,916
3,296,221
$4,179,927
3,047,949
$1,153,416
$1,171,967
9,176
$1,088,694
6,802
$1,131,978
17,071
$1,161,822
36,539
255,504
Federal excess profits tax
57,881
Undistributed profits tax
Territorial income tax..
60,682
$1,181,144
49,028
185,475
$1,095,497
Cr 13,421
188,028
$1,149,050
17,622
185,487
$751,214
$880,095
Gross
.
Operating income
8,406
Mi8cell. other income
Gross income
Total income deductions
Federal income tax
income
16", 000
66,545
Balance Sheet Aug.
$920,890
$929,940
31, 1940
Assets—Cash on hand and demand deposits, $189,580; instalment notes
$1,097,509; fixed assets (less reserves for depreciation of $7,044,889),
$11,288,665; deferred charges, $336,732; total, $13,648,711.
Ijiabilities—Notes payable, bank, $600,000; accounts payable, trade,
$219,508; accrued liabilities, $665,373; other current liabilities, $157,747;
deferred income, $60,819; 1st mtge. bonds, 4% series A, due 1958, $2,000,000; other liabilities, $16,319; reserves not shown elsewhere, $334,178;
6% preferred stock, $1,000,000; common stock (par $20), $7,000,000;
surplus, $1,425,803; total, $13,648,711.—V. 151, p. 2942.
Rubber
Hewitt
Corp.—Employee
and
Bonus
Specia
Year-End Dividend—
Corporation announced on Dec. 20 its annual distribution of year-end
to its employees.
The basis of award provided for two weeks'
all who have been with the company 10 tears or longer, this group
representing about one-half of the total force.
Others with shorter terms
of employment received smaller amounts in proportion to their length of
bonuses
wages to
Simultaneously, the company announced that a special year-end dividend
would be paid on Dec. 30 to stockholders of record
total payments for the year to date up to $1.25 per
share.
Dividends totaling $1 per share were paid in 1939.
Thomas Robins Jr., President, stated that the company had during the
year completed a plant expansion and improvement program totaling
$325,000 in cost, all of which was financed from earnings of the past two
years.
He stated it was the opinion of the management that the company
in now well equipped to handle the substantial and growing business which
is already making itself felt as a result of the national defense program and
is expected to show further increase after the first of the year.—V. 151,
p. 2499.
of 25 cents per share
Dec. 24, bringing the
$5,830
$56,158
39,312
$47,414
39,312
Bartlett & Co.—Special Year-End
Hibbard, Spencer,
Dividend—
16 declared a special year-end dividend of $1.20 per
the common stock, par $25, payable Dec. 27 to holders of record
Directors on Dec.
806
$4,812
Retire, res've accrual--.
1,346,868
$48,219
Non-oper. income (net).
Balance
1,301,189
361,208
29,231
33,772
80,667
$8,806
$7,983
Net oper. revenues
1937
$2,228,481
857 ,.113
service.
announced a public
Jan. 15, at its New York Regional Office on the application of
the company to withdraw its common stock (no par) from listing and
registration on the New York Curb Exchange.
The application stated,
among other things, that the volume of trading in the security is so small
and the price of the stock so low that, in the opinion of the company, con¬
tinuance of trading is not in the stockholders' interest or in the interest of
the public.—-V. 151, p. 1574.
hearing
$1,277,704
receivable, trade, $233,911; accounts receivable (net), $502,315; inventories,
stock payable
Harshaw Chemical
31
1938
$1,831,928
a
Directors have declared a dividend of 15 cents per share on
Years Ended Dec.
1939
$1,796,611
Net
dividend of $2.50 per share on account of
the 5% preferred stock, payable Dec. 27 to holders of
have declared
Directors
& Mos. End.
Total non-utility sales.,
Cost of sales
;
„
Net railway operating income
and Gulf Mobile &
Comparative Statement of Earnings
Total oper. revenues.Total oper. expenses
extra
share have been paid each quarter since
addition, a special dividend of $1.50 was
April 15, 1939.—V. 151, P. 2046.
on
Island of Oahu.
Aug. 31, '40
and extra dividends of $2.50 per
and including Jan. 16, 1933.
In
paid
1940
28,
Company—Company, a Hawaiian corporation, was incorp. in Hawaii
Oct. 13, 1891.
Company is a public utility engaged principally in the
production (including purchase), transmission, distribution and sale of
electric energy for domestic, commercial, industrial, agricultural and mu¬
nicipal purposes throughout the Island of Oahu.
Except in very isolated
instances, the company furnishes electric service in all sections of the
.
—
dividend of $2.50 per share and a
regular quarterly dividend of $1.50 per share on the common stock, par
$50. both payable Jan. 15 to holders of record Dec. 31.
Like amounts were
paid on Oct. 15 and July 15, last.
Extra of $4 was paid on April 15, last,
have declared
Directors
Dec.
share
on
Dec. 17.
Regular monthly dividend of 15 cents previously declared will be
paid on Dec. 27 to holders of record Dec. 17.
Special year-end dividend of $1.20 was paid on Dec. 29, 1939.—V. 150,
p. 1280.
.
.
Gross income
Interest
Net
charges.,
income
Dividends
declared,
•Y. 151, p.
__
—Holders
Co.—Extra Dividend —
share on the
dividend of $1 per share on the class B
Dec. 16.
Directors have declared an extra dividend of 75 cents per
3238.
Hawaiian Electric
Hobart Manufacturing
class A and B stocks, and a year-end
stock, all payable Dec. 23 to holders of record
Regular quarterly dividend of 37 H cents per share was
stock
Co., Ltd.—6% Preferred Stock Called
May Exchange Shares for 5% Preferred—Rights to
1.
Holland Land
(par $20)
6% (cumulative) preferred stock (par $20).
preferred stock has been called for redemp¬
tion Jan. 15, 1941, and the holders of the series A 6% preferred stock will
be paid on Jan. 15, 1941, or as soon as practicable thereafter, the par value
thereof plus accrued and unpaid dividends to Jan. 15, 1941.
Company is offering 50,000 shares of series B 5% (cumulative) preferred
stock (par $20) in exchange on a share-for-share basis for shares of. series A
6% (cumulative) preferred stock plus accrued and unpaid dividends on
shares of series A 6% surrendered in exchange.
The exchange offer must
be accepted prior to 4 o'clock p. m. on Jan. 14, 1941.
As the series A 6%
has all been called for redemption at par plus divs. on Jan. 15, all shares of
series A not surrendered in exchange on or before Jan. 14, 1941, will be
redeemed on Jan. 15, 1941.
Company will offer to its common stockholders of record Jan. 15, on
approximately Jan. 31, 50,000 shares of series B 5% (cumulative) preferred
stock and so much of the shares of said stock offered in exchange for shares
of series A 6% (cumulative) preferred stock as are not issued in exchange,
for subscription, pro rata, at $20 per share.
The rights evidenced by the
full share subscription warrants may be exercised in Honolulu on or before
April 5, 1941.
The number of shares of series B 5% (cumulative) preferred
stock which will be offered to the common stockholders for subscription
and the number of rights which are to be issued to the common stockholders
and 50,000 shares of series A
The series A 6% (cumulative)
will not be determinable until Jan. 15, 1941, when the number of shares
are to be issued in exchange for shares of series A 6%
(cumulative)
preferred stock are ascertained.
No later than April 15, 1941, full shares of series B 5% (cumulative)
preferred stock representing fractional shares will be sold in Honolulu at
public auction at an upset price of $20 per share and the proceeds in excess
of $20 per share after all the expenses of the auction sale have been first
deducted will be distributed pro rata to the stockholders of record on Jan.
15, 1941, whose fractional interests are disposed of.
Shares representing
unexercised warrants will be retained by the company as authorized but
unissued shares subject to issue as may be subsequently determined by the
board of directors and the proceeds from the sale of said shares disposed of
as they may direct.
There is no underwriting in connection with this issue.
paid
on
the class A
last.
paid on the class B
stock on Dec. 22, 1939 and an extra divdend of 50 cents was paid on the
class A stock on Dec. 22, 1939.—V. 150, p. 3978-
Be Given Common Stockholders—
Company has outstanding 350,000 shares of common stock
Dec.
on
Year-end dividend of $1 and extra of 50 cents was
directors
The
have
Co.—Liquidating Dividend —
declared
a
liquidating dividend of
50c.
per
share
on
stock, par $25, payable Dec. 27 to holders of record Dec. 17.
This compares with 75c. paid on Nov. 28, 1939 ; 50c. on Sept. 25, 1938 ;
$1 paid on Dec. 24 and Sept. 20. 1937; 50c. on Feb. 24, 1937 and
Dec. 22, 1936 ; $1 paid on June 3, 1936, and $2.50 paid on Feb. 6, 1936.—
V. 150, p. 3978.
the
common
(Joseph) Home Co.—Initial Dividend—
Directors have declared a dividend of $1 per share on
the common stock,
payable Dec. 27 to holders of record Dec. 18.
This will be the first common
dividend paid since company was reorganized in 1928.—V. 151, p. 2193.
Hornell Electric Motors—Bonds Called
A total of $114,000
4H% bonds due 1946 has been
—
called for redemption
Dec. 31 at 100.
on
Howe Scale Co.—$2 Common Dividend-—
dividend of $2 per share on its common stock on
21. Like amount was paid on Dec. 26,
1939 and compares with $1 paid on Dec. 23, 1938, and $2 paid on Dec. 27,
1937, this latter being the first dividend paid on the common shares since
Dec. 30, 1921, when a regular quarterly distribution of $1 per share was
The company paid a
Dec. 23 to holders of record Dec.
made.—V. 151, p. 2194.
which
Hudson & Manhattan RR.- —Earnings—
$621,630
452,568
$628,321
444,177
1940—11 Mos.—1939
$6,858,553
$6,841,673
4,862,210
4,814,790
$169,062
9,921
$184,144
10,416
$1,996,343
112,114
$2,026,883
Gross income
$178,983
.i>194,560
Income charges
a interest
154,901
155 088
117,147
123,921
$2,108,457
1,702 743
1,315,858
$2,144,741
1,711,316
1,363,129
$93,064
$84,449
$910,144
$929,705
1940—Month —1939
Period End. Nov. 30—
Gross oper. revenue
Oper.
exps.
and taxes
Operating income
Non-operating income.
,
117,858
Purposes of Issue—The net proceeds to be received by the company from
the sale of the 100,000 shares of series B preferred stock are expected to
approximate $1,983,475, after deducting the necessary expenses of the
company in connection with the sale.
$1,000,000 of such proceeds are
to be used for the purpose of retiring through redemption or pursuant to the
exchange offer the company's series A 6% preferred stock, which has been
called for redemption on Jan. 15, 1941.
The balance of the proceeds re¬
ceived by the company will be used by it to apply towards the $1,413,607
estimated outlay required to be made in 1941 as a part of the company's
three-year expansion program, which calls for making extensions of its
utility production, transmission and distribution facilities, for the construc¬
tion of additional warehouse and storage facilities and for additions to and
improvements of its merchandise and ice and cold storage department.
Firm Commitment—Honolulu Academy of Arts, a Hawaiian corporation,
the largest series A preferred stockholder, has agreed to exchange its 11,250
shares of the series A preferred stock on a share-for-share basis for 11,250
shares of the series B preferred stock which the company is offering.
No holder of the company's common stock has made a firm commit¬
ment to take any
rata
at
par
has made
a
of the shares of series B preferred stock to be offered pro
to the common stockholders on Jan. 15, 1941.
No one else
firm commitment to take the issue or any part thereof.
Deficit
a
at
On
adjustment
...
income bonds outstanding
in the hands of the public
5%.
Asks Fare Increase—
..
v
Company asked the U. S. Supreme Court to permit it to charge 10 cents
transporting passengers between Hudson Terminal in N. Y. City and
Jersey City and Hoboken.
It challenged an Interstate Commerce Com¬
mission order limiting the increase to eight cents.
It appealed from a
decision by the New Jersey Federal District Court dismissing the litigation.
—V. 151, p. 3239.
for
Hudson Motor Car Co.— To
Amend Charter—
has under preparation a letter to stockholders calling a
special meeting for Jan. 11 to vote on a proposal to amend its charter to
broaden the purposes for which it was formed.
This step is thought essential by the management as a measure pre¬
liminary to its engaging actively in several branches of National defense
work which
will involve large expenditures for additions to plant and
The
company
equipment.
The Commercial & Financial Chronicle
Volume 151
step in this direction, the corporation will enter into a
contract with the Government to operate a new ordnance plant to oe built
As
"I
initial
an
for the U.
which
"
of the location of the
While details
new
plant are withheld,
the land
has oeen acquired and construction contracts are being nego¬
tiated.
Work on the piant will be rushed.
It will oe used for the manufacture of medium and small parts for gun
already
and torpedo tubes which will
plants for assembly.—V. 151 p. 3562.
mounts
oe
shipped to other
1940
1939
$51,206
8,627
1,045
7,849
$31,084
11,356
1,075
$33,686
$18,654
$33,686
11,363
$19,640
5,159
$14,481
208,150
$224,954
20,000
$222,631
$204,954
$1.12
$202,631
$0.72
«'
_
(net)
_
•
Profit
__
....
986
(net)
Profit3
Net profit for the year
Earned surplus as at July 31.
„
Dividends for the year ended July
31.
Earned surplus as at July 31, 1939
Earnings per sh. on 20,000 shs. com. stock (no par)
based on the earnings of the men at the
that the annual
will not, in any
case, exceed $4,000 per annum.
|
'The continuous service record of the men will not be broken, and their
insurance and other benefits will be kept in force.'
"We shall miss you during the time you are away, but we feel that your
year's training will be beneficial to you physically, mentally and morally.
As a result of this training, we believe you will come back to our company
better equipped for future service in the IBM that you were when you left
for training.
If such is the case you will be given an opportunity to earn
increased compensation.
,
"We want you to know that your friends in the company are back of you
in every way, and, if at any time, we can be of help to you, please let us
Balance Sheet July 31, 1940
on
$12,463; fixed assets (net), $124,904; total, $735,219.
advances (secured), $60,665; accounts payable and
liabilities, $67,503; reserve for dominion and provincial taxes,
$17,753; dividend payable Aug. 1, 1940, $5,000; capital stock, 20,000 com¬
mon shares without nominal or par value, $329,432; capital surplus, $49,912;
$204,954; total, $735.219.—V. 149, p. 2086.
E.
has been
Poor
Directors have declared
Direct taxes
Prop, retire,
res. approp.
110
954
$200,650
56,250
10,053
$178,360
Other income (net).
Gross income
Int.
mtge. bonds
on
Other int. & deductions.
Int
.
$17,,406
$200,540
Net oper. revenues
56,250
9,054
1940—12 Mos.—1939
$6,066,457
$6,402,012
1,878,797
1,953,011
1,426,667
1,635,043
470,900
522,800
$2,291,158
1,802
$2,290,093
16,518
$2,292,960
675,000
$2,306,611
675,000
111,650
121,741
Cr3,640
Cr404
chgd. to construct'n
$113,056
period
$1,499,859
$1,519,961
414,342
414,342
$1,085,517
$134,751
Net income
Divs. applic. to pref. stocks for the
$1,015,619
_
Balance
-V. 151, p. 3240.
Illinois Bell
Telephone Co.—Plans To Issue $50,000,000
International Power Securities
Dec. 24 discussed the prospective issuance
of the company to
proceed with negotiations looking to tneir sale.
Proceeds of financing would be used to retire the $45,000,000 1st & ref.
mtge. 3H% Donds series B, at present outstanding, which mature Oct. 1
1970.—V. 151, p. 3398.
xf:;;■*;
The directors at their meeting
of $50,000,000 refunding bonds and instructed officers
in addition
regular quarterly dividend of 1M cents per share on the common
stock, both payable Dec. 20 to holders of record Dec. 10.—V. 149, p. 4031.
Directors have declared an extra dividend of H~cent per share
to the
Corp.'—Accumulated Dividend—
Directors have declared a dividend of 25 cents per share on account
of
$25, payable Jan. 2
1, last; dividend
20 cents paid on July 1, last; 15 cents on April 1, last; and dividends of
cents were paid on Jan. 2, 1940 and on Oct. 2, July 1, April 1 and Jan.
1939.—V. 151, p. 1898.
to
accumulations
the
on
holders of record Dec.
6%
cum.
pref. stock,
par
Like amount paid on Oct.
16.
Insurance Co. of North America—Extra &
have declared an extra dividend
semi-annual dividend of $1.25 per
directors
The
addition
to
a
of
10
3,
Larger Div.—
of 50c. per share in
share on the capital
both payable Jan. 15 to holders of record Dec. 31.
Previously semi-annual dividends of 1 were paid.
Extras of 50c. were
paid on Jan. 15, 1940, 1939, 1938, 1937 and 1936, and on July 15, 1935.—
V. 149, p. 4031.
Intercolonial Coal Co .—Extra Dividend—"-.v."-/stock, both
International Business Machines Corp.—Listing—
York
New
The
Stock
Exchange has
authorized the listing of 44,909
additional shares of capital stock (no par) on official notice of issuance as a
stock
making the total
dividend,
amount applied
for 943,087 shares of
11
capital stock
■ V1
On Nov. 19, the directors adopted resolutions declaring a dividend pay¬
able in capital stock at the rate of 5-100 of W share of capital stock on each
share of outstanding capital stock, issuable on Jan. 30, 1941, or as soon
thereafter as practicable, to stockholders of record Jan. 15.
The total
amount of capital stock on which the dividend will be payable will be
898,178 shares and the dividend will amount to 44,909 shares.
Against the issue of 44,909 shares $1,446,824 will be transferred on the
books of the corporation from earned surplus to capital stock, which transfer
amounts to $32.2168 per share.
Consolidated Balance Sheet
Sept. 30/40 Dec. 31,'39
Sept. 30/40 Dec. 31,''39
$
$
Assets—
9,150,554
Cash
6,553,697
4,033,121
2,818,764
receivable (net)_
Inventories
advanced
to salesmen,
3,412,216
2,549,360
*
less
537,904
683,344
1,038,467
734,005
reserve
&c
General
company
Welfare Fund..
497,045
496,685
16,410,080 16,910,625
Land, buildings, Ac
(net)
$
2,361,120
2,312,783
Dividend payable. 1,345,205
.....^
Federal taxes (est.) 3,676,131
2,436,810
Mortgage payable
77,500
77,500
Bond, indebtedness13,200,000 14,000,000
welfare...
496,685
497,045
For sales promo¬
tion
375,000
300,000
For contingencies 3,000,000
3,000,000
Capital stock.....28,936,474 27,558.558
Earned surplus.-.29,370,654 28,766,597
will (net)... ...10,657,168
Amortizat'n of discount & expenses on bonds issued
a Excess of accrued interest payable
Total
To
..82,838,768 78,949.295
82,838,768 78,949,295
President of this corporation, on Dec. 23 sent the
employees of the company who are in active military or
Thomas J. Watson,
$307,457
123,500
—
$430,957
112,002
51,549
b Provision for Federal taxes on income
$579,887 prof$267,406
Net loss.....
c
221,166
165,294
Dividends paid on preferred stock
fund gold bonds outstanding over interest received on 1st
mtges.
b Including adjustments applicable to prior years., c Exclusive
of profits or losses on sales of securities or their adjustment to aggregate
quoted market prices.
:
Balance Sheet Sept. 30
a
On sinking
Assets—
deposited
Securities
with
trustees
as
under trust indenture
Accrued interest thereon
Other securities of Italian companies
Cash in Italian banks
Other securities
Accrued int. and divs.
receivable.
Accts. receiv. from sale of
securities
1940
1939
collateral
.$18,250,930 $18,748,930
728,897
320,603
67,780
5,921
______
2,064,242
5,472,247,
z 14,345
55,873
—
25,928
15,947
42,537
226
Special fund for red. of pref. stock.
Dep. offoreign currency subject to restriction
Deferred charges
0
226
,3,965
1,025,846
------
.
785,697
-
...$21,943,966 $25,686,175
Total
Liabilities—-
• >
**•
•
Accrued interest thereon
v
_$16:855,000 $19,876,000
628,627
320,603
500,000
1,2o0,000
y5,131
yb,250
—
—
payable (secured, per contra)
Accounts pay. and accrued expenses
Reserve for Federal taxes on income
Reserve for redemption of pref. stock......——
Loans
Unrealized
income...
295,000
226
742,600
-
f
JJ.74S
2,661,187
1,261,161
2,452,675
464,706
Capital stock
Capital surplus
X
Total
-
-
.
299,000
22b
——$21,943,966 $25,686,175
x Represented by 43,972 shares (no par) $6 pref. stock and 146,114 shares
(no par) common stock in 1940 and 49,148 shares (no par) $6 pref. stock and
150,725 shares (no par) common stock in 1939.
y Accrued expenses only,
z Dividends receivable only.—V. 151, p. 2048,
\
International Utilities
At
a
a
Corp.—Dividend —
of this corporation held on Dec. 17,
declared on the $3.50 prior preferred
meeting of the board of directors
dividend of 87Hc. per share was
stockholders of record
of $1.81M per share,
of the corporation,
payable Jan. 15, 1941, to stockholders of record at the close of business
Jan. 6, 1941, such declarations and payments, however, being subject to
approval by order of the Securities and Exchange Commission under the
provisions of the Public Utility Act of 1935.—V. 151, P- 3563.
stock of this corporation, payable Feb. 1, 1941, to
at the close of business Jan. 20, 1941; also a dividend
account of arrearages, on
the $1.75 preferred stock
Interstate Department Stores, Inc.—15~Cent Div.
dividend of 15 cents per share on the common
Directors have declared a
stock, payable Jan. 15 to holders of record Dec. 30.
on Oct. 1, last, This latter being the first payment
since Nov. 1, 1937, when 50 cents per share was
p.3563.
■,
Like amount was paid
made on these shares
distributed.—V. 151,
V
.
Div.
Interstate Home Equipment Co.—20-Cent Common
declared^'dividendfof 20TcentsTper share on the common
stock, payable Jan. 15 to holders of recordjfJan J2.S Extra dividends of five
cents and quarterly dividends!of 15?cents,'perfshare were paid on Oct. 15 and
July 15, last, and previously regular quarterlyLdividends^of 12 Hi cents per
share were distributed.—V. 151, P. 2048.
v
Directors have
Interstate Hosiery
Directors have declared a
Mills, Inc.—40-Cent
Interstate
Power
Dividend—
dividend of 40 cents per share on
stock, payable Dec. 28 to holders of
dividend of 25 cents was paid on Dec.
Co.,
the common
record Dec. 23. Regular
16, last.—V. 151, P. 1146.
Dubuque,
quarterly
Iowa—May
Properties—
Sell
;
to sell its
District.
Nebraska, and
are to oe taken over by the district for a cash price of $2,600,000.
lo
finance the purchase the district proposes to issue electric revenue^ bonas
totaling $3,010,000, maturing serially 1942 to 1966 inclusive, and bearing
interest at 3%.
It is proposed to sell these bonds to underwriters at S6.
Commission has authorized the company
electric facilities located in Nebraska to Consumers Public Power
The facilities constitute all of Interstate's properties jn
p.
3241.
Co.—$1.50 Dividend—-
declared a dividend of $1.50 per share on the common
28 to holders of record Dec. 20.
PreviouslyRegular
qi;arterly dividends of $1.50 per share were distributed.—V. 151, p. 3564.
Directors have
Total
Pay Draftees—
following letter to
naval service:
'
$156,697
107,957
628,627
Balance.
Island Creek Coal
10,732,168
13,998
$156,697
—V. 151
....37,696,025 36,876,833
Patents and good¬
$400,732
47,261
46,014
46,477
...
The Federal Power
Reserves for general
co.
Prepaid Ins., taxes,
Investments
$
and
accruals
Notes & accounts
Comma,
Liabilities—
Acc'ts payable
226,119
3,648
...
Netearmngs...
Accretion of discount on 1st mtge
on
$1 per share in addition to a
regular semi-annual dividend of $3 per share on the common
payable Jan 2 to holders of record Dec. 21.—V. 150, p. 3979.
1939
$170,965
$217,172
General and admin, expenses
Interest on bank loans.
stock,
Directors have declared an extra dividend of
1940
71,363
142,071
3,738
...
.
Sinking fund gold bonds
Income Foundation Fund—Extra Dividend—
Industrial Securities
Corp.—Earnings—
Years Ended Sept. 30—
on sink, fund gold bonds in treasury
Cash dividends received and declared
Int. earned
Cash
Refunding Bonds—
Co.—
stock, payable Dec. 27 to holders of record Dec. 24.
Dividend of 20
cents was paid on April 1, last, and previously regular quarterly dividends
of 30 cents per share were distributed.—V. 150, p. 4128.
......—
Idaho Power Co.--EarningsOperating revenues.....
Operating expenses
Machine
Sewing
dividend of 30 cents per share on the common
a
Total..........
named Executive Vice-President, it was an¬
1940—Month—1939
$508,388
$556,591
162,351
159,282
150,000
130,000
41,700
43,700
Button-Hole
International
Miscellaneous income.
16 by B. G. Erskine, President.—V. 151, p. 2500.
Period End. Nov. 30—
.
'SO-Cent Dividend—
Hygrade Syivania Corp.—New Ojjicial—
Walter
■
"With my best wishes for a pleasant holiday season and every success
during the coming year, I remain, sincerely yours, Thomas J. Watson,
President."—V. 151, p. 3748.
Liabilities—Bank
nounced on Dec.
oe
know.
deferred charges.
accrued
earned surplus,
will
"
20,000
hand, $150; accounts receivables, less reserve, $152,992;
cash surrender value of life insurance policies. $12,908; inventories, $431,801;
Assets—Cash
'Such compensation
time they enter the services of the Government, except
rates of pay on which such compensation will be based
—
$22,323
202,631
Years Ended, July 31—
Interest received
Navy
"
Profit from operations
Provision for depreciation
Life insurance premiums
Interest paid (net)
8.
U,
*
in the military or naval service of the United States, or
who enter it, and who have been in our organization for one year or more
will receive the equivalent of three months' compensation.
Those who have
been in the service of the company for less than one year will receive the
equivalent of 1H months' compensation.
This compensation will be
divided into equal monthly payments during the year they are in the service
are now
of the Government.
Humberstone Shoe Co., Ltd.—Earnings
v
I quote:
Corp. who
learned.
3891
pleased to advise you of a decision made by our company today,
'Until further notice members of the International Business Machines
it was
Navy in the Detroit area at a cost of $12,000,000,
8.
am
stock, payable Dec.
Island Falls Water Co .—Bonds Called—
SlA % bonds due ly50 have been
Feb. 1 at 103.
All of the outstanding
tion on
called for redemp- '
The Commercial & Financial Chronicle
3892
Italian Superpower
Period End. Sept.
1940—Month—1939
Period End. Nov. 30—
1940—12 Mos.—1939
z
Dividends
y
$68,673
Income from realiza-
—
Operating expenses
General taxes
-
,n
$1
$456
$574,863
3,811
Expenses
S.
iBcl
2,829
20,748
21,304
for "0
t)rov
tax.."
capital stock
28.375
sales of
sec.
16
204
x$18,049
$525,724
$21,314
130,560
6,525
139,560
6,820
531,240
26,396
......
......
1,355,050
92
$157,949
Net loss
Interest
on
bonds—
$164,429
$1,386,962
$678,609
Income from realization^! restricted lire arose through the
payment of expenses in Italy with restricted lire; and through the purchase
in Italy, for retirement, with restricted lire of $600,000 principal amount
of the corporation's 35-year 6% gold debentures.
y
Dividends and Interest in lire on securities owned by the corporation,
on the corporation's bank tbalance in Italy and profits in
interest in lire
lire
securities held in
sales of
on
Italy
$17,609
47,593
185,034
x$78,692
481.681
x$2,515
40,146
3.147
"6",237
•
•
.1
310,121
83,884
$48,898
$25,609
Net loss
$525,139
$644,257
.
Loss.—V. 151. p. 3092.
x
Kansas Gas & Electric
Period End. Nov. 30—
Italy are being collected and deposited in
As exchange restrictions, in
Co.—Earnings—
1940—12 Mos.—1939
1940—Month—1939
$559,659
Operating revenues. ....
Operating expenses. __ .
Direct taxes
51,340
Prop, retire, res. approp.
of limited-term
$6,510,765
2,557,884
55,000
$6,301,942
2,572,294
711,747
660,000
$534,730
216,793
72,846
55,000
206,108
_
z
x$81,839
123
.
z$2,032
3,476
15,967
4,134
Int. on RFC obligations.
Other fixed charges
141,780
Cr27,S76
Prov. for U. 8. inc. taxes
Loss,
$16,171
1,438
122,602
and
securities written off_-
x
832,443
x$2,638
x$2,124
Operating income
Non-operating income..
558,240
27,279
16
'
250,193
785,534
65,562
29,129
x$20,863
Int. paid & accrued on
debentures
Amort, of disct. on debs.
202,204
125,183
68,773
10,253
—_
Gross income
Balance..
on
15.676
17.038
Interest paid, other than
on debentures.
Loss
Social security taxes.,—
$71,950
Total income
Tiixps
2,277
$574,863
$456
422,017
22,091
9,862
19.420
—
„
Depreciation—
$1
tion of restricted lire
1940
1940—12 Mos.—1939
$6,275,030
$6,251,572
5.145,938
5,128,173
$520,105
$515,351
422,240
Total oper. revenue
Income:
28,
Public Service Co.—Earnings
Kansas City
Corp.—Earnings —
1910—3 Mos.—1939
30—
Dec.
660,000
894,340
Amort,
330
391
4,507
5,521
$246,881
$189,700
$2,169,787
7,431
investments
83
Dr 793
$2,576,627
5,859
$246,964
$188,907
$2,582,486
45.000
Net oper. revenues—
Other income (net)_
60,000
15,000
8,227
673,500
$2,177,218
720,000
180,000
180,000
192,790
112,947
corporation's representative.
by the
effect since November, 1935, have prevented the direct conversion of these
deposits into U.
Int.
on
income
Int.
on
S. currency, the corporation does not include them in
they are realized by other .means.
A comparative state¬
ment of all lire dividends and interest received and profits realized in the
respective periods is given below:
unless
Period End.
1940—3 Mos.—1939
Sept. 30—
Divs. received in lire...
Int. received in lire
Profits in lire
27,774,448
603,406
25,059,897
453,919
15,000
18,125
Other int. & deductions.
Int. chgd. to
1940—12 Mos.—1939
2,694,224
238,502
3,180,880
34,905
mtge. bonds
deb. bonds
CV744
CY849
$1,536,940
$1,165,120
construct'n
$168,839
Net income.
Divs. applic. to pref. stocks
~~$105,680
520,784
520.784
$1,016,156
$644,336
for the period
sales of
on
securities
Balance..
2,396,394
t
—V. 151. p. 3399.
2.932,726
3,215,785
Equiv.
28,377,854
27,910,241
U. 8. cur¬
rency
at
the official
parity of exchange of
a
Kaufmann
in
$151,361
$169,260
$.052634
$1,493,640
$1,469,028
The equivalent in U. 8. currency of lire dividends, interest and profits
on sales of securities not realized and not taken into income is included in
"unrealized income from lire dividends, interest and profits on sales of
a
securities"
the
on
Investments (cost or declared value)
Subscription to new shares
Dollars on deposit In the United States
b Lire on deposit in Italy
a
$24,765,470
143,740
Cash:
218,006
2,117,645
1,453
580,753
debentures....
Total
Inc., class B common stock; 10 shares
common stock; 30 shares Indianapolis Operating
class A common stock; 20 shares Indianapolis Operating Corp.,
class B common stock and 100 shares U-P Corp. common stock.—V. 151,
p. 2649.
250 shares Akron Operating Co.,
Central Theatre Corp.,
Corp.,
-.....-$27,827,066
Interest accrued
on
8,704,000
130,560
52,680
debentures
Debenture coupons due but not presented for payment
Accrued taxes
c Unrealized inc. from lire
divs., int. & profits on sales of
d $6 cumulative preferred stock
© Common
stock, class A
f Common stock, class B 1st series
f Common stock, class B 2d series
Capital surplus
Deficit..
13,200
secur.
4,047,703
12,417,200
97,001
7,500
7,500
(Geo. E.) Keith Co. (& Subs.) -Earnings-
Total
.$27,827,066
Interest charges
Other miscellaneous charges
Loss
d
no par shares,
e Represented by 970,015 no
f Represented 75.000 no par shares.—V. 151, p. 1434.
shares,
_
_
Knitting Mills— Earnings —
(Figures for London, England,
not
Years Ended Aug. 31—
Gross profit on sales
Operating
chinery & equip.$l,422,961 $1,509,246
Goodwill
500,000
$217,661
4 6,363
$75,818
8,644
46,885
34,000
income taxes
preferred stock..
on
$19,389
37,500
37,500
37,843
46,354
Res. for conting..
16 917
18,637
1st
Life insurance
V. 151, p, 2353,
Jefferson Electric
Securities
Co.—Delisting—
It further stated that economies
mav
be effected if the stock is delisted and that tho best interest of the stock¬
holders will lie served by making the stock available for
trading in the
ov^-tbe-counter marketThe order granting the application becomes
effective at the close of the trading sesssion on Dec. 30.—V.
151, p. 3564.
Julian &
Kokenge Co.—To Pay $1 Dividend—
59,139
$4,768,273 85,788,052
7>r787,800 Drl676,100
Total
$4,768,273 $5,788,052
After depreciation of $2,067,302 in 1940 and $2,004,395 in 1939.
y Rep¬
by 40,496 shares of no par value (stated value of $5 per share),
Notes payable only.—V. 150, p. 998.
x
Kelsey-Hayes Wheel Co.—Earnings—
Earnings for Three Months Ended Nov. 30, 1940
Earnings
—V.
151,
dividends
dividend
Company paid
per
p.
share on combined class A and B stock—
3241.
— .
— .
>
$481,902
$0,88
Directors have declared
a
dividend of 25 cents per share on the common
stock, payable Dec. 27 to holders of record Dec. 23. Dividend of like amount
was paid on July 31, last, and on Dec. 27,1939.—V. 151, p. 1147.
Keyes Fibre Co.—Initial Preferred Dividend—
an initial dividend of $6 per share on the 6%
$100. payable Dec. 20 to holders of record Dec. 16.
are in arrears, current payment takes care of
to Dec. 31, 1935.—V. 151, p. 418.
j . •
Directors have declared
prior preferred stock,
Since dividends
on
accumulations up
par
this issue
Kinner Motors, Inc.— Earnings—
Period Ended Oct. 31, 1940—
Gross sales (less returns and allowances)
Month
$126,305
:
4 Months
$398,712
93,049
284,402
$33,256
5,282
$114,310
19,566
Operating profit
$27,973
$94,744
Other income (net)
390
1,144
$28,364
$95,888
Gross profit
of
of
50c.
87}£e.
was
per
paid
share
Oct.
on
distributed.
were
30,
1937.—V.
150,
In
p.
addition,
4129.
year-end dividend of 15 cents per share on the common
stock on Dec. 23 to holders of record Dec. 20.
Year-end dividend of
30 cents was paid on Dec. 23, 1939.—V. 150, p. 281.
J|
M
a
-
-
Selling, general and administrative expenses.
Profit
Provision for amortization of
799
-
Balance Sheet as of Oct.
3,199
11,350
promotion.
Provision for Federal taxes on income
Net profit
par
Kawneer Co.— Year-End Dividend—
*r
466,696
341,601
60,238
resented
have
declared a
dividend
of
1
per
share on the common
value, payable Jan. 15 to holders of record Jan. 2.
This
compares with 75c. paid on Julv 15 and Jan. 15, 1940; $1.25 on
July 15,
1939 ; 75c. on Jan. 15, 1939; 50c. on
July 15, 1938, and previously regular
extra
divs..
treasury
and
tration is not in the public interest.
an
pref.
Cost of sales
Exchange Commission has granted the delisting
application s of company to withdraw its common stock (no
par) from
listing and registration on the Chicago Stock Exchange.
The application
stated, among other things, that trading in the security on the
Chicago
Stock Exchange is in such small volume that
continued listing and regis¬
semi-annual
for taxes and
preferred
Kendall Co.—25-Cent Dividend—'
deposit and on hand, $438,774; customers' receivables,
reserve, $148,667; inventories, lower of cost or market,
$467,826;
miscellaneous receivables, less reserve, $39,880; investments in
subsidiary
companies (cost), $541,025; Hayden Island Amusement Co. (stock and
secured advances), less reserve, $140,000; cash surrender value
of life
insurance ($129,916); plant and equipment (cost less
depreciation), $707,202;
deferred charges, $47,104; patents and trademarks, $1; total
$2,660,393.
p^Liabilities—Trade accounts payable, $41,873; miscellaneous
accruals,
$57,332; other obligations, $15,341; preferred stock 5% cumulative
($100
par), $750,000; common stock, outstanding 200,000 no par shares, $750,000;
capital surplus, $68,845; earned surplus, $977,002; total, $2,660,393.—
no
res.
accr.,
pay.,
stock
on
less
Directors
61,671
733,338
1,888,598
143,342
Inventory
Balance Sheet Aug. 31, 1940
(Figures for London, England, not consolidated)
Assets—Cash
stock,
65,435
z631,000
Acc'ts
Net profit after int., Fed., inc. and excess profits taxes, depr., &c.
Net profit
^The
by managers,&c.
Notes & loans pay.
Cap. & sur. owned
Prep'd ins. <fe exps.
z
9,485
Federal and State
1,143,307
Com. stk. & sur.
1,137,056
2,154,200
138,843
900
$127,813
Total income...
Depreciation
6,331
$4,000,000 $5,000,000
457,798
y
277,385
319,851
12,278
926,481
1939
1940
1st pref. stock
Land, bldgs..ma¬
Total
Interest expense.
Dividends
61,013
$197,855
surplus reserve for inventory.
Liabilities—
1939
1940
Assets—
x
$14,805
75,705
$74,845
119,802
3,209
Consolidated Balance Sheet Oct. 31
$996,427
981,622
$141,956
expenses
'
$261,439
Includes $50,000 adjustment of special
Sundry lnvestm'ts
1939
$2,331,124
1,334,697
$1,162,105
1,020,149
Operating profit, before depreciation
Other income
112,799
6,753
—
Net loss
Acc'ts receivable..
$2,669,576
1,507,471
Sales...
16,071
x84,411
Provision for depreciation.
Income and excess-profits taxes
x
7,728,350
191,545
$141,887
Loss...
Notes receivable..
1940
Cost of sales
$106,642
31,797
_
Cash.
included)
17,658
—
....
Jantzen
20,488
17,209
.. ..—
Sundry income.
Not to be included in income until realized in U. S. currency,
c
Represented by 124,172
par
.
1939
$7,846,982
$226,298
Cost of sales and operating expenses.... —
Taxes other than income and excess-profits
Market value, Sept. 30, 1940, $30,971,833.
b Lit. 40,233,395—sub¬
ject to exchange restrictions stated at the official parity of exchange of
$.052634.
The value of these lire will depend upon the terms under which
they may be realized in U. 8, currency when, as and if such realization is
authorized,
1940
$6,987,498
6,996,875
179,225
Years Ended Oct. 31—
Net sales.
3,737,510
1.387,789
...
March
rations:
Liabilities—
35-year 6% gold debentures, series A, due 1963.
advised that the Bankers Trust
for this corporation's first and general refunding mortgage
1, 1926, has delivered the following shares, endorsed for
cancellation, in connection with the dissolution of the respective corpo¬
as trustee
dated
Assets—
$0.95
(B. F.) Keith Corp.—Collateral Delivered—
The New York Stock Exchange has been
Co.,
Balance Sheet Sept. 30, 1940
on
$759,916
Earnings per share on 552,662 shares of common stock
—V. 151, p. 3748.
Sept. 30, 1940, balance sheet.
Accounts receivable
Unamortized discount
Department Stores, Inc.—Earnings—
Earnings for 10 Months Ended Oct. 31, 1940
Net income after all charges
38,360
$16,214
$54,329
31, 1940
Assets—Cash, $264,884; notes and accounts receivable, customers (less
for bad debts of $2,078), $47,134; inventories, $268,544; less deposit
customer's contract, $200,000; property, plant and equipment (less
reserve for depreciation of $32,471), $165,071; deferred charges, $18,571;
intangibles, $113,978; property, paint and equipment not in productive use
(less reserves for depreciation of $1,197), $4,791; total, $682,974.
Liabilities—Accounts payable, $63,301; accrued liabilities, $15,881; due
customers for service adjustments,
$31,303; reserves. Federal taxes on
income, $38,360; capital stock outstanding,
$445,978; earned surplus,
$88,151; total, $682,974.—Y. 151, p. 1434.
reserve
on
The Commercial & Financial Chronicle
151
Volume
Kerlyn Oil Co.—Delisting
—
Commission has granted the application
its 35-cent cum. & partic. conv. sinking fund
par) from listing and registration on the Chicago
Stock Exchange.
The application stated, among other things, that the
volume of trading in the security on the Chicago StocK Exchange has not
been very large and that there is a question as to whether there is suf¬
ficient general interest in and a free demand for the security to support a
market on a National securities exchange.
It furtner stated that the
company has been advised that delisting will stimulate over-the-counter
trading in the security and that it will have a more satisfactory market.
The order granting the application becomes effective at the close of the
trading session on Dec. 30.—V. 151, p. 2353.
The
Securities and Exchange
of
company to withdraw
class A common stock ($5
(G. R.) Kinney Co., Inc.— New Vice-President—
Spiker has been elected a Vice-President and Thomas G.
Harper has been elected Assistant Treasurer and Assistant Secretary.—
V. 151, p. 3748.
•"
■■
Samuel
R.
Knott Corp.—To Pay Dividends
Directors
announced
Dec.
on
12
shares of cumulative par¬
ticipating preferred stock and 23,997 shares of common stock, and to
John J. Acker, in exchange for 1,001 shares of the old outstanding class B
common stock, 1,001 shares of common stock, and to J. C. Feeley, and
G. E. Bandel, in exchange for one share each of the old
ClassB common
stock, one share each of common stock.—V. 144, p. 1965.
Life Insurance Co. of
company
a year-end dividend of $1.25 per share on the
stock, payable Dec. 20 to holders of record Dec. 12.
Regular
quarterly dividend of 75 cents was paid on Oct. 1, last.— See also V. 149,
P.3876.
Lincoln Stores,
quarterly dividend of 10 cents was paid on Oct. 15, last.—V.
151, p. 2354.
dividend of 25 cents was paid on Dec. 2, last.
was paid on Jan. 26, 1940.—V. 151, p. 3565.
$500 had been added to
the value of Kroger employees' group life insurance policies, increasing the
to $2,500 without additional premium cost to the employee.
Ap¬
Directors
to
proximately $50,000,000 worth of insurance is held by nearly 20,000 em¬
ployees under this plan.—V. 151, p. 3564.
"
Tons
declared
V.
171,551
-
-•
—
Operating costs
.
deprec., machinery and equipment at 15%
Provision for
$1,249,482
30,826
465,772
87,989
34,310
per ann.
Deferred development written off at 20c. per ton ore milled--
151,
p.
3243.
...
$630,586
20,000
2,722
-
—
Prop, retire,
res. approp-
1940—12 Mos.—1939
$8,250,587
$7,535,615
4,323.301
3,927,229
1,096,751
819,287
914,832
748,470
$1,945,084
$165,643
$2,011,248
791
999
12,369
11,321
$2,023,617
$186,284
72,928
6,589
Cr 190
on mortgage bonds,
Other int. & deductionsInt. charged to constr'ri-
income--——
CY351
875,249
80,532
Crl,602
$1,956,405
875,446
77,779
Crl 1,002
$71,152
period
$1,069,438
356,532
$1,014,182
356,532
$712,906
:
$166,642
72,947
22,894
$106,957
Gross income
$657,650
Divs. applicable to pref. stock for the
—
------------
Balance Sheet Sept. 30. 1940
Assets—Cash
on
Louisville & Nashville RR.—Earnings-
hand and in banks, $132,650; bullion settlements out¬
standing, $289,800; sundry accounts receivable, $7,843; inventories, $292r
746; fixed assets (less reserve for depreciation of $100,989), $2,640,486;
mine development, including administration and other expenses during
construction, less written off, $642,961; investment in and advances to
Panaminas Inc., an associated company, less provision, $19,637; expendi¬
tures on option held by Potosi Mines Ltd., an associated company, $68,178;
expenditures on Topaz and La Rosita options, $2,043; prepaid expenses
and deferred charges, $15,162; total, $4,111,506.
Liabilities—Demand loan—Canadian Bank of Commerce, New York
(secured), $270,000; advances from associated companies and interest to
date, $320,979; accounts payable and accrued charges, $113,416; capital
stock (1,355,920 no par shares), $2,812,537; earned surplus, $594,574;
total, $4.111,506.—V. 151, p. 2945.
Leath & Co.—Year-End Dividend
Directors
have
year-end
a
Lefcourt Realty Corp.—New Director—
George M. Gillies Jr. was
the board.—V. 151, p. 3399.
At the recent annual meeting of stockholders
elected
a
director, filling
Lehigh Valley
a vacancy on
RR.
Gross from
railway.
From Jan.
Gross from railway.
1938
1937
$4,069,728
1,373,013
$3,986,388
1,139,244
662,851
$3,433,426
729,660
$3,722,788
792,232
222,045
_
_.
-
43,151,858
41,389,512
37,256,203
44,857,668
12,585,429
6,187,156
11,294,857
6,332,820
8,435,342
3,085,531
10,676,991
5,313,299
.
-
151, p. 3242.
6 Months Ended Oct. 31—
-
—
Earnings
per
149,
share on common shares
4178.
—
1940
1939
$484,395
./
—-
Net income after all charges
—V.
Grsoss from railway
Net from railway
Net ry. oper. income--.
$486,431
6,580
$0.08
4.568
$0.03
p.
Liberty Finance Co., Hoboken, N. J.—Preferred Stock
Offered—Reichart, DeWitt & Co., Inc., New York, on Dec.
27 offered 13,000 shares of cumulative participating preferred
stock (par $1) at $7.50 per share.
The preferred
stock is cumulative as to dividends of 56 cents a share
annually, payable quarterly (Feb., &c.).
While any cumulative par¬
ticipating preferred stock is outstanding, no individual in the employ of the
company may receive more than $100 per week in salary, commission, or
like remuneration, without the consent of 51 % of the preferred stockholders.
Total assets of company as of Oct. 16, 1940, amounted to $116,082 of
which $114,889 was inPcash and loans receivable.
Volume of business has shown a steady increase, amounting to $114,260
for the nine months to Oct. 16, 1940, compared with $92,030 for the 13
months to Dec. 31, 1939 and $51,682 for the 12 months to Nov. 30, 1938.
Net proceeds to be derived from sales of the preferred stock will be used to
provide additional capital for the further expansion of the business.
The management of the company is directed by Edward P. Shaughnessy.
President, who has been engaged in the personal finance business for 25
years, having been identified with the company since 1915, and participated
in its active management since that time.
Company was originally organized in New Jersey, May 13, 1913, under
the name of W. A. Dunn, Inc.
The original organizers withdrew from the
company during the years 1915 to 1917.
In February, 1918, the name of
the company was changed to its present name.
Company is a personal finance company, engaged in the business of
making small loans to individuals, limited by law to a maximum of $300
per loan, and generally repayable in monthly instalments.
Operating in the
State of New Jersey.
Company is permitted to charge the legal rate pro¬
vided by the Small Loan Law of that State of uf» to 2 H % per month com¬
puted on unpaid balances. Such interest rates are neither compounded nor
paid or deducted in advance, and run only for the length of time elapsed
until payment.
The loans are made on the note of the borrower, with or
without endorser, or co-maker, and may or may not be secured wholly or
partly by chattel mortgages on household goods or automobiles.
Capitalization Oct. 16, 1940
Authorized
Cumulative participating preferred stock (par
Common stock (par $1)
$1) 50,000 shs.
25,000 shs.
Outstanding
200 shs.
25,000 shs.
By amendment to certificate of incorporation, filed on Sept.
the authorized capital was changed from 20,000
25, 1940,
shares of preferred stock
($10 par), 20,000 shares of class A common stock (no par) and 30,000 shares
of class B common stock ($1 par) to the present capitalization as shown
above, there being issued to Edward P. Shaughnessy, in exchange for 5.000
shares of the old outstanding class A common stock, and 25,500 shares of
89,090,301
23,080,509
15,445,928
71,922,574
80 ,531,361
16,452,709
21 ,474,386
14 ,509,115110,324,495
83.319,018
Ludlow Typograph
Directors have declared
an
Co.—Extra Preferred Dividend—
share in addition to
$1.50 per share on the $6 preferred ex¬
28 to holders of record Dec. 21.
Extra
paid on Dec. 28, 1939 and 1938.—V. 149,
extra dividend of $2 per
the regular quarterly dividend of
tension scock, both payable Dec.
p.4179.
Lyon Metal Products, Inc.—Common Dividend—
Company paid
a
dividend of 37 XA cents per share on its common stock on
This compares with 25 cents paid on
Dec. 16 to holders of record Dec. 5.
Sept. 16 and July 1, last, 12^ cents on April 3, last and 50 cents paid on
Dec. 20, 1939, this latter being the first dividend paid on the common
share since February, 1938.—V. 151, p. 108.
tion to the regular quarterly dividend of like
both payable Dec. 24 to holders of record
paid on Dec. 23, 1939—V. 150
v
:
/
;
in addi¬
amount on the common stock
Dec. 20.
Like amounts were
p.
1773.
(Arthur G.) McKee & Co.—Large Contract —
Company on Dec. 16 announced receipt of a contract for design and super¬
vision of construction of a $36,000,000 iron and steel plant near Rio de
Janeiro, Brazil.
Estimating that 2H to 3 years will be required for completion, the con¬
cern said the plant will be built upon general plans previously prepared
by a Brazilian commission.
■
The plant will consist of coke ovens, a blast furnace of 1,000 tons daily
capacity, open hearth steel furnaces with an annual capacity of about
350,000 tons, and rolling mills for production of a complete range of rolled
steel products.
A $20,000,000 loan from the United States Export:Import
Bank paved the way for construction of the plant, for which materials and
equipment will come largely from the United States.—V. 151, p. 3749.
McKeesport Tin Plate Corp.—Court Voids Suit to Revoke
Merger—rr''.
stockholders to set aside the merger in 1937
the McKeesport Tin Plate Corp. has been dis¬
Federal Court at Pittsburgh because the plaintiffs failed to appeal
to directors and stockholders of the company before suing.
The plaintiffs, Miriam Abraham and Helen R. Bleibtreu, New York,
filed the suit against the corporation and nine directors, whom they charged
with "conspiracy to despoil the McKeesport Tin Plate Co. of its assets
for their individual benefit," by means of the merger.
Federal Judge R. M. Gibson held that because the plaintiffs failed to
appeal first to the corporation's directors and then to the stockholders,
they had not "exhausted all means within their reach" for remedy.—Y.
151, P. 2354.
A suit filed by two women
of two companies to form
missed by
McKesson
&
Robbins,
Inc.—Committee
Amendments Offered—
Fights Plan;
Objections to the reorganization'plan were filed Dec. 2o in U. S. District
District of New York by the preference stockholders
committee.
They asserted that William J. Wardwell, the trustee, had
attempted to draw up a plan under which the company would be able
to "withstand the uncertainties of the future," and in so doing had destroyed
the priorities and contractual rights of the preference stockholders,
fc
Judge Alfred O. Coxe set Jan. 27 for another hearing and announced
that all groups of creditors and security holders would have ample op¬
portunity to make suggestions and objections.
Amendments were proposed under which the preference stock would
have a value of $54,273 a share, including $4,273 as compensation for
partial destruction of priorities.
Adding $4,554,519 for accumulated un¬
paid dividends, this would give the preferred a value of $36,972,621, and
the 1,282,083 shares of common stock a value of $3,932,379.
Under the proposed amendments tne liabilities of the company, including
its present funded debt, would be paid in cash.
It is noteworthy that this
was asked in an earlier set of objections field by the debenture holders.
The document points out that the cash position of the company on
March 31 next will be something like $21,000,000.
To supplement this
it would have the company issue $13,000,00015-year sinking fund defentures
with a coupon of 3M or 3 lA % and $5,000,000 serial notes, bearing interest
from 1 to 2 lA% and payable at the rate of $500,000 annually.
Terins
would be left for agreement between the company and the underwriters.
Creditors preferring new securities to cash would receive priorty.
No
preferred stock would be given to creditors, as in the trustee's plan.
To the junior security holders the committee would issue 298.657 shares
Court for the Southern
of
5%
cumulative preferred stock ($50 par)
/
/
20,902.022
14,911,311
—V. 151, p. 3749.
271,421
(Charles) Leich & Co.—Earnings-—
Net sales.
Net ry. oper. income,-.
From Jan. 1—
1—
Net from railway
Net ry. oper. income..
—V.
-
1937
$7,272,401
1,614,651
1,017,751
,290,299
,401,907
,741,665
Directors have declared an extra dividend of 25 cents per share
1939
362,364
-
-
1938
$7,204,844
1,953,375
1,315,997
1939
1940
$8,336,763
2,241,854
1,570,081
McKay Machine Co .—Extra Dividend—
—Earnings—
1940
November—
Net from railway
Net ry. oper. income..
November—
Gross from railway
Net from railway
dividend of like amount was
—
dividend of 40c. per sliare on the
common
stock, payable Dec 28 to holders of record Dec. 24.
Dividend
of 20c. was paid on Dec. 28, 1939, and 50c. paid on Dec. 22, 1937, and
on
Dec. 21,
1936.—V. 149, p. 4178.
declared
1
—V. 151, p. 3243.
Balance
Surplus Dec. 31, 1940
addition
in
$185,493
Net oper. revenues
Other income (net)
$594,574
—
shaie
Co.—Earnings—
1940—Month—1939
$733,517
$689,515
354,626
371,842
126,039
87,824
67,359
64,206
$607,863
13,290
-----
per
'
Period End. Nov. 30—
Net
Balance surplus
Previous deficit
25c.
-
Int.
Net profit for year
Provision for exploration through Panaminas Inc.
Organization expenses written off
Inc.—Extra Dividend—
of
dividend
Louisiana Power & Light
Direct taxes
milled
.Metals produced, gross value
Marketing charges-.-
extra
an
regular quarterly dividend of 50c. per share on the common stock,
both payable Dec. 23 to holders of record Dec. 16.
This makes a total
of $2.25 to be distributed during 1940 as against $3.30 paid ill 1939.—
Operating revenues—
Operating expenses
Ltd.—Earnings—'
Earnings for Year Ended Sept. 30, 1940
ore
have
the
total
>
Mfg. Co., Ltd. -Year-End Dividend—
Loomis & Sayles Mutual Fund,
Company has authorized Christmas bonuses totaling $300,000 for regular
employees who do not participate in the regular profit-sharing plan, and
Extra dividend of 25 cents
Directors have declared a
dividend
of $1 per share on the common
stock, payable Dee. 27 to holders of record Dec. 20.
This compares with
$1 paid on Dee. 20, 1939; 50c. on Jan. 3. 1939, and $1 paid on Dec. 24.
1937, and on Juue SO, 1937.—V. 149, p. 4033.
Kroger Grocery & Baking Co.—Christmas Bonus—
who have been with the company for one year.
Albert H. Morrill, President, announced that
Inc.—Common Dividend —
Directors have declared a dividend of 25 cents per share on the common
stock, payable Dec. 27 to holders of record Dec. 20.
Regular quarterly
Lisk
would pay
Virginia—Year-End Dividend —
Directors have declared
common
Semi-Annually —
hereafter
that
dividends semi-annually instead of quarterly on the SI par common stock.
Dividerd usually declared at this time was therefore passed.
Regilar
La Luz Mines
3893
the old outstanding class B common stock, 200
for a total of $14,932,850.
■I
The Commercial & Financial Chronicle
3894
and 1,056,231 M common shares (S20 par) for a total of $21,124,630.
Capi¬
tal surplus remaining would be $4,847,520.
Preference shareholders would receive for each present share H share of
,
,
preferred and IK shares of new common.
As an alternative they
might elect to receive for each old share 2 M shares of new common.
Com¬
stockholders would receive K share of new common for each share
new
b Equal to 44 cents a
1,378,645 shares of capital
on
Minneapolis-Moline Power Implement Co. (& Subs.) —
of old.
Consolidated Income Account
provision for the uncertainties of the future, the committee
recommended that debentures bear call prices low enough to enable directors
to meet changing conditions which may require new financing, and that the
debentures—but not the preferred—be convertible into common.
The committee asserted that trustee's plan of Nov. 7 "is needlessly mis¬
make
leading, confusing and will prove difficult, if not impossible, of comprehen¬
sion by lay creditors and security holders."
Examples were given of ap¬
parent comparisons of earnings before taxes, with earnings after taxes and
depreciation, and the conclusion was reached that no layman could work
value of common stock from such figures.
The committee
objected to the plan's attempt to bind security holders to its con¬
out the present
also
share (par $10)
28, 1940
stock, excli ding 900 treasury shares,
c Equal to 69 cents a share (par
$10) on 1,375,145 shares of capital stock, excluding shares in treasury.—
V. 151, p. 3567.
mon
To
Dec.
struction of the law.
The committee
further objected to computing goodwill on the earnings
estimated; to the share in net assets (about 22%) given
present common stockholders by the trustee's plan; to the issuance
preferred stock to creditors and to the "unnecessary destruction of the
priorities and contractual rights of the -preference stockholders and the
failure of the trustee to evaluate such priorities and rights in determining
the compensable claims of the preference stockholders."
of two years, one
to the
of
S. D. Leidesdorf
Year End.
Year End.
Year End. 10 Albs. End.
'40
Oct. 31, '39
Oct. 31, '38
Oct. 31, '37
$16,367,628 $13,445,881 $14,630,933 $15,311,778
Oct. 31
Period—
Total
sales
(inch manuf. cost,
Cost
; :
12,749,653
13,364,703
12,752,271
$696,227
$1,266,230
$2,559,507
Int.
receivables
on
and
x452,563
176,988
177,996
164,018
$2,017,030
Miscellaneous charges._
8,694
406,614
Depreciation
Interest paid
60,221
$873,215
44,071
$1,444,227
49,312
431,825
45,336
$2,723,525
64,872
310,109
8,574
161,154
29,568
514,000
251,000
$727,032
641,550
$1,574,970
miscellaneous earnings
65,026
96,502
201,197
$1,165,736
$64,140
Prov. for decline in con¬
Net profit for year..
Preferred dividends paid
$0.74
(no par)
c$6.50
equipment..... 4,096,613
e
Accts. pay. & accr.
3,597,930
9,783,319
8,904,714
Fed.
85,172
101,584
72,131
83,481
d41,204
902,229
rec.
Inventories
and
income
of life ins. policy
41,280
depreciation
of
stock, payable Dec. 26 to holders of record Dec. 23. Dividends of 25 cents
was paid on Oct. 3, last; extra dividend of 12K cents in addition to regular
quarterly dividend of 12K cents per share was paid on July 3, last,—V. 151,
p. 2050.
68,219
134,176
133,297
2,550,926
$4,040,767
2,550,926
surplus..hi,316,197
in
149,218
18,692,285 17,342,667
Total
and
1940
$3,907,917
in
1939-
c Represented by 100,000 no par shares,
d Includes 1,300 shares of com¬
pany's own preferred stock at cost of $12,018.
e Par $1.
f Since Oct. 31,
1937.
g Includes miscellaneous reserve of $5,642 ($4,763 in 1939).
H After
deducting company's own preferred stock reacquired, 1,300 shares at cost
of $12,018.—V. 151, p. 3750.
Minnesota Power &
Prop, retire,
Amort,
of
Light Co.—Earnings—
1940—12 Mos.—1939
1940—Month—1939
Period End. Nov. 30—
$624,937
182,020
Operating revenues
Operating expenses
$618,344
166,627
106,636
75,000
116,245
54,167
res. approp.
$7,404,008
2,372,428
1,305,443
670,833
$6,647,787
1,871,122
1,140,711
591,667
limited-term
574
572
6,887
6,859
$271,931
$269,509
$3,048,417
$3,037,428
investments.
Net oper. revenues.__
Other income
53
619
1,322
1,454
Int. on mortgage bonds.
Other int. & deductions.
$271,984
133,850
5,989
$270,128
134,642
5,690
$3,049,739
1,608.944
Int. charged to constr..
Cr318
Cr206
72,766
Cr4,828
$3,038,882
1,619,218
69,884
Cr 1,672
$132,463
$130,002
$1,372,857
990,825
$1,351,452
990,830
$382,032
$360,622
Gross income
income..
Balance
j.
—V. 151, p.3245.
Mississippi Power & Light Co.—Earnings—
Period End. Nov. 30—
dividend of 17 K cents per share on the common
280,365
taxes...
liability
Capital surplus
18,692,285 17,342,667"
After
880,180
foreign
g Res. for casualty
f Earned
a
1,241,006
1,500,000
1,830,441
expenses
Notes pay. to bks.
Cash surrender val.
Deferred charges..
Investments
Total
$
11,000,000 11,000,000
Common stock..
700,000
700,000
86,388
1,187,135
2,976,801
84,158
used......
Notes & accts.
1939
■V
$
pref.
stock
3,990,813
Plant property not
Cash
extra dividend of 50 cents per share
Manning, Maxwell & Moore, Inc.—17y^-Cent Div.—
a
no par
Dividends applicable to pref. stocks for period
in addition
to the regular quarterly dividend of 50 cents per share on the common
stock, par $10, both payable Jan. 15 to holders of record Dec. 31.
Like
amounts were paid on Jan. 15,1940.—V. 151. n. 2355.
Directors have declared
Liabilities—
% "■
$
Prop., plant and
Net
an
fire loss.
1940
1939
1940
Assets—
a
staff assistants of 8. D. Leidesdorf & Co.
Mac Andrews & Forbes Co.—Extra Dividend—
$1.48
$0.12
Consolidated Balance Sheet Oct. 31
Direct taxes
Directors have declared
Nil
Includes $274,120 net profits and other insurance recovered on
x
though it nad already become apparent that, based on customary per diem
rates for accounting services, the
scope of the investigation would bring the
total cost to a considerably higher figure.
Disbursements for travel and
other expenses in the field alone aggregated $81,865, the petition states.—V.
151, P. 3749.
641,550
Earns, per share on 700,000 shs. common stock
1939 audits.
In making the various investigations and audits, 146,300 man-hours, or
20,000 man-days, were consumed by partners, seniors-in-charge and other
The petition recites that the firm
"considers itself reasonably entitled to the sum of $521,717 for personal
services and disbursements incurred"; but it explains that, in defererce to
the trustee's wish to keep reorganization expenses to a minimum, S. D.
Leidesdorf & Co. consented to limit their overall charges to $300,000 al¬
55,469
279,264
and foreign tax
Prov. for Fed. surtax
>%Mr. Wardall added that he expected the Court to act on this petition
before the end of the year. It was just two years ago this month that he was
countries.
443,311
Prov. for Federal & State
version value
appointed trustee. Last week a preliminary hearing was held on a plan of
reorganization for McKesson & Robbing.
In asking for authority to retain 8. D. Leidesdorf & Co. for the 1940
audit, Mr. Wardall states that the cost will not exceed $122,500. He points
out that this is $10,000 below the maximum fixed for the comparable work
in 1939.
He provides for an audit more comprehensive and detailed than
that in 1937 for which the drug company paid Price, Waterhouse & Co.
approximately $88,000. That audit preceded disclosure of the Coster-Musica
frauds and the payment for it was refunded in full as part of the settlement
made by the trustees with Price, Waterhouse & Co. in November.
The first comprehensive description of the accounting task involved in
determining the extent of those frauds, in identifying the participants and
in tracing recoverable assets, is given in a supplementary petition filed with
the Court by 8. D. Leidesdorf & Co. Mr. Wardall cites this petition as basis
for a Court order to pay that firm an additional $82,254 on account of its
request for a total of $300,000 to cover its professional services and out-ofpocket expenses in the initial comprehensive examination.
If this pay¬
ment is approved, there will remain $5,000 for which 8. D. Leidesdorf &
Co. will apply at a later hearing on final allowances.
The accountants' petition lists under nine separate headings the in¬
structions given to S. D. Leidesdorf & Co. in a series of court orders between
Dec. 9. 1938, and March 23, 1939.
Among these were instructions to
conduct two separate audits including preparation of balance sheets of each,
and a certified consolidated balance sheet of all of the parent company and
19 active subsidiaries as of the close of business on Dec. 7, 1938 and again
as of the close of business Dec. 31, 1938.
The audits necessitated exam¬
ination of the books and records of 75 branches in 36 States and four foreign
,
14,803,161
Profit from operations $1,564,467
& Co. to Audit Books—
Wardall, trustee has announced that he had distributed to
counsel for the several intervening committees copies of a petition which
he will submit to the U. 8. Court as basis for the request that he be per¬
mitted to employ the accounting firm of 8. D. Leidesdorf & Co. for a 1940
audit of the company's books, and that he further be permitted to make
additional payments on account to the Leidesdorf firm for its 1938 and
P William J.
v
.
admin., gen. and sales
expense)
1940—Month—1939
1940—12 Mos—1939
$7,669,614
$7,372,158
4,613,011
4.265,971
969,807
926,569
778,333
756,667
$728,877
417,145
126,115
65,000
$683,521
364,799
104,940
63,333
$120,617
$150,449
234
41
$1,308,463
6,114
$1,422,951
1,111
$120,851
66,667
9,793
$150,490
68,142
27,549
$1,314,577
801,475
114,008
$1,424,062
817,700
105,610
Net income
$44,391
$54,799
Divs. applic. to pref. stock for the period..
$399,094
403,608
$500,752
403,608
Operating revenues.
Operating expenses
_
_
_
_
Direct taxes
Prop, retire,
res. approp.
*
Other income.
Marchant Calculating Machine Co.—Bonus—
Company this year is adopting a new Christmas bonips plan by which all
and salaried employees are receiving extra compensation according
of service with the company, it was announced by Edgar B.
Jessup, President.
For the majority of employees the bonus amounts to 3% of their annual
pay, with increasing amounts up to 6% to those in the higher seniority
brackets.—V. 151, p. 3244.
.
wage
to their years
a
Balance....
Maritime
Telep. & Teleg. Co., Ltd.—Extra Dividend—
Directors have declared
dition to
extra
dividend of 10 cents per share in ad¬
the regular
quarterly dividend of 17 K cents per share on the
$10, both payable Jan. 15 to holders of record Dec. 20.
paid on Jan. 15, 1940 and extra of 2K cents was paid
Jan. 15, 1939 —V. 150, p. 999.
common
stock,
Like amounts
on
an
par
the firm
a
of Andrews
&
Petrillo, Inc.. of Long Island City, N.
daily from factory floors and separates them according to diameters, head
shapes, and shank lengths.
Operating at high speed, the machine sorts
the rivets in a fraction of the time required by the old hand operation.—
V. 151,, p. 3749.
Light & Power Co., Ltd.—Earnings—
(Canadian Currency)
Period End. Oct. 31—
earns,
1940—Month—1939
$773,397
$711,978
638,501
530,269
from oper_.
Oper. exps. and deprec.
-MtTosr----
$6,729,449
5,294,999
$6,084,479
5,024,138
$181,709
$1,434,450
$1,060,341
$134'896
1940—10 Mos.—1939
Millers Falls Co.—Common Dividend—
Directors have declared a divid3nd of 50 cents per share on the common
stock, no par value, payable Dec. 31 to holders of record Dec. 20. Dividend
of like amount was paid on Dec. 30, 1939.—V. 149, p. 4035.
Mission
9 Mos. End.
Corp.- -Earnings—
Sept. 30—
Net profit
a
f
1940
.
c$955,799
1939
b$615,469
1938
£r°fits-
x
The above profit is the
1937
z$934,346 x$2,336,088
After all charges but before Federal income and surtax
on
undistributed
rest It of dividends in the amount of
$1,209,743 received by the corporation on its investment in Tide Water
Associated Oil Co. and Skelly Oil Co. common stock and $1,239,234 repre¬
excess of amount received from the sale of 250,000 shares of Tide
Water Associated Oil Co. over the value at which such shares were carried
the books, less operating expenses and taxes totaling $112 889
z After
senting
on
deducting $8,198 loss
on
sale of investments.
and
5%
bonds,
according
to
Jan. 1 interest on its 4,
S. Sloan, President.
The
$1,400,000.—V. 151, p. 3245.
Matthew
payments will amount to slightly more than
Y., will
manufacture and market the Martin rivet sorter.
Production on the ma¬
chines will start shortly.
The rivet sorter is a device which takes the accumulation of rivets
swept
Gross
Missouri-Kansas-Texas RR.—To Pay Bond Interest—
The road has funds in the bank for payment of
4K
license agreement with the Glenn L. Martin Co. of Baltimore,
Mexican
$97,144
were
(Glenn L.) Martin Co.—License Agreement—
Under
def$4,514
a Dividends
accumulated and unpaid to Nov. 30, 1940, amounted to
$454,059. Latest dividend, amounting to $2 a share on $6 preferred stock,
was paid on Nov. 1, 1940.
Dividends on this stoctc are cumulative.—V. 151,
p.3750.
Monsanto Chemical Co.—Pension Plan —
A
formal
plan which will enable employees of this company to retire
dependable and comfortable pension when the reach the age of 60
of women and 65 in the case of men, was approved on Dec. 20
by stockholders.
The amount of the pension when combined with govern¬
mental pensions will approach 50% of average earnings for employees of
long service earning less than $3,000 a year.
Employees receiving less than $250 a month participate in the benefits
of the plan without cost, and those receiving more than $250 a month
will nave an opportunity to retire on a pension commensurate with their
earnings upon payment into the plan of 4K% of their earnings above
$3,000 a year.
All eligible employees, both men and women, of Monsanto's
domestic plants, offices and subsidiaries are included under the plan.
"The pension is designed to give every eligible Monsanto employee an
adequate income at retirement age," Edgar M. Queeny, President of
Monsanto, said.
"It will supplement pension benefits from the Federal
Social Security Act and other governmental sources to bring the total
retirement income of employees up to levels considered adequate by the
company.
To insure that this aim is carried out, the plan provides for an
increase in company pensions should existing Government old age benefits
•with
a
in the
be
case
decreased
or
eliminated
for
any
reason.
Likewise, should there
be
increase in Government pensions, the company pension will be decreased
accordingly."
To qualify for the company pension, employees must have 10 or more
years of service with the company by the time they retire.
The normal
retirement age, at which an employee may retire on the full pension, is
65 for men and 60 for women.
Special provisions are made for earlier
an
retirement
p.
under
certain
circumstances
at
a
reduced pension.—Y.
151,
3245.
Montgomery Ward & Co., Inc.—New Official—
Company announced that Howard W. Jordan, Vice-President in charge
in Chicago the newly created position
T. Eaton, with the company many
of the New York office, will assume
of Merchandise Comptroller.
H.
Volume
will take over the responsibilities
New York.—V. 151, p. 3402.
years,
formerly under Mr. Jordan
in
$166,691
58,513
60,806
2,090,108
869,840
847,725
$204,323
94,539
95,056
1,568,321
544,835
614,762
1,818,656
$160,308
2,333,436
1,011,265
1,000,620
$209,803
98,577
Gross from railway
103,484
32,069
52,526
From Jan. 1—
,
Gross
from
railway
Net from railway
Net ry. oper. income
—V. 151, p. 3095.
746,608
791.390
Dividend—*
Mountain States Power Co.—Common
Reduced —
reduction in board of
the present directors.
Two
caused by deaths during the year were not filled.—V. 151, p. 3245
Murray Corp. of America —-Directorate
their annual meeting approved
Fund—Year-End Dividend—
Mutual Investment
dividend of 25 cents per share on
Directors have declared a year-end
15 to holders of
quarterly dividend of 10 cents was paid on Oct.
common
stock, payable Jan.
the
record Dec. 31.
Regular
15, last.—V. 151, p. 2357.
H
Mfg. profit after deducting cost/ of sdilos incl
* v .
mat'l,labor&mfg.exp $2,208,947
1
$1,802,430
813,354
$2,133,711
792,073
$1,271,734
$1,067,089
$989,076
14,153
21,687
81,009
$1,341,639
28,809
Totalincome—$1,285,887
Deprec. & other charges.
88,549
Other charges_
10,711
$1,088,776
102,356
$1,070,085
95,795
$1,370,448
Operating profit
-
Prov. for Federal taxes.
87,253
215,500
_
*186",0281
yl51,983
1199,500
\ 20,500
profits
$971,128
$800,392
Common dividends
800,000
700,000
$822,308
700,000
$1,063,195
900,000
Balance, surplus
$171,128
$100,392
$122,308
$163,195
Net profit....—...
Earns, per sh. on 200,000
shs. com. stk. (no par)
Includes
x
$4.85
additional
$4.00
$4.11
$5.32
amounting to $1,028.
and a deduction of $1,017 over-
for prior years net
taxes
y"$10,000 surtax on undistributed profit
provision for prior years.
Balance Sheet Oct. 31
U.
Govt,
and
marketable sees.
205,406
541,816
1,217,279
payable..
29,096
1,079,725
Mdse. inventory.,
State
516,463
Mlscell. assets
Deferred assets
225,305
259,218
Common stock..
1,000,000
3,006,546
11,315
Represented by 200,000 no par shares, y Less allowance
and $995,143 in 1939. z Includes
151, p. 1902.
for deprecia¬
payroll.—V.
Nash-Kelvinator Corp .—-Refrigerator Prices Cut—
Di\ision of Nash-Kelvinator Corp. on Dec. 17 announced
price reductions on some of its 1941 mode] household electric refrigerators.
While actual prices will be released later, reductions amount to as much
as $30,
Frankl3R. Pierce, General Sales Manager, told members of the
Kelvinator distributing organization.
This, he pointed out, follows price
cuts of from $30 to $60 effected last January.
While the base for the lowest-priced of a half dozen six-foot 1941 re¬
frigerators is $119.95, or $5 more than currently, capacity and equipment
of the unit has been increased.
Virtually all other models show reductions.
Kelvinator
'..-V;1-.
■
Nashville Chattanooga & St.
Louis Ry.-j-Earnings—
1040
1939
1938
1937
$1,434,294
368,838
223,760
$1,232,180
$1,179,704
$1,087,426
183,930
101,250
170,342
56,884
27,786
def59,838
14,080,033
2,915,401
1,705,494
13,627,144
3,062,965
1,922,299
12,476,335
2,599,824
1,492,524
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway——
Net from railway
Net ry. oper. income
—V. 151, p.3246.
&
of prircipal
account
have
indicated:
of
B series
■
C series
D series
—
Empire Bond—A
series
C series.—— ———-w—:
Federal Home—A series..—
D series
.
D series
Mortgage—C series
Instalment Mortgage
D series
Meline—B series
D series
Mortgage
— _—
—
AB series
—
—
AE series
—>•
<
AF series..,..—
—
AG series
Mortgage Security—B series. .
B Ung. series
BB series..,...,..—
rights of present stockholders.
Offering to Stockholders—Company is offering to the holders of outstand¬
ing shares of common stock of record Dec. 19, rights to subscribe for the
35,965 additional shares of stock, at the rate of one additional share for
each five shares of stock held, at $28 per share.
Such rights will expire
on Jan. 2.
Fractional warrants will be exercisable only in combinations call¬
Whether any person will receive
the shares of common stock to be
the number of shares of common
stock held by such person on such record date.
Based upon the number of
shares of stock held of record on Dec. 2, 1940, the only stockholders entitled
to receive warrants to subscribe to more than 5% of the total amount of
shares of stock to be offered and the respective number of shares to which
they are entitled to subscribe are:
Charles P. Gulick, East Orange, N. J.,
4,053 4-5 shares; Louis W. Schoon, Holland, Mich., 2,912 shares; and
G. Daniel Davis, South Orange, N. Y., 1,850 shares.
Application of Proceeds—The aggregate net proceeds (after deducting
estimated expenses of $46,796) to be received by the company from the
sale of $1,500,000 sinking fund debentures, and 35,965 shares of common
stock estimated at a minimum of $2,329,873 and a maximum of $2,392,768,
exclusive of accrued interest, will be applied as follows:
ing for one or more full shares of stock.
warrants to subscribe to more than 5% of
offered to stockholders will depend upon
Security—D series —
E series
Mich series
CTA series
...
KY-2 series....
Union Mortgage
To prepayment on or
(a)
about Dec. 20, at the face amount
thereof, plus premiums aggregating $8,475, of
notes due Chase National Bank, New York
To the repayment
(b)
the amount of_
8%
5%
5%
6%
5%
8%
4%
9%
4%
3%
5%
Previously
Distributed
791
.
F series
....
h
of current borrowings from banks
v
$1,208,475
in
150,000
$1,358,475
The balance of such net proceeds amounting to approximately $971,398
(based upon the calculation of minimum net proceeds) will be added to the
general corporate funds of the company.
Of this amount, approximately
$250,000 will be applied to the payment of letters of credit issued for
merchandise purchased, maturing during the first three months of 1941.
No specific allocation of the balance can be made at this time, but the
company expects, if in its opinion business conditions warrant, to use
(i) approximately $350,000 for additions to and expansions of the company's
plant and facilities at Harrison, N. J., (ii) approximately $150,000 for new
buildings and equipment to be located on the Pacific Coast which would
replace plants in that area at present held under lease, and (iii) approxi¬
mately $150,000 for new buildings and equipment at the Cedartown plant.
The aggregate net cash proceeds from the issue of the promissory notes
to be prepaid as stated above were used (together with other funds of the
company) to redeem on June 1, 1940 the company's 15 year convertible
4% debentures, due June 1, 1952, outstanding in the aggregate principal
amount of $822,500, at 104 plus int., and to pay and discharge on May 31,
1940, notes payable to banks aggregating $400,000.
Capitalization Giving Effect to Present Financing
— — — -
-vv.--A iithftrfppif '•
Sinking fund debentures,
Common stock
3M% due 1955——.
(par $4)
•
fliitAtnm fflfi
~'u-
$1,500,000
$1,500,000
300,000 shs. *215,790shs.
*
Excluding four shares held in the treasury of the company.
At Sept. 30, 1940, the company had authorized and outstanding
200,000 promissory notes, 2H%, $120,000 principal amount
May 31 from 1941 to 1945, inclusive, and $600,000 principal
May 31, 1946.
.
■%;:>
Summary of Earnings
$1,due each
amount due
.
1937
returns
$6,677,742
and allowances
Total
Distributed
4,549,825
goods sold
Selling,
1938
1939
12 Mos. End.
Sept. 30, '40
gen.
and adm.
$6,111,985
4,112,211
$7,728,599
5,158,258
$8,296,836
5,626,319
1,459,399
1,285,725
doubtful accts.
9,621
9,864
1,348,494
6,310
1,375,547
8,397
Profit from operationsi
to Date
$658,895
$704,183
33,938
$1,215,535
38,296
$1,286,572
35,994
$694,890
81,893
$738,122
216,514
$1,253,832
317,428
$1,318,856
312,336
67,715
107,032
24,335
95,401
76,608
68,608
159,394
206,592
$438,248
$401,871
$700,401
$731,318
Prov. for
77%
S
Other income.——.
83%
84%
Total income
a
111
Income
Prov.
70%
83%
87%
87%
c
HI
Net profit
66%
98%
Includes
$13 704
representing a provision for excess
for the nine months
sidiary of the company
t0The^rovlsion8for Federal
1
1940 is based, as to the last
effect, and as to the nine
iri
profits tax applicable to a sub¬
ended Sept. 30, 1940, adjusted
income taxes for the 12 months ended Sept. 30,
three months of 1939 on income tax rates then
months ended Sept. 30, 1940, on
the tax rates
provided in the first and second revenue Acts of 1940.
for depreciation in the following amounts:
1937,
$81,612; 1938, $95,751; 1939, $104,497 and 12 months ended Sept. 30,1940,
now
c
4
—
32,284
$129,692 in 1938, $194,890 in 1939 and $175,618 for the 12
months ended Sept. 30, 1940 representing expenditures for research and
development.
Similar expenditures in 1937 in the amount of approxi¬
mately $112,000 were distributed over cost of goods sold and selling,
general and administrative expenses.
b Included in this provision for the year 1937 was $18,612 representing
undistributed profits surtaxes for the company and its subsidiaries.
Included in this provision for the 12 months ended Sept. 30, 1940 was
lit
Iff
deductions—
executive in¬
b Prov. for Fed. inc. tax
a
84%
89%
83%
82%
for
centive plan.
100%
83%
86%
81%
81%
3%
.
—
Total
the
4%
6%
3%
5%
5%
the promissory
($600,000) and
Illinois National Bank &
———
Gross sales, less
on
3%
C series
Mortgage
4%
3%
5%
Guarantee—A series..
AC series
4%
6%
3%
Bond—E series.
F series
Mortgage
9%
4%
4%
5%
4%
4%
5%
7%
8%
8%
Guaranty Title C series
Home Bond A series
Investors
associates also offered 35,965 shares
subject to the prior subscription
stock (par $4)
,
authorized
62%
81%
15%
Alabama, B series
Amortization Mortgage—A series.
Central Funding—A series
>
common
—
Amount
Authorized
-
&
Co., Inc.
Cost of
Amount
Series—
been
Sold—Jackson
Co.—Bonds
-Years Ended Dec. 31
National Bondholders Corp.- -Distributions
on
Oil- Products
distributed.—V. 150, p. 1287.
following series at the rates
©
<
as
Jackson & Curtis and
National Bearing Metals Corp.—50-Cent Dividend—
dividend of 50 cents per share on the common
stock, payable Dec. 19 to holders of record Dec. 17.
Dividends of 25 cents
were paid on June 1 and March 1, last, and 50 cents was paid on Dec. 6,
1939, this latter being the first dividend paid since Dec. 31, 1937, when
Distributions
'
ing fund 3 l/i % debentures of the company.
Associated with
Jackson & Curtis were Schwabacher & Co. and Stern,Wampler
Directors have declared a
75 cents per share was
Gypsum
Privately—
The preferred stockholders have approved the sale of $6,000,000 3%
15-year sinking fund debentures to a group of insurance companies.
Pro¬
ceeds will be used to refund $4,805,000 of
debentures and to supple¬
ment working capital.
The entire financial arrangements including the
refunding of bonds will be completed before Jan. 1, President Melvin H.
Baker said.-^-V. 151, p. 3403.
13,288,937
1,791,120
913,822
November—
Gross from railway
Co.—Debenture Issue Approved—To
National
Be Placed
$4,570,889 $4,336,779
Total
x
—V. 151, p. 375C.
and
promissory notes due Continental
Trust Co. of Chicago ($600,00)
46,016
tion of $1,080,803 in 1940
:
sale
promissory note in the face amount of $280,000 and the issuance
pledge under the note of its 5% 1st lien coll. trust 20-year bonds,
series A, due Aug. 1, 1953, in the principal amount of $280,000.—Y. 151,
p. 3750.
-r
'J,H
Vcollateral
1,000,000
3,177,674
.$4,570,889 $4,336,7791
Total.
inc.,
local
conting.
Profit & loss surp.
923,753
875,770
12,198
42,810
and
taxes &
x
Real est., mach'y
and equipment.
$84,887
20,041
$104,902
Accts.
Res. for Fed.
205,406
Notes & accts. rec.
y
1939
1940
Liabilities—
Customers credits.
z
$1,675,611 $1,554,102
...
S.
1939
1940
Assets—
Cash
and
—Application Withdrawn
Commission has issued an order permitting
declaration (File 70-176) of corporation regarding the
to Boatmen's National Bank, St. Louis, of a 2}4%
head of the underwriting group, announces that
the books have been closed on the offering of $1,500,000 sink¬
$1,924,762
857,672
Other in come.
of the
National
937,213
Adm. sell. & gen. exp.__
undist.
National Gas & Electric Corp.
Curtis,
1937
1938
1939
1940
Years End. Oct. 31—
on
regular
•'
(F. E.) Myers & Bro. Co.—Earnings—
Surtax
of 50 cents per share in addi¬
quarterly dividend of like amount on the common
stock, both payable Dec. 24 to holders of record Dec. 14.
Similar pay¬
ments were made on Dec. 23, 1939.—V. 150, p. 845.
'•
»
''Y;\
the
to
issuance
share on the common
Like amount was paid
and an initial dividehd
directors from 11 to 9 members, and reelected
vacancies
certificate
books will
beginning Jan. 1, 1941.—
Corp.—Extra Dividend—
National Discount
The Securities and Exchange
Directors have declared a dividend of 37 H cents per
at
period not exceeding 14 days
a
Directors have declared an extra dividend
tion
withdrawal
stock, payable Jan. 20 to holders of record Dec. 31.
on Oct. 21, last, 25 cents was paid on July 20, last,
of $1 was paid on April 25 last.—Y. 151, p. 1902.
Stockholders
for
V. 150, p. 3366.
1937
1938
1939
1940
Net from railway
Net ry. oper. income...
Distributions are payable on or before Jan. 15 to participation
holders of record as of the close of business Dec. 31.
Transfer
be closed
Montour RR.—Earnings—
November—
3895
Chronicle
The Commercial dr Financial
151
in effect as
After
provision
$123,647.
I
Business—Company was incorp. April 12,1912 in New Jersey.
and subsidiaries is essentially a chemical business.
The more important products processed, manufactured and sold are (1)
chemical products used chiefly for industrial purposes and (2) vitamin
products and vitamin concentrates.
The industrial chemical products
History and
Business of company
3896
include
The Commercial & Financial Chronicle
(a) products produced by the sulphonation, esterification, oxida¬
tion
kwh.,
and other treatments of oils and
fats, (b) water-insoluble metallic
such as the stearates, plamitatea and oleates of zinc, calcium and
aluminum, and (c) water-soluble soaps.
The industrial chemical products
constituted approximately 48% of the 1939 consolidated sales volume of
the
company and its subsidiaries.
The vitamin
products and concentrates
consist of certain products for use in
poultry and animal husbandry and
other products for use in pharmaceutical
preparations and foods, and as a
group constituted approximately 44% of toe 1939 consolidated sales volume
of the company and its subsidiaries.
The balance of such 1939 sales volume
was comprised of gales of oil
shampoos and cosmetic creams and miscellan¬
eous jobbing sales of other products.
The foreign sales of the company and
its subsidiaries are
negligible.
The greater part of the total business of the
company and its subsidiaries
is done by the company and
Metasap Chemical Co., a wholly owned sub¬
sidiary,
The 1939 net sales of the company and Metasap Chemical Co.
comprised about 92% of the consolidated net sales of the company and its
week
soaps,
subsidiaries for that year.
In addition to
Metasap Chemical Co. (N. J.), company has the following
active subsidiaries:
The Vitab Corp. (Calif.), Brown-Jeklin & Co. (Wash.)
Galen Co., Inc. (Calif.), and
Nopco Chemical Co. (N. J.).
Metasap
Chemical Co. manufactures and markets water-insoluble metallic
soaps.
The Vitab Corp. produces vitamin B products.
Galen Co., Inc. is also
engaged in the preparation and sale of vitamin products and concentrates.
Brown-Jeklin & Co. is a sales company maintaining offices in Seattle.
Wash., and Portland, Ore.
Nopco Chemical Co., which was organized
July 16, 1938, for manufacturing purposes, is still in a developmental
stage.
Admiracion Laboratories, Inc. owns the trademark "Admiracion"
a
Dec.
28,
1940
8.38%, above production of 10,029,848 kwh. for the corresponding
or
year ago.
Gas output is reported at 117,238,0G0 cubic,
feet, an increase of 18,246,000 cubic feet, or 18.43%, above production of 98,992,000 cubic
feet
in the
corresponding week
a year
ago.—V. 151, p. 3751.
Nevada-California Electric Corp. (&
Subs.)—Earnings
Period End. Nov. 30—
Operating
1940—Month—1939
$388,390
$380,739
14,691
21,871
138,411
160,669
64,216
44,165
51,425
47,599
Net oper. revenues...
Otherincome
Gross income.
Interest
$1,864,053
37,174
$1,805,598
18,315
$107,787
112,755
$1,901,228
1,320.244
$1,823,913
1,356,981
6,803
1,444
$9,813
Depreciation
$106,434
1,352
6,581
1,270
Taxes...
$5,402,260
258,010
2,193,019
556,886
$122,490
104,827
Other operating expenses
$5,214,805
200,517
1,946,067
598,590
605,578
$119,647
2,843
revenues
Maintenance
x$12,916
Amortization of debt dis¬
count and expenses—
Miscellaneous deductions
Net income
Profit
1940—12 Mos.—1939
;
80,460
13,483
81,766
13,240
$487,041
$371,925
on
retirement of
bonds and debs. (net).
on
Other
and its only income is a fixed annual
royalty of $7,500 from the company
for use of that trademark.
The
misc.
debits
588,748
14,392
9,301
D/18.593
Dr46,376
and
credits to surplus (net)
Crl,710
Dr4,757
remaining two subsidiaries, Frozen Sun¬
shine, Inc. and Vitex Laboratories, Inc.
are
inactive.
y
Debentures—Dated Dec. 1 1940, due Dec. 1, 1955, Chase National Bank.
New York, trustee.
Principal and interest (J. & D.) payable at principal
trust office of the trustee, New York, in such coin or
currency of the United
States as at the time of payment is
legal tender for the payment of public
and private debts.
Indenture will covenant to pay to the trustee on or before June 1 in each
of the years 1941 to 1955, inclusive, a sum
equal to (a) $50,000 or (b) 12% %
of the consolidated net income of the
company and its consolidated subsubsidiaries for the 12 months period ended on the next
preceding Dec. 31,
whichever is greater, but no such annual
sinking fund payment shall exceed
At its request, the company may be
credited, on account of
any such payment, with debentures theretofore redeemed otherwise than
through operation of the sinking fund, such debentures to be taken at the
$100,000.
redemption price (not including accrued interest) at which debenures might
be redeemed through operation of the
sinking fund on the Sept. 1 next
succeeding the June 1 on or before which such request is made.
Sinking fund moneys are to be applied by the trustee to the purchase
(including purchase from the company) of debentures, at not exceeding the
price (including accrued interest) at which debentures
might be redeemed
through operation of the sinking fund on the then next
succeeding Sept. 1.
Subject to certain limitations moneys remaining in the
sinking fund on
Aug. 1 of any year (except 1955) are to be applied by the trustee to the
redemption of debentures on the next succeeding Sept. 1 at the
price pro¬
vided for redemptions
through operation of the sinking fund.
Debentures will be subject to
redemption, at company's option, as a
whole, or from time to time in part, in principal amounts of $150,OCO or
more, on any date prior to maturity at
following redemption prices, together
with accrued interest to the
redemption date: At 104% if red. on or before
Dec. 1, 1941; at
103%% if red. after Dec. 1, 1941 but on or before Dec. 1,
1942; at 103% If red. after Dec. 1, 1942 but on or before
Dec. 1, 1943:
at
102%% if red. after Dec. 1, 1943 but on or before Dec. 1, 1944; and
declining %% for each year thereafter to 100%% if red. after Dec. 1, 1953
but on or before Dec. 1, 1954 and at
100% if red. after Dec. 1,1954.
Irrespective of redemption of debentures at the option of the
company as
above stated, the debentures will be
subject to redemption through opera¬
tion of the sinking fund at the
following redemption prices together with
the redemption date:
At 102% % if red. on Sept. 1,
Sept. 1, 1942; at 102% if red. on Sept. 1, 1943, or Sept. 1, 1944;
^% if red. on Sept. 1, 1945 or Sept. 1, 1946: at 101%% if red. on
;. 1,
Sept. j., 1947; at 101% if red. on Sept. 1,1948;at
xut'/A
100%% if red. on Sept. 1,
1949; at 100 %% if red. on Sept. 1, 1950;at 100
\% if red. on Sept. 1, 1951;
at 100%% if red. on
Sept. 1, 1952; at 100%%
red. on Sept. 1, 1953, and
at 100% % thereof if red. on
Sept. 1, 1954.
Principal Underwriters—The names of the principal underwriters of the
$1,500,000 debentures, and of the 35,965 shares of
capital stock, and the
respective principal amount of debentures and the maximum number of
1941
New
.
Debentures
Schwabacher & Co
Stern, Wampler & Co., inc
White, Weld & Co
Brush, Slocumb & Co
Singer, Deane & Scribner
Ball, Coons & Co
Herbert W. Schaefer & Co
...
I
_L
Sundry receivables
Accounts and note receivable
Galen Co., Inc
on
rec.
purchases
Invests, in secur. of affiliates
Net fixed assets
formulae,
and
rec.
shs.
shs.
shs.
shs.
Total gross
earnings..$43,301,796 $41,711,599 $58,475,658 $55,703,538
17,147,843
15,296,616
22,897,921
20,000,215
2,556,625
2,516,703
3,491,857
3,645,185
Depreciation..
3,915,114
3,801,387
5,287.276
5.118,328
Federal, State & muni¬
cipal taxes
a8,199,717
7,671,257 al0,663,818
9,752,253
Operating costs
Maintenance
......
Consol. balance before
due more than
1,480,312
b Amortization
Letters of credit payable
Vouchers payable
318,896
Accounts
receivable
balances..
Accrued
for
17,132
taxes,
interest
executive
397,357
58,133
66,515
2,951,413
746,691
55,432
2,886,850
812,020
104,675
3,913,508
1,060,458
86.250
3,849,198
1,137,457
Consol. balance before
dividends
$2,583,027
dividends
2,983,138
$3,482,950
2,651,684
$4,195,818
3,977,518
$5,181,828
3,314,609
Consolidated balance_def$400,112
$831,266
$218,300
Other interest expense..
Other
charges
against
income..
Pref. divs. of sub. cos—
Minority interest....._
Preferred
a
No provision is included in tax expense for Federal
Federal
ex¬
84,918
44,000
income
tax
payable
for 1939
Reserve
for
39,612
Federal
surplus
Total...
13,633
...
Real estate assessment
pay..
Reserve for contingencies...
$5,137,973
1,080,000
3,374
100,000
719,316
501,076
1,560,644
New Haven Water Co.—New Director
a
Corp.—Collateral Deposited—
The New York Stock
Exchange has been advised that this corporation
deposited with the City Bank Farmers Trust Co.
199,000 shares of
capital stock of Great Lakes Steel
Corp., without par value, as additional
collateral under the
mortgage trust indenture of National Steel
Corp. bonds
dated April 1, 1931.—V.
has
151, p. 2948.
Confectionery Co.—Extra Dividend—
Directors have declared an extra dividend of
$2.50 per share in addition
to a quarterly dividend of
$1.50 on the common stock, both payable Dec.
27
to holders of record Dec.
20.
Regular quarterly dividend of $1.50 was
last paid on March
29, 1940.
Extra of $1.50 was paid on Dec.
27, 1939.
President Ridley announced that bonuses to
employees will be paid on
following basis:
To those who have been m
employ of the company for
one year or
longer, an amount equal to 2% weeks' salary; less than a
year
but not more than six
months, 1 % weeks' salary and to all other employees
a gift of $10.—V.
150, p. 133.
England Gas & Electric Association—Output—
For the week ended Dec. 20 New
England Gas & Electric Association
tports electric output of 10,870,100 kwh.
This is an increase of 840,252
—
Company announced on Dec. 18 that C. Raymond Brock has been elected
director to succeed the late George D. Watrous.—V. 150,
p. 3668.
New Orleans Public Service
Period EndMov. 30—
Operating
Operating
Inc.—Earnings-
1940—Month—1939
$1,667,956
expenses
741,564
Directtaxes..
329,171
Prop, retire, res. approp.
196,610
revenues
1940—12 Mos.—1939
$1,651,101 $20,434,326 $18,939,844
781,677
9,044,074
8,845,094
276,091
3,847,838
3,366,123
196,222
2,469.337
2,221,227
$400,611
$397,111
$5,073,077
Other income (net)
167
151
2,718
Gross income...
$400,778
178,879
19,969
$397,262
187,786
19,958
$5,075,795
2,189,974
256,462
$4,509,556
2,294,623
254,862
Cr6,669
Net income
$201,930
$189,518
Divs. applic. to pref. stock for the period
$2,629,359
544,586
$1,966,740
544,586
$2,084,773
$1,422,154
$4,507,400
2,156
Int. on mtge. bonds....
Other int. & deductions.
Int.
chgd. to construct'n
....
—V.,151.
-
P.
3751.
New York Auction
Co., Inc .—To Pay 15-Cent Div.
—
Directors have declared a dividend of 15 cents per share on the common
stock, payable Dec. 31 to holders of record Dec. 20.
Dividend of 25 cents
was paid on Oct. 15, last, and one of 15 cents was
paid on Dec. 27, 1937.
—V. 151, p. 2052.
New York Central RR.—New
Official —
Appointment of L. W. Horning as assistant to John J. Walter, VicePresident of Personnel, was announced on Dec. 18.—V. 15i,
p. 3569.
Chicago & St. Louis RR.—Earnings —
November—
1940
Gross from
railway
railway
oper. income.
Net from
Net ry.
From Jan. 1—
Gross from railway
.
_.
Net from railway......
Net ry. oper. income...
1939
1938
1937
$4,143,595
1.538,071
932,983
$3,988,119
1,464,153
869,691
$3,344,213
1,097,816
717,168
$3,016,276
42,107,021
13,649,754
7,431,414
39,110,640
13,080,375
7,453,678
32,966,588
9,166,421
4,306,437
38,823,502
12,610,171
7.479,137
717,207
368,275
$5,137,973
Directors have declared a dividend of 50
cents per share on the common
stock, payable Jan. 20 to holders of record Jan. 16. Like
amount was paid
on Dec.
16, last and compares with 35 cents paid on
Sept. 26 last; 25 cents
on June 28 and March
26 last; $1 paid on Dec. 18, 1939; 25 cents
paid on
Sept. 29, June 30 and March 31, 1939; 30 cents
paid on Dec. 22, 1938. and
20 cents paid on Sept. 30, June 30
and April 15, 1938.
See V. 146, p. 2053,
for detailed record of
previous dividend payments.—V. 151,
p. 3750.
New England
be made
b Of debt discounts and expenses
(after deducting amortization of premiums).—V. 151, p. 3751.
—V. 151, p. 3751.
Common Dividend'—
National Steel
can not
except at the end of the calendar year,
New York
158,698
income
Funded debt
1,225
2,375
$1,867,219
profits tax,
income
1940
Deferred
excess
if any, applicable to the 1940 period as such determination
incen¬
tive plan
Earned
Total....
125,772
credit
sundry
penses and
$16,134,786 $17,187,558
6,236,618
6,324,050
524,508
525,580
99,200
83,195
392,367
69,005
Balance
$370,000
and excess profits taxes for
one
receivables...
payable to
Capital stock (par $4)
Paid-in surplus.
New
.
capital charges
$11,482,498 $12,425,636
Interest on funded debt.
4,673,480
4,732,892
shs.
shs.
banks
42,692
47,864
36,964
year
Miscellaneous
Notes
trade¬
goodwill
Prepaid expenses &c.
Notes
10,000
3,500
3,500
2,000
1,500
1,000
Sept. 30, 1940
Reserve
11,500
57,569
_
marks
42,571
one
investments..
Patents,
$454,176
513,161
2,392,544
19,962
35.058
due less than
year
Other
Stock
Liabllities-
(net)
Inventories
Notes
1940—9 Mos.—1939
1940—12 Mos.—1939
$42,123,846 $40,654,913 $56,905,270 $54,272,991
1,177,950
1,056,685
1,570,387
1,430,547
13 500 shs.
965 shs.
as at
Assets—
Cash
Advances
$750,000
600,000
150.000
„
Balance Sheet
acc. rec.
England Power Association (& Subs.)—Earnings
Period End. Sept. 30—
Net oper. revenues...
Underwriter—
Jackson & Curtis
Notes and
$11,522
x$17,672
$482,840
$334,850
Available for redemption of bonds, dividends, &c.'—V. 151,
Gross oper. revenue
Otherincome
or
shares of unsubscribed stock which
they have severally agreed to purchase,
are as follows:
y
3404.
accrued interest to
at 101
Earned surplus
xLoss.
p.
New York Ontario & Western
November—
1940
Gross from
railway.
Net from railway
Ry.—Earnings —
1939
19,38
1937
$419,598
4,543
def43,655
Net from railway.
$488,137
$482,956
7,592
def95,783
def48,864
5,024,115
Net ry. oper. income
From Jan. 1—
Gross from railway
$373,818
def,37,310
def80,888
5,587,495
468,419
def473,013
5,864.420
6,017,199
358,412
def618.572
659,263
defl57,938
16^,180
Net ry. oper. income...
def679,758
877
—V. 151, p. 3247.
New York New Haven & Hartford
Period End. Nov. 30—
Total oper. revenue....
a Net
ry. oper. iDcome
Income available for
fixed charges..
b Net after charges
a
The leases
of the
RR.—Earnings—
1940—Month—1939
1940—11 Mos.—1939
$7,509,788
$7,351,451 $77,512,919 $76,014,653
1,314,825
1,113,761
7,732,212
7,222,566
1,548,263
c441,837
1,312,353
9,590,546
9,172,686
cl91,225 xc2,686,977 xc3.224.426
following companies
were
rejected
on
dates stated
below, but
net railway operating income includes the results of operations
of these properties: Old ColoDy RR., June 2,
1936; Hartford k Connecticut
Western RR., July 31, 1936; Providence Warren & Bristol
RR., Feb. 11,
1937; Boston & Providence RR. Corp., July 19, 1938.
b Effective as of these dates, no
charges for the stated leased rentals are
Included covering the Old Colony RR., Hartford & Connecticut Western
RR., Providence Warren & Bristol RR. and Boston & Providence RR.
Corp. leases.
c For the
purpose of showing the complete account for the operated sys¬
tem, includes charges for accrued and unpaid real estate taxes on Old Colony
and Boston & Providence properties, accrued and.urpaid
charges against
Volume
The Commercial &
151
for Boston Terminal Co. taxes, and bond interest
1939.
''
■
said properties
North & Judd Mfg. Co .—Extra
unpaid
Directors have declared
subsequent to July 31,
Deficit.'
x
/
Harry L. Filer was on Dec. 19 promoted from Assistant General Counsel
General Solicitor of the railroad.
He succeeds the late Norman S.
Buckingham.—V. 151, p. 3404.
New York & Richmond Gas
It
was
Northeast
New
Co.—Capital Readjustment
Plan Consummated—Initial Dividend on New Prej erred
Stock —
addi¬
of shares of old 6% cum.
Notice of con¬
Sale in
kk//';k''.
has approved
$1).—V. 151,
kkkU
3405.
p.
announced Dec. 23 that the plan of capital adjustment was con¬
of new 6% cum.
pref. stock which had been tendered for such exchange.
Inc.—Stock Approved for
Airlines,
Hampshire—
The Insurance Department of the State of New Hampshire
for sale in that State of 128,892 shares of common stock (par
Northern
summated on Dec. 20 with the issuance of 13,139 shares
prior pref. stock in exchange for a like number
Dividend-
dividend of 50 cents per share in
share on the common
stock, both payable Dec. 28 to holders of record Dec. 19.
See also V. 150,
p. 3982 for record of previous dividend payments.—V. 151, P. 1581.
X'-}/;
ff'ff :<';/■
■
an extra
tion to the regular quarterly dividend of 40 cents per
.it,
Official Promoted—
to
3897
Financial Chronicle
Co.—Earnings—
Public Service
Indiana
1939
1940
11 Months Ended Nov. 30—
$18,163,767 $16,796,486
Total operating revenues
The
was
board
mailed to stockholders Dec. 24.
of
directors
Dec.
23
declared
1,558,333
8,021,404
668,034
1,375,000
385,000
1,501,448
809,489
386,591
1,454,981
376,500
Utility operating income.
(net)
$4,584,696
26,692
$4,513,976
100,487
Gross
summation
$4,611,388
2,006,456
$4,614,463
2,479,979
$2,604,932
$2,134,484
1,262,692
1,262,692
Operating expenses
the first regular quarterly
shares of new prior pref.
8,632,686
.
Maintenance—
,
dividend of $1.50 per share on the 13,139 issued
(for the quarter ended Sept. 30, 1940, payable under the terms^of,
the plan to stockholders who deposited for exchange on or before Nov. 26
1940), payable Jan. 1, 1941, to holders of record Dec. 30, 1940.
Directors
also declared the second regular quarterly dividend of $1.50 per share, on
the new prior pref. stock payable Jan. 1, 1941, to holders of record Dec. 30,
1940.
The second quarterly dividend will also be paid on any additional
shares of new prior pref. stock which may be issued in exchange for old
Rental
_
692,115
—
.
Provision for depreciation
stock
pret. on or before Dec. 31, 1940.—V. 151, p.
New York Title & Mtge.
Co.—Series B-l Certificates—
taxes).
State, local, and miscellaneous Federal taxes.
Federal income taxes.
-
Other income
re"
income
....
Net income available for dividends
Full preferred stock
have declared
The directors
Niagara Fire Insurance Co., N. Y.—SI.50
Dividend—
dividend of $1.50 per share on the common
stock, payable Dec. 30 to holders of record Dec. 26.
quarterly dividends of $1 were distributed.—V. 151, p.
Previously, regular
561.
dividend requirements.„
— -
Accumulated Dividend—
4%.—V. 151, p. 3751.
a
——
-—-
-
------
-
Income deductions.
maining on each certificate of series D-l will be paid certificate holders
Dec. 31, Adolph Kaufman, Ivor B. Clark and Henry Hetkin, trustees,
announced Dec. 23.
The payment will bring the total paid this year to
Directors have declared
(incl.
generating plants
hydro-electric
3751.
distributions equivalent to 2% of the balance
Income and principal
of
:i
7%
dividend of $1.75 per share on the
a
cum. pref. stock, par $100, a dividend of $1.56 per share on the 6% cum.
pref. stock, par $100, and a dividend of $1.37^ per share on the 5H%
cum. pref. stock,
par $100, all payable on account of accumulations on
Dec. 23 to holders of record Dec. 18.
will amount to the full dividend
Arrearages after the current payments
quarters.—V. 151, p. 3751.
for
Norfolk & Western
Period End. Nov. 30—
Freight revenues
Passenger, mail and
1940—Month—1939
1940—11 Mos.—1939
$8,545,324
$9,237,498 $92,342,969 $80,858,649
ex¬
325,831
33,150
_
Other transport, revenues
Incidental & joint facility
Maint. of way andstruc.
Maintanance of equip._
Traffic expenses
Transportation rail line.
Misceil.
operations
General
expenses-
— —
.
3,242,446
347,412
329,397
613,060
515,235
36,886
55,279
3,433,424
•
revenues
oper. revs...
295,819
48,512
press revenues..
Railway
Ry.—Earnings—
$8,952,817
927,579
1,772,026
143,454
1,822,983
17,692
191,296
6,917
$9,625,482 $96,736,865 $84,945,727
915,019
10,009,542
8,353,416
1,228,191
18,987,581
16,127,363
151,109
1,603,011
1,551,323
1,833,223
20,037,024
18,532,262
17,502
201,940
192,217
192,556
2,100,228
1,976,775
3,896
140,057
54,139
Northern States Power Co.
(Del.)—Accumulated Divs*—
Directors have declared dividends of $1.75 per
share on the 7% cum.
pref. stock and $1.50 per share on the 6% cum. pref. stock, both payable
on account of accumulations on Jan. 20 to holders of record Dec. 31.
Like
amounts were paid on Oct. 19, July 20, and April 20, last, and dividends
of $1.31 H and $1.12^ per share, respectively, were paid in preceding
quarters.
.
Weekly Output —
States Power Co. system for the week
totaled 34,134,212 kwh., as compared with 31,335,534
last year, an increase of 8.9%.
Electric output of the Northern
ended Dec. 21,1940,
kwh. for the corresponding week
1940
1939
-$39,436,992 $37,381,804
14,127,188
13,864,189
Years Ended Oct. 31—
Operating revenues--Operation
—
-
$38,266,509
12,010,624
$4,084,706
Railway tax accruals.-.
1,578,439
$5,291,777 $43,937,686
1,322,237
16,587,298
Railway oper. income $2,506,267
Equip, rents (net)
0340,629
Joint facil. rents (net)._
013,711
$3,969,540 $27,350,388'$26,255,885
0499,147 03,651,088 02,878,682
010,559
0155,178
0159,238
Net ry. oper. revenues
1,561,445
1,730,209
Appropriations for retirement reserve & deprec
Transp'n for invest.—Cr
3,611,445
3,526,491
Taxes-
4,866,606
3,001,053
Maintenance-
-
Prov. for Federal and State income taxes
Net operating income-
-
.-$12,269,254 $11,537,188
100,947
85,678
-
Other income
..
;——$12,370,202 $11,622,865
3,487,450
3,585,585
100,161
147,575
694,120
680,615
36,125
104,951
Gross income
Net ry. oper. income. $2,833,185
Other income items (bal.)
5,151
$4,458,129 $30,846,298 $28,975,329
131,399
160,338
351,985
Interest
funded debt
on
Interest on bank loans
Amortization of debt discount and expense
on
funded debt.
$2,838,3.36
177,560
$4,589,528 $31,006,636 $29,327,314
177,668
1,953,635
1,959,172
$2,660,776
Gross income
Interest
$4,411,860 $29,053,000 $27,368,142
Other interest
American
Co.—Expansion of System's Power Pre-
Divs.
of the
of the
preparedness plans within the last six
of new plant capacity which was con¬
templated originally in its 1940-1941 program.
The company's letter to Gano Dunn and Leland Olds, sub-committee
members, called attention to the announcement of a further plant addition
of 80,000 kw. in the St. Louis area.
This followed previously authorized
increases totaling 190,000 kw. in the construction programs for the Cleve¬
American System's power
months has doubled the amount
North
well aware of the Commission's concern for the early completion
plant projects throughout the country and we are glad to
give you the details of the North American System's time schedule.
Since
our last letter to you, three projects aggregating 90,000 kw. have been
completed, four of 180,000 kw. are expected to be in operation in 1941,
three of 190 kw. are to be ready in 1942 and one of 80,000 kw. is scheduled
for completion early in 1943."
The details of the system's expanded program were given as follows:
SI. Louis Area—Union Electric Co. of Missouri: Ashley St. plant, 25,000
kw., completed in November, 1940.
Union Electric Co. of Illinois: Venice
plant, 80,000 kw. in fall of 1941 and 80,000 kw. in fall of 1942.
Cleveland Area—The Cleveland Electric Illuminating Co.: Lake Shore
plant. 60,000 kw. in May, 1941, and 60.0C0 kw. in May, 1942.
Milwaukee Area—Wisconsin Electric Power Co.: Commerce St. plant,
35,000 kw., summer of 1941: Port Washington plant, 80,000 kw.f early
injl943.
Washington Area—Potomac Electric Power Co.: Buzzard Point plant,
50,000 kw. completed in October, 1940, and 50,000 kw. in February, 1942.
Kansas-Missouri Area—The Kansas Power & Light Co.: Abilene plant,
15,000 kw. completed in July, 1940.
Missouri Power & Light Co.: Brookfield plant, 5,000 kw., February, 1941.
of new
are
power
Official Retires—
y--'
Announcement was
--
$6,966,720
1,375,000
1,375,000
A—
on cum.
Improvement Co
Minority interest in undistributed net income
subsidiary company
lary
. — —
_ —.
Net income.
-V. 151, p.
\
30,752
208,939
—
—
.
Gr27,724
$6,553,584
.
—
Northwestern Steel & Wire
y
(net)
Other income
530,779
$209,927
51,804
$427,599
52,218
55,778
100,600
9,389
$261,731
$209,614
xl01.782
$53,966
$.311,396
10,487
$53,966
— —
Federal income taxes
—
-
Other interest
- —
—
—
—
Amortization of bond discount
and expense_____-
before special income.
Special income
—
— -
profit—
-i
— - — —
Preferred dividends—x
$5,843,473
5,222,871
410,675
$437,135
IJi 9,536
Bond interest-----------—-
Net
1939
1940
$7,813,991
6,846,077
Cost of sales.
Selling, general and admin, expenses
Net profit
$5,350,682
Co.-—Earnings-
Years Ended July 31—
Net sales--—
y
29,070
29,070
of
3751.
—
Proceeds from patent
-
— - -- -- - -
-
-
7,000
60,376
130,160
10,229
Federal income
Depreciation
dies
and
rights and sale of equipment, less
applicable thereto,
y Includes following charges:
on
plant property and equipment other than on molds, stools, rolls and
of $181,053 in 1940 and $178,026 in 1939, amortization of patents
trademarks of $1,804 in 1940 and $2,015 in 1939, and-taxes other than
Federal income of $120,466 in 1940 and $106,121 in 1939.
tax
Comparative Balance Sheet July 31
1940
Assets—
Land,
1939
&c.
bldgs.,
—$2,948,412 $3,391,637
(net).
Patents and
93,234
Equip, pur. notes.
151,676
38,934
Loan from af fll. co.
100,000
45,585
Bank
127,400
50,689
Other
280,000
280,000
Prepayments —
49,584
39,464
—
Loan
bond &
34,869
51,312
note dsc. & exp.
;
from
com¬
pany's Chairman
loan.—
long-term
notes————
Notes & acc'ts rec.
607,511
1,328,138
1,111,593
140,165
125,909
Cash surrender val.
Notes & loans pay.
232,549
146,
$5,460,996 $5»665,043
p.
1,197,527
252,538
Sink.fund deposits
Total
-
42,607
5,814
228,554
to trustee--.-—
Accruals——
Total
10,000
220,275
1,748,674
Paid-in surplus
P. & L. surplus---
life insurance-.-
173.094
222,135
1,761,359
526,956
Accounts payable.
599,154
(less reserve) —
Inventories (lower
—V.
$75,000
817,510
1,042,906
Chairman——-
Cash.
1939
$75,000
93,234
21,012
21,005
Unamort.
1940
Liabilities—
7% preferred stock
(par $100) — -Com. stk. (par $5)
1st intge. bonds
817,820
908,612
trade-
(net) —
Loan to company's
marks
cost or market).
..
made on Dec. 26 of the retirement of Robert Sealy
as Treasurer and a director of this company, effective Dec. 31, after more
than 35 years of service with the company and subsidiaries.
fc»Mr. Sealy is also retiring from other offices, including those of director
and officer of North American Light & Power Co., North American Utility
Securities Corp. and 60 Broadway Building Corp. and director of Wiscon¬
sin Electric Power Co., Wisconsin Gas & Electric Co., Wisconsin Michigan
Power Co., Union Electric Co. of Missouri, Mississippi River Power Co.
and the St. Louis County Gas Co.
Frederick H. Piske has been elected to succeed Mr. Sealy as Treasurer
of the North American Co.
Mr. Piske is also a director and a Vice-President
of the company.—V. 151, p. 2656.
w>
— — —
^
companies.
S*"We
$7,984,789
-
pref. stock, $5 series of Northern
cum.
pref. stock of Northern States Power
.Av-v
Applicable to current period— —27,135
Applicable to prior period--.---------------Divs. on common stock of Chippewa & Flambeau
of some of the operating
properties of the system.
said, "and the substantial con¬
letters of June 25 and July 15,
the North American System's program
provides additional generating
capacity of 540,000 kw. at a total cost for new power plants and other
utility facilities of approximately $104,000,000.
This will increase by
one-fourth the total capacity of more than 2,100,000 kw. which the North
American System had available at the beginning of 1940."
It wras pointed out in the letter that the enlarged program is designed to
fulfill the assurance given the sub-committee last summer that no power
bottlenecks would be permitted to develop in the various operating areas
of the North American System to hinder National defense preparedness.
"Since scheduling this additional capacity in the St. Louis area," the
letter added, "we have read with interest the initial report made by the
Federal Power Commission in its survey of the country's power needs for
National defense.
In this connection, we are glad to reiterate the deter¬
mination of the North American System to see to it that adequate supplies
of power will be available to meet not only abnormal demands but even
extreme emergencies in all the highly industrialized areas served by our
a tour
"With this latest expansion," the letter
struction increases reported to you in our
on
Co. (Wis.):
land, Washington and Milwaukee areas.
E. L. Shea, President of the North American Co., sent the letter to the
National Defense sub-committee upon his return with other company
officers from
129,400
-
States Power Co. (Minn.)_
Divs.
The company Dec. 20 advised the electric power sub-committee
National Defense Advisory Commission that the further expansion
CV33.823
109,118
construction
Miscellaneous deductions--
Balance
North
Paredness Plans—
41,843
41,843
Cr83,404
Amortization of sundry fixed assets
Interest charged to
Net income
-V. 152, p. 3247.
5,053,343
1,670,385
162,631
.$5,460,996 $5,665,043
3349.
Oklahoma Gas & Electric Co .—Debentures Called —
notifying holders of its 4% debentures due 1946 that $475,000
nrincipal amount of the debentures have been drawn by lot for redemption
at 102
%.
On or after Feb. 1, 1941, the drawn debentures will be paid
Company is
The Commercial & Financial Chronicle
3898
at the office of
of
Schroder Trust Co., trustee, New York City, or at the office
& Savings Bank, Chicago.
After Jan. 31, 1941, the
Nnti.ral
Natural
nuaunma
Oklahoma
fn
bag
3510.
3,003,817
$4,761,823
3,009
$4,053,490
2,042
—V. 150, p. 4136.
$4,055,532
latter
1,238,514
1,080,502
$3,526,318
$2,975,029
,
Gross income
Tntprwif
nn
on
bank
634 375
bonds
l£tS
Amortization of
————
debt^^ount & expense, "less
discount
exveme
less
*™S5.523 $1,620,629
319,000
273,164
nBo
®o
„
Bal, for cqmmon stock and surplus
,oa
nan
Orchard Farm Pie Co.—Accumulated Dividend—
Pan-American Match
2054.
Corp.—50-Cent Dividend—
io5o
Mii
,n
paid
was
v
American
iiq
V. 149,
p„4-v.-,i„,,
A
Pan
iofs
w
Ma.ch 29, 1938.
on
jp
Petroleum
f
p.
are
initial dividend
r~
Co.
Employees—
o
—Plnm
tw
ona„io,
O") mtifinri
r»
l
ji
r»
j.
d
o
•
f
tkn n.nnnnoi
r
•
nf
n
ranhandle
Producing oc Kerinmg L.O.
bonds L^aliea
$15,000 5% bonds due 1943 has been called for redemption
100.—V. 151, p. 2807.
A total of
on
Jan. 1 at
__
_
,
Pantex
Directors
tit-..
.
Pressing Machine, Inc.—Accumulated Div.—
declared
have
dividend
of
$1.50
share on account of
accumulations on the $6 cum. pref. stock, payable Dec. 28 to holders of
record Dec. 21.
Dividend of like amount was paid on Oct. 1 and Aug. 1,
last; Dec. 28, Nov. 1, and July 28, 1939, and on Dec. 27, 1938, this last
being the first payment made since Dec. 20, 1937, when a regular quarterly
dividend of $1.60 per share was distributed.—V. 151, p. 3249.
a
Harris, Hall & Co. (Inc.); Hayden, Stone & Co.; Hemphill
Lazard Freres & Co.; Smith, Barney &
>•"•<
wntributory retirement plan fortheemp^yees of the company
p. 3752.
per
& Co.; Hallgarten & Co.;
Harriman Ripley & Co., Inc.; Goldman, Sachs
fnr
and its suosidiaries.—V. 151
The First Boston Corp.; Mellon Securities Corp.; Blyth & Co., Inc.;
are;
rlan jor
•
„
h
to ^tabllsh a
thTheasearM be offered publicly through underwriters. The underwriters
SSSSSSSfS, are not taken by stockholders
to
#n
im
4183.
transport
oc
Telephone Co.—25-Cenf Dividend—
Byllesby & Co., Inc.; Dominick & Dominick; Glore, Forgan & Co.; Green,
Ellis & Anderson; W. E. Hutton & Co.; Kidder, Peabody & Co.: Laird
& Co.; Laird, Bissell & Meeds; W. C. Langley & Co.; Union Securities
Corp. G H. Walker & Co.; Dick & Merle-Smith; Francis. Bro. & Co.;
Laurence M. Marks & Co.; G..M.-P. Murphy & Co.; Otis & Co.; Riter
& Co.: Swiss American Corp., and Morgan Stanley & Co., Inc.
The proceeds from the sale of the securities will be applied as follows:
$25,500,000 to the redemption at 102% of $25,000,000 3% conv. debentures due Sept. 1,1148, and $6,822,000 to redeem, at 100 /0, a like principal
amount of 1
seriai notes, maturing in monthly instalments from
Feo. 1, 1941, to Aug. 1, 1942.
The balance of the net proceeds will be added to worKing capital and used
by tae company to satisfy deferred purchased obligations of approximately
$1,800,000 previously incurred in connection with the acquisition of
property./
.
The price at which the securities are to be offered to the pu jlic the
underwriting discounts or commissions and the conversion provisions of
.
a
,
.
'
'
-
_
registration sta' e-
se°h Jf.efif? thaj jo.fi0'11*"6, the offering tt is internal
year-end dividend of 25 cents per share on the
common stock, payable Dec. 22 to holders of record Dec. 18.
Regular
quarterly dividend of 50 cents previously declared will be paid on Jan. 1
to holders of record Dec. 14.—V. 150, p. 3212.
$
Noyes &Co.;
Co.; Bond & Goodwin, Inc.; H. M.
the debentures are to oe furnished by amendment to the
Peninsular
Directors have declared
home
#
*
.toSreS™ble<"Dec'"vPto taldSFS &5d K
6!ofi0 1^2? iJrsn ioSq onXll $1^
on!
i
of 50c.
as
statement.
•
v.The company proposes to offer the debentures through transferable
subscription warrants to holders of Its conimon stock at the rate of $4.50
of debentures for each share held.
The price at which the debentures are
to be offered to stockholders, the record date and the expiration date of
Directors have declared a dividend of $2.25 per share on account of
accumulations on the class A participating preferred stock, payable Dec. 20
p.
well
stock
.
151,
as
The company also registered an undetermined number of shares of common
(no par)
including scrip certificates to be reserved for conversion
of the debentures.
The interest rates on the notes and the number of
shares of common stock will be furnished by amendment to the registration
reserve
.
to holders of record Dec. 12.—V.
producer of auto radios,
Phillips Petroleum Co.-r-Filesfor $20,000,000 Debentures
$1,186,960
b Before retirement
No liability for Federal excess profits tax.
accruals.—V. 151, p. 3752.
been the leadin
Company on Dec 21 filed with the Securities and Exchange Commission
a registration statement under the Securities Act of 1933 covering $20,000,000 of \%% conv. debentures due Jan. 1, 1951, and $15,000,000 of serial
notes ($750,000 due July 1 and Jan. J. in each year through Jan. 1, 1951)-,
273,150
oca
$2,063,359
a
approximately $2,000,000 at factory selling prices and are steadily increasing, & is reported by James T. Buckley President of Philco Corp., in a
letter to stockholders accompanying the Dec. 21 dividend.
and $lo,000,000 Serial Notes—
111,740
48,779
.
Preferred
,
Company.
phUco hag
aiWdeVd -rMuirementer
_
Corp.—100% Ownership of Simplex Radio Co.—See
Unfilled orders for the new 1941 Philco amornobile radios now totel
26 280
debt,
dent
$5.50 convertible prior preferred-
T,
*
Philco
UnUUed Orders
175 578
1
Y§Hqi
loans"
Convertible 6% prior preference...
>
1972 has
fceen called for redemption on Feb. 1 at 106 and accrued interest.
Payment
Wjjj
made at the Fidelity Philadelphia Trust Co., Philadelphia, Pa.
$4,764,832
accruals.....
reserve
746,3»i
■
v
Philadelphia Eledtric Power Co.—bonds Called—
244,540
...
the
on
A totaj of $215,000 first mortgage 5M% gold bonds series due
758.996
b Gross income
Pr3^roaSk
237,46U
a390,823
--
Utility operating income.....
Retirement
$8,285,689
267,298
Other income (net)—.,
:
of 15 cents per share
on
^
3,386,471
General
tax^. . - - _ ---------Federal and State income taxes..
dividend
a
stock, no par value, payable Jan. 25 to holders of record Dec. 31.
pai(1 on
1939
$9,565,412
—
----
-----
have declared
directors
This compares with 10 cents paid in the three preceding quarters; 25 cents
25 1940; 10 ^ on Gct< 25 and on July 25, 1939; 15 cents
April 25, 1939, and 20 cents paid on Jan. 25. 1939—V. 151, p. 3752-ii
Fnrni<nns
1940
Operating revenues
Operation
Maintenance
The
common
<-,o.—Darnings—
12 Months Ended Nov. 30—
b
Philadelphia Co.—Dividends—
Trust
Harris
drawn debentures will cease to bear interest.—V. 151, p.
Dec. 28, 1940
In Sirance
'
rtatLthit
t
SSniHzi^^f co^enced
„
p*
0J79 g
mav
the
not
n,™
he
«
l
be
stabSzed
fSSnUnu^ at
anv
or
that
Sie -—V
commenced may not be discontinued at any time.
the
151
v. 101,
(Albert) Pick Co., Inc.-12^Cent Dividend—
.
Pennsylvania Glass Sand Corp.—Co-Registrar—
The Guaranty Trust Co. of New York has been appointed co-registrar
for the common stock, no par value, of this corporation.—V. 151, P. 3407,
Directors have declared a dividend of 12% cents per share on the common
stock, payable Jan. 20 to holders of record Dec. 31.
This compares with
10 cents paid on Aug. 2, last; 15 cents paid on Feb. 20, last, and dividends
3250.
of 10 cents paid
Pennsylvania Industries, Inc.—Accumulated Dividend—
Directors have declared
mulations
Dec
14
3381
d
the 6%
on
dividend of $1
a
per
share
on
Arrearages
Nov
011
1
last,
totaled
qtni
v.pr
V
Rhnre
14Q
Arrearages on JN0V* l> last' totaled %o1 per share.—V. 149,
'
Pennsylvania RR.—Earnings of Regional System—
Dec. 15,1938, and
on
Dec. 20,1937.—V. 151, p. 2203.
New Director
te*' ^0.:
h(r
acount of accu-
pref. stock, payable Dec. 20 to holders of record
on
Ja
l
r
8 of thls compamy was
announced by Walter H. Wheeler Jr., President.
.
,
f
At the same time Mr. Wheeler announced the election by the board of
the following new officers:
W. 11. Greenwood, Vice-President and General
Sales
Manager; John H.
Pratt Jr.,
Vice-President and Plant Manager,
andW. f. Bernart Jr., Executive Assistant to the President.—V. 151,
[Excluding Long Island RR. and Baltimore & Eastern RR.J
Period End. Nov. 30—
1940—Month—1939
Pittsburgh Forgings Co.—25-Cent Dividend —
1940—11 Mos—1939
Railway oper. revenues..$42,276,291 $42,989,169 $436528,311 $391765,537
Railway oper. expenses- 29,314,470
30,036,300 309,749,451 279,854,529
—
—
Net ry. from ry. oper.$12,961,821 $12,952,869 $126778,860 $111911,008
Railway taxes.
2,827,000
2,218,541
35,070,600
27,524,580
Unemploy. insur. taxes.
539,578
551,667
5,696,089
5,292,910
Railroadretirem'ttaxes539,311
506,159
5,695,859
4,798,410
Eqpt. rents—Dr. bal—
197,707
167,212
6,366,119
4,735,408
Jointfac. rents—Dr. bal.
187,330
141,173
2,052,154
1,431,227
—
Net ry. oper. income—V. 151, p. 3249.
D
•
—
$8,670,895
c„i*.
n/»r
Pennsylvania oalt
r?
shs. cap. stk. ($50 par)
V
'
A ft,fir
151
'
—r
_
—————
$878,952
—————
$593,564
224,141
Equip, rents (net)
Joint facil. rents
.
Net ry. oper. income-
°r:;rme
•K/rio^ii l«c0me"j7V~V"
—777rz~
pl*J?come dlBducibs.
lease of roads &
t„fYV
Interest on debt
income--.----
1,797,446
$5,041,882
$4,256,100
46,578
930,894
515,348
817,512
490,520
76,867
—-7
$570,687
$3,595,640
$2,948,068
5480,679
5,510
$598,468
5,584
$4,077,673
69,586
$3,280,084
69,167
^
5,366
5,366
268.642
267,870
61,193
62,377
2,934.854
2,972,272
$201,160
$319,649
$1,012,040
$176,267
1,150
1,150
$1,010,890
$175,117
sinking &
2l»wE.p
Income transferable to
profit and loss
u
dw
r-i
n
n
*-
high of 17,884 persons, compared with
an average
of 15,609 persons during
National Defense program but actual direct business created by defense
orders has been relatively small because of the nature of the products manufactured by the company.
"The company's manufacturing facilities, meanwhile, have been expanded in such a manner to take full advantage of any sustained ousiness
recovery in the future. Replacement of half the furnace capacity with a new
continuous plate glass tank and lehr has been completed at the Ford City
No. 4 Works, and a new continuous mirror plant will be in operation s6on
at that point.
"In addition, the company expects to open at Houston, Texas, early in
1941 its seven paint plant to serve new and prospective customers in that
territory."—V. 151, p. 2953.
Pittsburgh Steel Co -Bonds Called-
Company has called for redemption on Feb. 1, 1941 all of its outstanding
20-year 6% sinking fund debenture bonds, due Feb. 1, 1948 at a price of 103.
of the full redemption price by
surrendering the bonds for cancellation at the office of the Union Trust
Co. of Pittsburgh.—V. 151,
p.
3752.
Pittsburgh Thrift Corp.—Extra Dividend—
Directors have declared an extra dividend of 10 cents per share in addition to the regular quarterly dividend of 15 cents per share on the common
stock• »*>»"> payable Dec. 20 to holders of record Dec. 1.—V. 149. p. 2243.
"
$201,160
$319,649
151, p. 3407.
Poli-New England Theatres, Inc
-
-Tenders—
The New York Trust Co. will until 11 o'clock a.m. Jan. 21 receive bids
—LHrtm TliniJonJ
*
Za
1 2,
have declared an extm dividenti of 25
for the 8ale to
of sumcient first mortgage bonds due Nov. 15, 1958 to
exhaust the sum of $65,365 at prices not exceeding redemption price.—Y.
permntif fn
tion to
,
Pittsburgh Plate Glass Co —Operations —
Holders may obtain immediate payment
other reserve funds—
V.
$6,053,546
2,205,474
$446,590
n
—
$7,247,356
$694,132
80,375
66,599
(net)--
.
184,820
D...
The number of employees of this company reached an all-time high of
17,884 during October, 1940, compared with an average employment of
15,609 in 1939, H. S. Wherrett, President of the company, said on Dec. 23,
in his fourth quarter letter to stockholders.
Mr. Wherrett also reported a substantial increase in business of the
company during 1940 and an expansion of manufacturing facilities in several
directions to meet increasing demand for glass and paint products.
"Preliminary estimates of the company's results for 194(5," Mr. Wherrett
5£idi "indicate a substantial increase in business over the previous year.
During the final quarter of 1940 orders received by all divisions of the
company have been greater than anticipated, and such operations as glass,
paint, chemical, and brush manufacturing have been at or near capacity
leveis. During October, 1940. the company's employment reached a record
"The company is cooperating to the fullest extent in the Government's
1940—11 Mos.—1939
$2,977,456 $30,005,538 $27,421,466
2,098,503
22,758,182
21,367,920
$817,705
+g income
Net
'
—■
—~~~~
.
,
-1940—Month—1939
r>.£w OP®11* revenue
-T
'
$1133
p0fi0«i
Nnrnings
$2,888,303
2,070,598
expenses
Railway tax accruals—
..
1937
$1 700 084
deplet1011' Federal and state income taxes.—
Marquette Ry.
„
$6 42
$12.31
Period End. Ao». 30—
„
$9 03
1938
3250'
Operating
,
$936 055
HAni«Hrm
Operating revenues
-T
1939
$1,354,148
dRnrAoiafinn
n
Pdre
•
Mrg. to.7-Earnings—
12 Mos. End. Sept. 30
1940
Net profit
$1,846,575
Earn, per sh. on 150,000
x
$9,368,117 $71,898,039 $68,128,473
Directors have*declared a dividend of 25 cents per share on the common
stock, payable Dec. 30 to holders of record Dec. 27.
Like amounts were
paid on Oct. 25, July 25, and April 25, last; dividend of 40 cents was paid
on Dec. 27, 1939, and previous payment was the 25-cent distribution
made on April 25, 1931 —V. 151, p. 3250.
cents per
share in addi-
dividend of like amount or a total of 50 cents
per share on the
stock both payable Dec. 28 to holders of record Dec.
20.
Dividend
148,
p.
3855.
a
common
SLiindnf 50
dividend of
<Lon
20, last, Nov.10 and July 20, 1939
cents was paid on Dec.
I
15,1938.—V. 150, p. 2113.
f
and
a
„
-
„
,
_
Poor & Co. —Accumulated Dividends—
Directors have declared a dividend of 50 cents per share
accumulations
on
on account of
the $1.50 cumulative and participating class A stock, no
Volume
The Commercial & Financial Chronicle
151
value, payable Dec. 27 to holders of record Dec. 20.
Dividends of
3714 cents were paid on Dec. 1, and Sept. 1, last, and dividend of $1 was
paid on Aug. 1. last.—V 151, p. 2808.
par
Port Huron Sulphite & Paper
Co.—Pref. Div.—
Directors have declared a dividend of $2 per share on the 4% noncumUlatiye preferred stock, par $100, payable Dec. 30 to holders of record
Dec. 23.
Dividends of $1 were paid in preceding quarters.—V. 151, p. 113.
*
(C. A.) Reed Co .—Accumulated Dividend—
Directors have declared a dividend of 50 cents per share on account of
accumulations on the $2 cum. pref. class A stock, no par value, payable
Feb. 1 to holders of record Jan. 21. .Like amount was
paid on Nov. 1 and
Aug. 1 last; dividend of $2 was paid on May 1 last; 5u cents was paid on
Feb. 1 last, one of $1 was paid on Nov. 1, 1939, and dividend of 50 cents
was paid in preceding quarters.—V.
151, p. 2056.
'
Resources
Preferred Accident Insurance Co.—Extra Dividend —
an extra dividend of 20 cents per share,
UPayable Jan. 10 to holders of record Dec. 23.
A regular quarterly dividend
The directors have declared
of 20 cents per share was paid on Dec. 20, last.
paid
on
Extra of 20 cents were
Jan. 10. 1940,1939, and 1938.—V. 149, p. 4039.
Prentiss Wabers Products
Co.—Earnings—
14 Months —Year Ended Aug. 31—
Oct. 31 ,'40
1939
1938
Period—
Net sales...
;
x
.$1,418,092
1,194,297
y
Selling,
gen.
$152,911
153,588
$133,229
149,877
$26,198
6,180
2,587
z6,289
$676
5,815
1,933
z3,182
$16,648
6,281
1,642
4,998
12,000
prof$274
191,771
$11,608
203,497
$41,569
244,029
1,038
$192,044
—
$1,023,543
890,314
Drall9
Gross profit....
$1,227,006
1,074,095
$223,796
197,598
Cost of sales.
$191,771
$203,497
....
& adminis. expenses._.
Operating loss.
_
_
Interest on bonds..
Bond discount and expense.
.....
Other interest and charges (net)
Provision for inventory reserve. _;
Non-recurring loss
blO.OOO
Provision for income taxes
868
......
Net loss, carried to earned surplus
_
Earned surplus, balance Aug. 31Refund on Federal inc. taxes for prior
—
years..
..
*
,—
Earned surplus...-.
...
rtoo
x Includes depreciation provision of $45,179 in 1940, $39,484 in 1939 and
in 1938.
y Includes depreciation provision of $2,142 in 1940;
$2,195 in 1939 and $2,015 in 1938. z After deducting other sundry income,
net of $427 ($386 in 1939).
a Additional Federal income'tax paid for prior
years, b Non-recurring loss by forefeiture of deposit paid on common stock
purchase option agreement.
$40,993
Balance Sheet Oct. 31, 1940
Assets—Cash in banks and on hand, $35,342; customers accounts and
less reserve of $3,000 for doubtful accounts and cash
discount, $205,275; inventories, $257,715; property, plant and equipment
(less, reserve for depreciation of $175,952), $287,357; patents, at recorded
value, $1; surrender value of life insurance, $10,463; other and deferred
assets, $30,485; total, $826,638.
Liabilities—Notes payable, banks, $100,000; accounts payable, trade,
$79,922; accrued payroll, commission and bonus, $27,852; accrued property
taxes, $10,200; accrued interest, payroll taxes, royalties, $4,451; provision
for income tax, $868; 10-year 5% sinking fund convertible bonds due July 1,
1946, outstanding, $94,500; common stock (par $10), $256,720; earned
surplus, $192,044; paid-in surplus, $60,080; total, $826,638.—V. 149, p.
4039.
v.; "'
notes receivable,
l:i
y
-
'-/I.' .'v^Y.
■vVr V
..,
Procter & Gamble Co.—Forms Arms Unit—
Company filed papers in Columbus for
$1,000,000 corporation to manu¬
facture armaments and munitions.
The company will have no material
profit or financial interest in the project and it will have no connection
whatever with the company's regular business.
Details are being withheld at the request of the War Department and no
formal contract has yet been signed
according to company officials.
The incorporation papers filed at Columbus indicate that officers and
directors will be selected from the Procter & Gamble executive personnel.
The purpose for which the new corporation has been formed were given as
a
follows;
\
"To produce, manufacture, buy,
sell and otherwise deal in armaments
and munitions of war for the defense of the United States.
"To construct, or supervise the construction of manufacturing plant for
the above-mentioned purposes for the Government of the United States,
equipping such plant with the necessary machinery and operating the same.
—y. 151, p. 3574.
„/,.v
Providence Gas Co.—To
Pay2b-Cent Dividend—
Directors
have declared a dividend of 25c. per share on the common
stock, payable Dec. 27 to holders of record Dec. 19.
Dividends of 15c.
per share were distributed in preceding quarters, bringing total for 1940
to 70c. a share, same as paid in 1939.—V. 151, p. 426.
Puget Sound Power & Light Co.—Accumulated Div.—
Directors have declared a dividend of $1.25 per share on account of
accumulations on the $5 preferred stock, payable Jan. 15 to holders of record
Dec. 20.
Arrears after the current payment will amount to $27.50 per
share.—V.
151,
p.
3574.
Puget Sound Pulp & Timber Co.—Earnings—
1940—Month—1939
Period End. Nov. 30—
y
Net profit-
1940—11 Mos.—1939
$37,437 *$1,001,849
$110,199
——
$55,969
Equal to $2.88 a share on 326,212 shares of common stock,
y After
depreciation, amortization, interest. Federal income and excess profits
taxes, &c.—V. 151, p. 3099.
x
Rath Packing
Directors
have
declared
dividend
of
87%c. per share on the common
stock, payable Jan. 2 to holders of record Dec. 20.
Previously regular
quarterly dividends of 25c. per share were distributed.
In addition, extra
dividend of 50c. was paid on Oct. 28 last.—V. 151, p. 3574.
a
dicted
,
Corporation International, successor to the syndicate.
The 26 count indictment, which was returned in the U. S. District Court
at Chicago, named as defendants:
Arnold Joerns, W. L. Kellogg, George
Howard, Leonard L, Cowan, and Ray Soldwell, all of Chicago; W. D.
Durland of New Orleans; Franklin A. Hofheins of Buffalo; Bruce L. Hoover
of San Antonio; and John J. Jennings of Detroit.
According to the indictment, the scheme involved the acquisition of
substantially all the capital stock of Resources Corporation International
by the late Harper S. Hoover, by means of false representations as to the
cost and value of certain Mexican timber properties, and the subsequent
stimulation of the sale of this stock to the public by a series of purportedly
independent timber-cutting contracts, largely financed by Harper S.
Hoover, which were designed to give an appearance of earning power and
income to Resources Corporation International.
Harper S. Hoover formed the International Syndicate and, together with
certain others, solicited subscriptions aggregating $1,565,886.
The stated
purpose of the Syndicate, the indictment alleged, was to acquire lands in
the Republic of Mexico.
The indictment charged that subscribers were told that two million acres
of valuable timber properties had been acquired in Mexico at a cost of
$9,000,000; that $7,350,000 had been subscribed to the Syndicate; and that
$1,650,000 Was still due and unpaid on the lands. Actually only $152,919
had been expended by the promoters in acquiring the properties, and
substantially all the purported cost and remaining liability was fictitious.
Also, although large subscriptions by the promoters were recorded on the
Syndicate books, according to the indictment, no cash payments were
made by the promoters to the Syndicate and their subscriptions were
cancelled after the bulk of the money was obtained from the investing
public.•>.>' v.-Vv/:
^
"V -V'
:.-V
The indictment further charged that a meeting of International Syndicate
subscribers was held Oct. 15, 1931, to dissolve the Syndicate and to form
Resources Corporation International with a capitalization of $10,000,000
($9,000,000 to acquire properties and $1,000,000 for future capital needs).
On the basis of representations that the cost of the properties was $9,000,000
and that the subscriptions to the Syndicate had aggregated $7,350,000, the
meeting authorized the issuance of 735,000 shares of the capital stock of
Resources Corporation International; the assumption of $1,650,000 in
purported liabilities in payment for the properties represented to have been
acquired by Harper S. Hoover for the Syndicate; and the issuance of one
share of common stock of Resources Corporation International to sub¬
scribers for each $10 subscribed to the Syndicate. The indictment set forth
that these 735,000 shares, with a stated value of $7,350,000, were issued to
Harper S. Hoover who, however, only delivered 156,589 of these shares to
the Syndicate subscribers. These 156,589 shares were issued to subscribers
on the basis of the actual subscriptions to the Syndicate.
Transfer of the so-called equities in the land acquired for International
Syndicate, according to the indictment, was accomplished through the
assignment by Harper S. Hoover of contracts executed between himself and
his nephew, Bruce L. Hoover, whereby the latter agreed to deliver to his
uncle title to the lands upon the payment of the pretended liability of
$1,650,000. The indictment charged that Bruce L. Hoover at no time owned
the land or the capital stock of Mexican companies holding title to the land
which he agreed to deliver.
■
According to the indictment, Harper S. Hoover and his associates engaged
in an extensive stock-selling campaign, particularly in the year 1937.
Sales in that year were greatly stimulated, the indictment alleged, by
Harper S. Hoover and his associates by their arranging a series of timbercutting contracts, advancing substantial sums to the contractors, requiring
the immediate payment of these amounts to Resources Corporation Inter¬
national, and causing Resources Corporation International to disburse
these sums to stockholders, to give the appearance to Resources Corpo¬
ration International of earning power
stock, both payable Dec. 31 to holders of record Dec. 16.
Earnings —
$1,811,291
Railway tax accruals—
441,143
$1,715,313 $17,539,841 $15,472,311
327.698
5,002,198
4,065,573
Railway oper. income. $1,370,148
Equipment rents (net)-.
Dr97,101
Joint facility rents (net).
Crl,014
$1,387,615 $12,537,643 $11,^06,738
Dr146,649
Dr679,368
Dr586,442
Dr686
Cr35,039
Dr223
Net ry. oper. income,
—Y. 151, P. 2511.
$1,240,280 $11,893,314 $10,820,073
Netrev. fromry. oper.
Reda Pump
.
Rochester Button Co,
stock, payable Dec. 24 to holders of record Dec. 18.
Regular
quarterly dividend of 15 cents was paid on Oct. 10, last.—V. 151, p. 426.
$177,849
5,693
$296,398
1938 —" '—1937
$991,689
$1,515,315
796,007
982,752
271,241
307,091
3,239
—_
Gross income
320,818
loss$75,559
$225,472
$181,088
loss$75,559
986
1,815
$230,403
14,847
10,870
2,911
bonds.
Prem. on red. of bondsOtner interest
Interest
on
4,931
.—
.
1,840
26,654
prior year.--.
Red. of inventory amts.
Normal income & excess
profits taxes....
profits
59,000
32,500
Crl 1,301
34,000
1,000
Cr4,551
loss$94,567
20,532
13,102
$171,325
10,152
153,670
Surtax on undist.
Excess pro v.—prior yrs.
Other deductions
Net
Preferred
CrT,312
1,910
9,230
$236,799
dividends—14,701
$138,371
15,241
65,513
profit
—
Common dividends...
131,025
Note—Depreciation for 1940 amounted to $54,488; 1939, $52,376; 1938,
$59,475; and in 1937 to $49,177.
1940
$152,193
Cash.
Receivables (net).
255,795
Inventories
570,186
1,603
Miscell. assets
Reece Button-Hole Machine Co.—To
PayZb-Cent Div.—
Directors have declared a dividend of 35 cents per share on the common
Sinking fund for
red. of pref. stk.
stock, payable Dec. 27 to holders of record Dec. 24.
Dividends of-10 cents
were paid on Oct. 1, July 1, and on April 1, last, and a dividend of 35
cents was paid on Dec. 28,1939.
See also V. 150, p. 1785.—V. 151, p. 255.
equipment..—
Prepaid expenses—
x
1939
$136,604
$220,382
475,907
1,492
a
dividend
of
7c.
stock, par $10. payable Dee. 28 to holders of
pares with 6c. paid on Dec. 28. 1939, and 5c.
latter being the first distribution made on the
1937, when a regular quarterly dividend of
V. 151, p. 1004.
per
share
on
the
33,469
1940
cap. stock taxes,
Ac......
558,525
19,741
requirement..
579,037
9,814 Cum. pref. stock
($20
par)
Com. stk. ($1 par)
Capital surplusEarned surplus
Total
x
..$1,591,512 $1,423,235
After reserve for
-V.
151, P. 3755.
1939
$65,914
369,186
12,034
3,675
59,000
32,500
5,800
3,731
Pref. stk. sink. fd.
Prop., plant and
camihon
record Dec. 18.
This com¬
paid on Dec. 28, 1938, this
common stock since Dec. 28.
5c. per share was paid.—
LiabUilies—
Accounts payableAcer. local & Fed.
Dividends payable
Fed. taxes on inc.
Machine Co.—To Pay Severn-Cent Div.—
declared
QQQ
$290,704
Operating profit
Rent received, interest
...
Balance Sheet Oct. 31
Directors have declared a year-end dividend of 20 cents per share on the
have
1
$1,540,906
1,042,240
Assets—
common
Director
.
.
Earnings—
1940
Sales—net
$1,557,126
Cost of goods gold-—-943,446
Admin. & selling expense
322,976
Co.—Year-End Dividend—
Reece Folding
.
Add'l N. Y. franchise tax
Period End. Nov. 30—
1940—Month—1939
1940—11 Mos.—1939
Railway oper. revenues. $5,696,897
$5,388,973 $57,678,523 $51,534,468
Railway oper. expenses3,885,606
3,673,660 40,138,6©2
36,062,157
$1,274,061
and income.
By these methods Harper S. Hoover disposed of 176,548 shares of his
personally owned stock in 1937, at a gross profit of $1,729,942.
For the
years 1931 to 1937 Haroer S. Hoover disposed of 528,709 shares to the
public at a gross profit of $4,759,141.
During the period from 1938 to 1940, there has been extensive litigation
between the Commission and Resources Corporation International, Harper
S. Hoover and his associates. In March, 1938 the Commission instituted a
stop order proceeding pursuant to Section 8 of the Securities Act of 1933.
The proceeding was interrupted several times because of litigation instituted
by Resources Corporation International after its motion to withdraw its
registration statement and terminate the stop order proceeding had been
denied by the Commission. Resources Corporation sought a direct appeal to
the Circuit Court of Appeals for the Seventh Circuit, which was dismissed
on the ground that the Commission's order refusing to permit withdrawal of
the registration statement was interlocutory and was not, therefore, re¬
viewable at that stage of the proceeding.
The corporation then filed suit
in the District of Columbia to enjoin the Commission from continuing the
proceeding.
The injunction was refused.
The Commission issued a stop
order suspending the effectiveness of the registrationfgtatement on July 10,
1940.—V. .151, P. 427.
Ray-O-Vac Co .—Extra Dividend—
—
..
earned, &c.
Directors have declared an extra dividend of 50 cents per share in addi¬
tion to the regular quarterly dividend of 50 cents per share on the common
Reading Co.
Corporation International—Promoters In¬
V'
.V/' ,/'• '
' "•
" /
The Securities and Exchange Commission and the Department of Justice*
Dec. 20 reported the indictment of nine individuals on charges of fraud in the
sale of securities of International
Syndicate—a promotion involving two
million acres of Mexican timber lands—and in the sale of stock of Resources
Years End. Oct. 31—
Co.—Common Dividend—
3899
Total
9,669
219,800
131,025
687,331
403,064
199,000
131,025
672,631
309.361
$1,591,512 $1,423,236
depreciation of $368,91-* in 1940 and $313,810 in 1939.
Dec.
Chronicle
The Commercial & Financial
3900
1940
28,
Balance Sheet Oct. 31
Regent Knitting Mills,
Directors
have declared
Ltd.—Dividend —
dividend of 40c.
a
per
1940
share on the $1.60 non-
Dec. 30 to holders of record Dec. 14.
1 last, and one of 40c. was paid on
cumulative preferred stock, payable
Dividend of 80c. was paid on Nov.
1 last.
No dividends were paid during 1939, and dividends of 40c.
paid on the first day of March, June, September and December.
1938 and 1937.
Directors also declared a dividend of 25c. per share on the common
Aug.
were
t
dividend of
Dec. 30 +o holders of record Dec. 14.
Initial
amount was paid on Nov. 1. 1937.—V. 151, p. 1908,
payable
etock,
like
Republic Aviation Corp. —Government
S
231,536
99,460
258,475
107,187
Acer. Int. on 1st M
30,608
Prepaid expenses..
67,178
52,980
84,234
Deferred repairs..
13,239
Acc'ts receivable
x
bev. at cost..
&
y
857,500
647,500
9,800,000
9,800,000
82,050
27,350
4,769,901
Capital surplus
Earnedsur. (def.). 1,672,660
82,050
Class B com. stock
27,350
Oct. 1, 1936
54,616
Funded debt
75,394
4,601
Res. for repairs.__
lnvestm't
1
1
Fixed assets....13, 476,837
13,753,385
(nominal value).
Contract —
11,667
on
inc. bonds dated
4,769,901
...
announced award of a contract to this corporation
The War Department
50,254
Class A com. stock
Other Inventories.
Miscell.
3%
Cum. int. at
Inventories of food
94,583
113,924
35,732
11,667
Accr'd liabilities..
hand
$
S
Liabilities—
Accounts payable.
Cash in banks and
on
1939
1940
1939
$
A ssets—
1,208,240
constructed
for plant expansion to cost $5,210,513.
The facilities will be
under the emergency plant facility plan and company will provide
construction.
W. Wallace
funds for
Schenley Distillers Corp.—Earnings—
Earnings for 3 Months
jlw
Earnings per share on 1,260,000 shares common
—V. 151, p.
earrings
Operating expenses—
General expenses
$584,620
12,880
$844,638
21,459
Directors have declared a dividend of 12
$622,249
89,506
20,174
200,048
$597,501
22,700
32,670
160,854
$866,097
44.852
$678,062
30,548
38,066
175,426
16,684
130,564
$312,521
$381,276
$607,752
65,250
11,284
$596,469
$2.81
$.549,372
Schulco Co.,
the first
Inc. —Old Bonds Off List —
Corp.—V. 151, p. 3755.
See Schulte Retail Stores
prof49,106
$316,027
Earnings per
$1.49
a On 211,815 shares capital stock
(no par).
common
$500,266
17,651
A cents per share on the common
15 to holders of record Dec. 10.
This was
dividend paid in some time.—V. 150, p. 2116.
stock, payable Dec,
$651,975
26,088
$610,890
11,359
Oper. inc. before res..
Other income
Schulte Retail Stores
Income charges
Federal income tax
Provision for reserves..
_
$294,869
$1.39
Net inc. & prof.
& loss
share
$2.59
Directors
7,610
Deferred credits..
637,924
Paid-in capital...
366,924
Prop. Insur. res
9,299
Earned surplus
3,577,981
Treasury stock
Dr95,140
Due affll. company
Acc'ts receivable—
over one yr.
40,499
31,839
old.
to subs,
and
Adv.
11,160
a Permanent invest
112,580
Ftxed assets less res 2,311,624
10,164
112,580
2,146,387
Prep'd & def. chgs.
14,402
bDefd accounts..
724,434
$89,682
Current liabilities.
$106,610
2,286
736,707
366,924
7,413
3,614,733
Dr95,140
8,330
831,482
affiliated
cos...
have
declared
dividend
extra
an
of
Dividend—
15c.
per
share
in
addition
regular ouarterlv dividend of 20c. per share on the common stock,
$10, both payable Dec. 27 to holders of record Dee. 14.
Extra of 20c.
was
paid on Dec. 27, 1939 and 1938, and one of 50c. was paid on
Dec. 27, 1937.—V. 151, p.
1289.
the
to
Seaboard Surety
1939
1940
Liabilities—
1939
$1,095,932 $1,297,781
Securities at cost..
292,310
292,310
Current assets
—
and the 8%
par)
par
Balance Sheet Sept. 30
1940
Assets—
($1
Seaboard Commercial Corp .—Extra
Net loss from sale or dis¬
position of cap. assets.
Corp.—Old Stocks Off List
cumulative preferred stock
($100 par) of the company and the Schulco Co., Inc. 20-year 6A% mtge.
sinking fund gold bonds, due July 1, 1946 (stamped and unstamped) and
20-year 6A% mtge. sinking fund gold bonds, issue B, due Oct. 1, 1946
(stamped and unstamped) have been suspended from dealings on the New
York Stock Exchange.—V. 151, p. 3576.
stock
The common
a
$1,786,457
$1.23
stock...;
3409.
Schlage Lock Co.—Common Dividend—
Sept/ 30, '40 Sept. 30,'39 Sept. 30,'38 Sept. 30/37
$1005,241
$1,000,932
$1,240,315
$947,790
305,166
316,777
288,039
217,678
89,185
99,535
107,638
78,138
Gross
Ended Nov. 30, 1940
income & cap. stock taxes,
Net profit after deprec., int.. Fed.
but before excess profits taxes
9 Most. End.
Year End.
Year End.
Year End
$15,669 in 1940 and $16,580 in
depreciation of $1,106,195 in 1940 and $829,646
After reserve for doubtful accounts of
x
1939.
y After reserves for
in 1939 —V. 151, p. 1735.
Pendleton, Inc. —.Earnings—
Roeser &
Period—
14,025,464 14,279,666
Total
14,025,464 14,279,666
Total
»
Kellett, President of Republic Aiviation, said the new
structure authorized by the War Department, will be erected at Farmingdale adjoining the present 228,000-square foot Republic plant.
*
Complete plans for the building have been approved and the contract for
the structural steel was let by Republic, on its own responsibility, more than
a month ago.
More than $2,500,000 in orders for equipment of the plant
also were placed by Republic during the past months in order to speed
bringing the new unit into production.
Republic has contracts to build more than $60,000,000 worth of pursuit
interceptors for the U. S. Army.—B. 151, p. 2362.
Directors
share
Dividends
paid
on
Nov,
Co.—Special Year-End Dividend —
declared a special year-end dividend of 70c. per
stock, payable Dec. 27 to holders of record Dec. 2p.
were paid or
Nov. 15 last, and on May 15 last; 60c.
Dec.
11
common
of
40c.
Dec 30. 1939 ; 40c. on Nov.
and May 16. 1938. and
15.
Dec.
on
on
the
on
1937.—Y.
30,
15 and May 15, 1939, and on Dec. 30,
special dividend of 20c. was paid
a
4041.
149, p.
Selected American Shares,
Directors
have
declared
a
dividend
Inc.—27]4rCent Dividend —
27Vzc.
of
per
share
on
the
common
payable Dec. 28 to holders of record Dec. 21.
Dividend of 12Ac.
paid on June 29 last, 30c. paid on Dec. 27. 1939, 15c. paid on
June 30, 1939; one of 17c. was paid on Dec. 22, 1938, and one of 15c.
was
paid in June, 1938.—V. 151, p. 565.
stock,
was
In
a
affiliated
subsidiary,
and
$4,594,281 $4,739,532
Total
$4,594,281 $4,739,532
Total
other
companies,
b Contingent t pon
future oil production,—V. 149, p. 4185.
Shatterproof Glass Co.—Common Dividend
Royal Typewriter Co., Inc.—To Pay $1 Common Div.—
Directors have declared
a
dividend of $1 per share on the common
stock,
payable Jan. 15 to holders of record Jan. 6. Like amount was paid on Oct.
15, last; dividend of $2 was paid on July 15 last and dividends of $1 were
paid on April 15 and Jan. 15, 1940.
During the year 1939 four quarterly
dividends of 75 cents per share were distributed.—V. 151, p. 3252. '
Ryan Consolidated Petroleum Corp.—10-Cent Div.—
Directors
Btock,
St.
declared dividend of
10c.
per
share on the common
Dec. 28 to holders of record Dec. 17.
Initial dividend of
paid on Dec. 27, 1939.—V. 150, p. 3985.
have
payable
like amount
was
Joseph Railway Light Heat & Power Co.—Bonds
Called—
first mortgage bonds 4 A% series due 1947 has been
redemption on Feb. 1 at par and accrued interest.
Payment
Y.—V. 151, p. 2362.
A total of $36,000
called for
Directors have declared
a
—
dividend of 12 A cents per share on the common
stock, payable Jan. 20 to holders
Company has been
73 cents per share was
of record Jan. 10.
paying dividends at irregular intervals. A total of
disbursed during 1940.—V. 151, p. 3755.
,
Corp.—To Refund Preferred Stock—
Shell Union Oil
Various reports were in circulation last week regarding Shell Union
refinancing.
It was learned Dec. 27 from official sources that the com¬
pany does not intend to disturb the present 2A% 15-year debenture issue
of $85,000,000.
The present proposal is to call in the entire issue of $100
par 5A% cumulative preferred stock at 105 and accrued dividends.
The
amount outstanding at present is $34,096,200.
For this purpose, approximately $10,000,000 in cash will be utilized from
the company's treasury and the balance will be obtained from a public
offering of $10,000,000 one to 12-year serial notes and $15,000,000 20-year
sinking fund debentures.
This financing will be underwritten by a group
of investment firms, headed by Morgan Stanley & Co., Inc.—V. 151,
p. 3253.
will be made at the Guaranty Trust Co. of N.
St. Joseph Stock
Directors
have
a
dividend
of $1
per
share
on
Directors
the common
stock, payable Dec. 24 to holders of record Dec. 19.
This compares with
50 cents paid on Oct. 1 and July 1, last and on Dec. 24, and Sept. 30, 1939.
Dividend of 37^1 cents was paid on Dec. 20, 1938, and one of 25 cents
was paid on June 30,
1937.—V. 150, p. 2437.
St.
Louis
Public
Co.—New
Service
Interest
Purchases
Equity—
The purchase of a suoscantlal equity in the company
(including
block
a
of income 4s,
1964) by National City Lines, Inc., has just been approved
by the Missouri Public Service Commission.—V. 151, p. 2205.
St. Louis-San Francisco
Period End. Nov. 30—
1940—Month—1939
Operating expenses
Net ry. oper. income...
Net income
$838,942
11,097
I.:
$542,396
11,844
$4,461,167
79,598
$3,441,178
89,034
$827,845
deductions
Bal. avail, for int., &c
,
1940—11 Mos.—1939
$4,187,548 $43,769,936 $43,735,553
3,433,196
35,911,098
36,778,859
527,818
4,302,179
3,296,090
14,579
158,988
145,088
12,519
Total income
Other
Ry.—Earnings of System—
$4,400,909
3,315,540
826,423
Operating revenues
$530,552
$4,381,568
$3,352,143
Earnings of Company Only
November—
Gross from
1940
railway
.
Net from railway
Net ry. oper. income
1939
$4,231,688
1,046,926
822,485
$4,012,335
719,737
526,497
Gross from
railway
$3,618,518
237,974
21,651
42,062,887
7,614,388
4,439,042
41,882,329
6,625,883
3,351,980
39,515,830
4,363,032
788,039
45,599,459
7,690,186
5,181,246
Real estate taxes
1940
...
exps...
;
Other taxes
Net operating income
13,193
$487,371
407,006
87,900
13,426
$33,690
2,403
$48,682
1,984
loss$20,961
1,489
$36,093
35,000
52,500
restaurant,
security taxes of $8,872
$50,666
Ioss$19,472
35,000
per
share
on
the
common
an
extra dividend of 25 cents per
share in addition
year-end dividend of like amount on the common stock, both payable
Dec. 30 to holders of record Dec. 27. Extra of 25 cents and regular quarterly
a
dividend of 25 cents were paid on Nov. 8,
last.—Y. 151, p. 2513.
Simplex Radio Co.—Philco to Own Company 100%—
At a special meeting Dec. 26, 1940 stockholders of Simplex Radio Co.
adopted a plan whereby they will receive one share of stock of Philco Corp.
in exchange for each three shares of Simplex Radio Co. stock, and the assets
and business of Simplex Radio Co. will be transferred to a successor com¬
pany of substantially the same name, Simplex Radio Corp.
The latter
will continue to operate as a radio manufacturing organization in Sandusky,
Ohio, as in the past.
In excess of 90% of the stock of Simplex Radio Co. is owned by Philco
Corp., which will own 100% of the stock of the new Simplex Radio Corp.
At the initial meeting of the board of directors of Simplex Radio Corp.
held Dec. 26 the following officers were elected:
James T. Buckley. Pres.;
Larry E. Gubb, Executive Vice-Pres.; George E. Deming, Vice-Pres. in
Charge of Production; William H. Grimditch, Vice-Pres. in Charge of
Engineering; John Ballantyne, Treas.; Edward S. Peyton, Sec., and William
R. Wilson, Compt.—V. 144, p. 1617.
Skenandoa Rayon
Directors have declared
common
Corp.—Initial Common Dividend —
an
the
record Dec. 16.—V. 150, p.
initial dividend of 25 cents per share on
stock, payable Dec. 27 to holders of
(A. O.) Smith Corp. (& Subs.)—Earnings—
52,500
69,137
52,500
$105,971
$176,109
1939
$443,159
278,168
$565,182
Net operating income
$164,991 Ioss$233,255
11,738
7,852
12,082
Other income
$577,264
Total income
189,000
Federal income taxes, &c
Net profit
Earnings per share
1938
1940
$824,091
258,909
Three Months Ended Oct. 31—
was
$176,729 loss$225,403
58,028
$118,701 loss$225,403
$0.24
Nil
made in quarter for taxes under the Federal
on common
provision
$24,741
257,996
$388,264
$0.78
stock-
35,000
(59,137
Net loss
Rooms,
1938
$564,508
417,104
86,288
yl2,435
$120,54*
first mortgage
Depreciation
50c.
of
Signode Steel Strapping Co.—Extra & Year-End Div.—
Directors have declared
to
Note—No
Net Income
x
1939
$546,306
413,749
85,675
y
Other income—Cash discounts, &c__
on
dividend
a
Operating income
Depreciation
Savoy-Plaza, Inc.—Earnings —
3 Months Ended Oct. 31—
Operating revenues
Operating and gen. & admin,
x
Interest on income bonds
declared
4141.
—V. 151, p. 3576.
Interest
have
ptock, payable Dee. 27 to holders of record Dec. 17.
This compares with
25c. paid on Sept. 16 and April 22 last, and on Dec. 21 and on Sept. 30.
1939, and on Dec. 15, 1938.—V. 150, p. 3988.
1937
1938
$3,615,676
368,801
162,077
From Jan. 1—*
Net from rqilway
Net ry. oper. income...
Co., Inc.—50-Cent Dividend—
Shuron Optical
Yards Co.—To Pay $1 Dividend—
declared
beverages,
telephone.
&c.
1940 and $8,678 in 1939.
y
69.137
Includes
social
"Excess Profits Tax Act of 1940."—V.
151, p. 3577.
Socony-Vacuum Oil Co., Inc.—Subsidiary Dissolved—
White Eagle Pipe Line Co., Inc., was
assets, after liquidation of liabilities,
stockholder,
dissolved as of last Nov. 9 and its
turned over to this company, its sole
In October, last, Socony-Vacuum also acquired 40,000 shares of SoconyVacuum Transportation Co., Ltd., being all of the latter's capital stock.
Volume
The Commercial & Financial Chronicle
151
in exchange for stock of Standard
Transportation Co., Ltd. (Hong Kong),
previously owned by Socony.
Socony-Vacuum Transportation Co., Ltd.,
was organized under Canadian law in
August of this year.—V. 151, p. 2662.
Gross
operating revenues—Natural
Water
/
Ice
Sonoco Products Co.—Extra Dividend—
Directors
Co.—Earnings—
/
11 Months Ended Nov. 30—
Earnings per share
—V. 151, p. 3101.
$1,492,164
$3.74
'
on common stock,.
,
Southern Acid &
a
dividend
•
$493,399
v $0.77
Gas
&
Water
Co.-
Net
Charles J. Gregory, Vice-President, in
a
debt structure
.
outstanding $1,115,500 first lien bonds maturing
no possibility of paying these bonds at
maturity
June 1, 1941, and there is
refunding them in the normal
manner.
Southeastern Gas Co., the largest operating
subsidiary, could not
maturity on June 1,1940 its 6% notes in the amount of $45,500.
"(3) Gross revenues of the Southeastern system have been
declining
steadily for the last several years, due largely to the fact that moneys which
should have been used for drilling new gas wells have been used
instead to
pay general lien bond interest in order to prevent a default in that issue.
operating income
$119,111
4,285
Int.
on
Int.
on
Net
loss...
general
bonds
lien
and
Inland
loss, $33,902.
.
"Under date of Aug. 15, 1940 the
management submitted for the con¬
of its bondholders a voluntary plan of
sideration
exchange of securities,
which, if adopted by substantially all of the bondholders, would, it was
hoped, effect a reorganization of the financial affairs of the company to
the end that a bankruptcy proceeding could be avoided.
The plan, in
Utilities,
asked to extend their maturity to 1954
by accepting 6% cumulative
income bonds with sinking fund provisions in lieu of the
present fixed inter¬
est bearing bonds.
No dividends were to be
were
general lien bonds
undisturbed.
were
Assets—
Going
concern
value
of
of
Southeastern
over
"original
169,600
bearlng notes
Utilities, Inc., conv. 6%
gold debentures.
cost"
Mortgage notes payable
al,227,018
65,989
Cash
Notes receivable
Accounts
(net)
Accounts receivable (others)
Accrued storage income
45,708
1,263
Accrued Fed. income taxesOther accrued taxes
745
Other accrued liabilities
691
21,343
Reserves:
10,318
Deprec., deple. & retirem'ts 1,872,005
13,253
Amort, of
less reserves
of book val.
excess
of fixed assets of S.E. Gas
3,687
Co.
over
"original
cost"
thereof
730,418
Miscellaneous
Capital surplus—
Earned
Total
——$6,160,473
—
|
1,336
-
Participating class A stock (Rar
$1)
Common stock (par 50 cents).
deficit
—
Total
177,691
190,144
977,780
,358,368
$6,160,473
Neither the aggregate nor the net amounts at which fixed assets are
carried ($5,940,921 less reserves for depreciation,
a
depletion, retirement
and amortization totaling $2,602,423, or a net amount of
$3,338,498, which
latter amount includes $169,600 of
going concern value and $496,600 of
unamortized excess of book value) purports to
represent present
replacement cost or reproduction cost.—V. 151, p. 3254.
Southern Canada Power
Years End. Sept. 30—
Customers connected—
sale value,
Co.,"Ltd. (& Subs.)—Earns.—
J
1940
1939
31,308
30,114
$2,564,830 a$2,272,183
141,419
al47,773
$2,190,933
173,492
28,366
$2,138,052
170,036
$2,706,249 a$2,419,956
237,403
150,544
414,267
a395,571
472,155
a302,093
209,198
215,952
3,600
3,600
285,666
290,844
$2,364,425
124,829
a399,888
a277.680
204,789
3,600
293,671
$2,308,088
127.450
369,667
a281,655
181,137
3,600
312,165
Surplus for year
$1,083,960 a$l,061,352 a$l,059,968
Surplus brought forward
438,625
403,289
359,908
$1,032,414
319,921
Electric revenue
Miscellaneous revenue._
Gross
earnings
Purchased power
Operation
Taxes
Maintenance.
the program.
Substantial amounts of bonds of each class, however,
have not been deposited, and we understand will not be
deposited unless
and until certain modifications are
incorporated in the plan.
General lien
to
Bad debts
Interest
bondsholders, in particular, take the position that
they should receive
a participation in the
equity to compensate them for the sacrifices demanded
of them.
"Committees have been formed for the protection of bondholders
and the
representing the general lien bonds has cuased a bankruptcy
petition
against the company in the U.S. Court for the Northern District
of New Jersey.
This proceeding is still pending and it is our understand¬
ing that it will be pressed to a conclusion unless stockholders consent to
the amendments herein requested.
"The management is satisfied that, because of the
objections that have
been registered, the present plan must be modified.
____
1938
1937
28,917
Total
$1,522,585 *4M64,641 a$l,419,876
425,334
425,334
425,334
319,977
319,804
319,751
Transf. to deprec. res've
309,513
280,878
262,919
Amort, of bond disc't—
8,583
one
Preferred divs. paid
Common divs. paid
to be filed
Surplus
a Adjusted.
Accordingly, the
agreed with these committees upon amendments to the plan
assured that if they are adopted the amended
plan will be
actively supported by such committees.
We are convinced that without
committee support any voluntary plan of
reorganization is foredoomed to
failure, whereas with such cooperation we believe that there is an excellent
prospect of success.
''
"Under the amended plan holders of general lien bonds will
be requested
to exchange their bonds for new income bonds and shares of a
newly created
issue of special participating stock at the rate of one new
$500 bond and one
share of special participating stock for each
$500 principal amount of bonds
so exchanged.
"Stockholders are requested to vote on Jan. 28 on the
proposed amend¬
ment to the certificate of incorporation which creates this
new issue of
special participating stock (par $1) to be distributed to holders of general
$467,761
company has
and has been
a$438,625
$1,352,335
425,334
319,642
233,381
a$403,289
14,070
$359,908
Consolidated Balance Sheet Sept. 30
1940
A. 8 SCt
1939
$
1940
$
Plant investment-21 ,234,853
Liabilities—
20,795,822
Cash on hand & in
banks
162,215
$
Funded debt
6,133,945
Accounts payable90,315
1939
$
6,412,253
180.789
Prov. for taxes...
390,167
225,964
cos.,
Dividend payable-
106,333
106,333
bonds, shares &
Customers'depos.,
Invest,
affil.
adffr.
604,513
book
at
incl. interest
321,322
396,583
Investmentsx2 ,107,021
2,141,569
value
Other
Accts.
rec.,
and
notes
incl.
140,750
7,088,900
8.000,000
y
7,088,900
Common stock— 8,000,000
Min.
accr.
38,727
136,875
Bond int. accrued-
shareholders
451,235
430,157
int. in
Mdse. & main sup-
The new stock will be entitled to 75% of all
dividends, 75%
of all distributions to stockholders on dissolution or
liquidation, and 75%
of voting power.
(Each share of class A and common stock is now entitled
to one vote and class A stock is entitled to
preferences.)
"It is important to the stockholders that a
plan of reorganization be
effected on a voluntary basis without resort to the drastic
procedure of a
court of bankruptcy.
If the stockholders of the company approve the
proposed amendment to the certificate of incorporation, it will be possible
tor the amended plan to be submitted to bondholders,
whereupon, we believe
that the company can be reorganized on a
voluntary basis.
42,699
Preferred stock
revenue------
lien bonds.
230,868
206,827
surp.ofsubs
102,288
104,125
44,308
21,200
Prepaid & deferred
expenses
Mortgages receiv..
less reserve
escrow
and
cap.
455
Res. for deprec. _.z2,057,417
Res. for bad debts
52,744
455
2,021,060
47,980
Mlscell. & conting.
Funds & securs. in
144,870
reserve.
Earned surplus
137,831
467,761
439,668
with true.
for bondholders.
46,412
127,016
11,958
12,899
Em pi.
cap. stock,
purch.accts., bal
are
ensuing court reorganization.
After giving careful consideration to the
questions involved, the officers and directors of the company are
voting
the stock which they personally own in the
aggregate amount of 53,482
9,758
Consumers' deposits—
assets.-.-..50,687
Unamort. debt disc. & exp—
Restricted balances in banks,
"Since the announcement of the plan bondholders have
received full
information concerning the plan and its
general objectives and holders of
56% of the first lien bonds and 40% of the general lien bonds have assented
increase in the values of the common and class A stocks.
By voting
for the amendment you will retain a share in
any such improvement in
values.
As we have previously stated in this letter, the
alternative is the
bankruptcy of the company and probable elimination of your stock in the
6,793
17,300
Prepaid expenses
paid until all accumulations
paid, but the position of the
an
135,015
1,778
—
19,501
—
5,000
16,698
10,565
6,516
Other accrued interest—!
7,658
__
Accrued Interest receivable.__
Inventories
-
payable
Unearned cold storage rev....
Accrued and matured Int. on
funded debt
50
Accounts receivable
4,350
Inland
Gas
thereof
Other
<
debt—-.—$3, 318,850
Southeastern Gas Co. 6% notes
15,500
Southeastern Gas Co. non-int-
sub.
determined by
appraisal
Excess of book value of fixed
Co.
;
Liabilities—
water cos. as
assets
$116,758; net
?
Funded
*
was to remain
confident that with more normal operations and a reasonable
amount expended each year for drilling new gas
wells, revenues and earn¬
ings can be maintained and increased.
With some improvement in earn¬
ings and with a reduction in funded debt through operation of the
sinking
funds provided in the plan, it is our opinion that there is an
opportunity
Inc., debentures,
-/
Property, plant & equlpment_$4,544,303
brief, called upon holders of the first lien bonds due June
1, 1941, to ex¬
change their bonds for new bonds maturing in 1951, with provision for a
cash sinking fund of at least $25,000 per year.
General lien bondholders
for
12 months ended
Consolidated Balance Sheet Oct. 31, 1940
general lien bonds outstanding in the
a consequence, this issue is now in
"In our opinion, there is no question but that if the
company were at
time placed in the hands of the courts for
reorganization under the
Chandler Act, the stockholders would be foreclosed from
participation in
such reorganization.
"We
270
nance, $5,371; provision for depreciation, depletion and
retirements, $9,000;
taxes, $17,289; net operating income, $403;
non-operating income, $156,133;
gross income, $156,535; interest on first lien
bonds, $73,680; interest on
default.
new
73,680
104,670
$79,369
The income account of the
parent company for the
Oct. 31, 1940, follows:
Gross operating revenues, $120,670;
As
this
the
$99,250
_______
have recently made it impossible for the
company to borrow money from
banks, and because of its inability to borrow, the
company could not pay
the interest due June 1, 1940 on its
on
___
Gas & Water Co.—Int. on 1st lien bds_
general lien bonds and Inland Utilities, Inc., debs__
unfunded debt
In spite of the policy set forth in the preceding
paragraph, the con¬
tinued annual deficits and the approaching
maturity of the first lien bonds
stockholders
$123,396
19,559
/3,270
01,317
_
Charges of Southeastern
"(4)
of interest
774
47,627
6,250
j
Deposits for bond income tax.
"(2)
pay at
principal amount of $1,739,500.
39,253
__
__________
letter Dec. 19 to the stockholders
lutely imperative at an early date, the sole question being whether such
reorganization could be accomplished by means of a plan based upon volun¬
tary acceptance by bondholders or whether, on the other hand, a court
pro¬
ceeding would be necessary.
Among the reasons for this conclusion were
or
V 91,480
Balance
"For some time past we have recognized that the financial condition of
the company was such that a
reorganization in some form would be abso¬
has
$622,582
286,969
31,116
__
Proposes
unceasing struggle
obligations.
This struggle has been intensified by a decline in
gross revenues due to (a) reduced sales of natural gas to the large pipe line
companies; (b) the company's inability to spend sufficient money each year
to drill new gas wells to offset depletion and
(c) the competition of new,
large, high-pressure gas wells drilled by others since 1935.
Substantia]
operating deficits were reported for the years 1931 to 1939, inclusive, except
for the year 1936, when there was a small net
profit (for the 12 months ended
Get. 31, 1940, the deficit was $79,369).
These annual deficits have not
only reduced working capital but have impaired the company's credit.
Company
"
.....
_
_
on funded debt
on unfunded debt
Amortization of debt discount and
expense
to meet its
"(1)
_
Gross income
■
following:
_
operating expenses,$88,608; mainte-,
"Since its organization the
company, handicapped by a
far too large for its earning capacity, has conducted an
the
_
Interest
Amendments to Financial Plan—
states:
—_
_______
Charges of subsidiaries—Interest
per
-Company
,
Non-operating income
share on account of
accumulations on the 7% cum. pref. stock, par
$100, payable Jan. 1 to
holders of record Dec. 20.
Like amount was paid on Oct. 1, July 1, April 1,
and Jan. 1, last.
Dividend of $4.42 was paid on Oct. 1, 1939, and dividends
of $1.75 were paid in
preceding quarters.—V. 151, p. 1911.
Southeastern
_
Abandoned leases
Taxes—General
Federal income
Works, Inc.—Accum. Div.
of $1.75
$383,829
173,131
65,622
_
Provision for depreciation, depletion and
retirements*—
Amortization of excess of book value of fixed assets of
Southeast¬
ern Gas Co. over
"original cost" thereof..
Directors have declared a year-end dividend of 37
]4 cents per share on
the common stock, payable Dec. 19 to holders of record Dec. 13.
Regular
quarterly dividend of 25 cents was paid on Oct. 1, last.—V. 151, p. 114.
Southern Bleachery & Print
expenses
Maintenance
Sulphur Co.—-Year-End Dii idend—
Directors have declared
gas
.
__
Operating
1939
1940
Net income after all charges
and cold storage
Total
have declared an extra dividend of 25 cents
per share in addition
to a quarterly dividend of 25 cents
per share on the common stock, both
payable Dec, 21 to holders of record Dec. 16. Like amounts paid on Sept. 30,
last.—V. 151, P. 1910.
v
w-"'
Soundview Pulp
3901
Consolidated Statement of Earnings 12 Months Ended Oct.
31,1940
Total
24,712,481 24,840,710
Total
24,712,481 24,840,710
*
x
As
of
Sept. 30, 1940, the market value of "other investments"
was
estimated at $2,179,139.
y Represented by 400,000 no par shares,
z Bal¬
ance after applying $270,000 to write down values of subsidiary company
and other investments.—V. 151, p. 3756.
Southern Counties Gas
Co.—Refunding—
The California Railroad Commission has authorized the company (sub¬
sidiary of Pacific Lighting Corp.) to issue $11,500,000 3s of 1971 in the
refunding operation recently applied for.—V. 151,
p.
3756.
shares in favor of the amendment."
The stockholders will vote
creating 3,714 shares of special participatng stock (par $1) and eliminating from the authorized capital stock
400,000
shares of class B common stock (par 50 cents), none of which is now
out¬
standing, thereby reducing the total number of authorized shares of
capital
stock from 1,100,000 to 703,714.
Southern Kraft
on
Corp.—Bid Highest for Tissue Properties
The corporation made a successful bid of $501,000 for the Glens Falls,
N. Y., and Marinette, Wis., properties of the International Tissue Corp..
subsidiary of International Paper & Power Co. The sale was conducted
by Joseph P. Day, Inc., Dec. 24.—Y. 150, p. 3677.
t
a
*l§-267,604 $12,815,526
3,305,294
2,183,683
2,334,237
1,546,297
473,161
3,645,739
income
139,003.423 1^,435,207
30,390,935 37,668,210
21,150,419
9,431,924 17,139,204
160,565,511 152,794,111
45,167,960
42,581,714
Gross from
railway
Net from railway
Net ry. oper. income
23,307,023
Transportation System
Nov. 30—
1940—Month—1939
1940—11 Mos.— 1939
revenues_$21,171,454 $18,893,1961210,447,870$199,152,020
expenses- 14,476,095
13,640,952 154,289,083 145,944,911
Earnings for the
Period End.
Railway oper.
Railway oper.
Net ry. oper. income.
From Jan. 1—
(net)...
667,399
703,110
$2,837,794 $28,057,846
$4,356,999
Net ry. oper. income
—V. 151, p. 3254.
Ry.—Redutes RFC Debt—
has reduced its loans from the Reconstruction Finance
Corporation by $1,879,738 and a further minor reduction is expected to
put such loans down to a total of $15,000,000 on Jan. 1, 1941.
It is presumed that the $1,879,738 payment will apply against the com¬
pany's agreement to reduce on Feb. 15 each year the RFC loans by a sum
equal to 25% of the balance of net income for the preceding year after
deducting from net income the amount of principal of equipment trust
obligations maturing during the year.
Earnings in the first 10 months
indicate that the payment will be more than sufficient to discharge the
carrier's obligations for 1940 under the RFC agreement.
—Second Week of Dec.— —Jan.
1 to Dec. 14—
1940
1939
1940
1939
$2,658,729 $133157,791 $126321,902
$2,975,264
have
declared
a
,
Directors have declared an extra dividend of 50 cents in addition to the
Steel Co. of Canada,
Ltd.—Earnings—
(Canadian Currency)
Dividend
1939
1938
$4,849 loss$13,903
37,277 shares of stock.
1940
x$41,941
Equal to $1.13 a share on
x
paid
on
on
Dividend
Regular semi-annual dividend of $1 per share was last paid on Jan. 15,1938.
—V. 151, p. 862.
Stevens
Dividend of 75 cents
July 12, 1939,
record Dec. 31.
July 15, last; and 50 cents paid on April 15, last:
150, p. 4142.
Studebaker Corp.—Sales
96,894 passenger cars and
Standard Oil Co.
York
Stock
shares of common stock
(Ohio)—Listing—
-
Exchange has authorized the listing of 756,265'
(par $25) which are issued and outstanding.
The directors have declared a dividend of 50 cents per share on account
on the $4 cum. 2d pref. stock, no par value, payable
Dec. 27 to holders of record Dec. 20.
A like amount was paid on Oct. 1,
of accumulations
July
Mos.
Sundstrand Machine Tool Co.—50-Cent Dividend—
Directors
to
2.
share
Y.
$2,158,934
194,329
$5,619,150
16,651
$3,518,820
155,860
Extra
were
149,
p.
an
dividend
of
50c.
paid on
3884,
of
was
Super-Heater Co.—Year-End Dividend —
year-end dividend of 90 cents per share on the
18. Directors also
dividend of 12^ cents per share payable Jan. 15 to
Directors have declared
common
$4,298,754
earnings
Cr26,821
dividend of 50 cents per share on the common
a
extra dividend of 25c. per share in addition
50c. on the common stock,
both payable
paid on Jan. 2, 1940. and extras of 25c. per
Jan. 3, 1939, and on July 2, 1938, and July 2, 1937.—
declared
have
semi-annual
a
Jan.
2,699,470
729,908
2,942,489
267,326
3,524,296
1,090,000
Upon payment of current dividend, arrears
share. See also V. 151, p. 1913.
1, last.
Directors have declared
End.
2,840,366
2,672.248
income
and April
stock, payable Dec. 28 to holders of record Dec. 23.
Dividends of $1 were
paid on Dec. 20 and on Sept. 20, last, and 50 cents on Jan. 20 and March 20,
last, this latter being the first dividend paid since Dec. 28, 1937, when
25 cents per share was distributed.—V. 151, p. 3411.
for deprec., depl.
amortization
1,
the issue will amount to $61.83 1-3 per
Supertest Petroleum Corp., Ltd.—Extra Dividend—
Years Ended Dec. 31—
1939
1938
1937
Net sales and oper. revs_$54,155,430 $65,115,144 $55,306,628 $57,864,398
Profit before depreciat'n,
depl. & amortiz., &c._
9,811,368
10,233,446
5,368,749
6,948,198
9
Sept. 30, *40
Min. interest in
$2 Dividend —
a dividend of $2 per share on the common stock
$25, payable Dec. 30 to holders of record Dec. 24.
This compares
with 50 cents paid on June 28. last; $1.75 paid on Dec. 30. 1939: 50 cents
on June 30, 1939; $1.50 on Dec. 27, 1938; 50 cents on June 30, 1938; $1.50
on Dec. 24, 1937 and 50 cents paid on March 18, 1937.—V. 151, p. 259.
par
Consolidated Income Statement
Net profit
declared
a
stock, payable Dec. 23 to holders ol record Dec.
a
quarterly
holders of record Jam 4.
Extra dividend of 10 cents was paid on Dec.
$964,605 $3,362,660
Funded Debt—Company has no funded debt outstanding.
On May 31,
1940, the company borrowed from Chase National Bank, New York, the
sum
of $4,000,000 and issued and delivered to the bank its negoitabie
promissory note dated May 31, 1940, payaole in annual instalments of
$500,000 each, beginning one year from the date of said note and concluding
eight years from the date thereof, with interest on the unpaid balance
or said principal sum at the rate of 2% per annum, payable Q-M until the
Netprofit
$5,602,499
$4,325,576
has been paid.
of the $4,000,000 were immediately paid to
Equitable Life Assurance Society of the United States on June 1, 1940,
together with such additional sums of money supplied oy the company
as
was required,
to redeem and pay all of the company's outstanding
10-year 3 H % sinking fund debentures dated June 1, 1938, and due June 1,
1948, in the aggregate principal amount of $4,500,000.
whole of said principal sum
The net cash proceeds
Consolidated Balance Sheet Sept.
30, 1940
Liabilities—
Assets—
Cash
-
U. S. Government securities.
Notes & acc'ts rec., less res..
Inventories
Other assets
Property acc'ts (at depr. cost)
Prepaid royalty...
....
$8,795,434 Notes payable——„———
15,600 Accounts payable
8,629,968 Accrued taxes and interest11,155,597 Fed. & State inc. taxes (est.).
3,619,359 Mortgages payable
47,327,493
735,141
Preferred
Earned
1,166,232
3,049,099
220,166
150,000
5,374,205
—
surplus
Walter D. Wall, tax consultant, has been elected a director
Susquehanna Silk Mills, Inc.—Special Meeting—
Special meeting of holders of voting trust certificates of Susquehanna
Dec. 30, 1940, to vote on an offer of Susquehanna
Mills, Inc., to purchase the company's plant at Sunbury, Pa., inventories,
accounts receivable, goodwill, and other assets.
Payment by Susquehanna
Mills, Inc., would consist of 113,381 shares of the corporation's common
stock, and assumption of all accounts payable of Susquehanna Silk Mills
by former concern.
If offer to Susquehanna Mills, Inc., is accepted, cash
proceeds would aggregate about $2.87 per share on the class A stock of
Susquehanna Silk Mills, in addition to the 113,381 shares of common
stock in the new company.—V. 151, p. 2209.
—4
Silk Mills will be held
Symington-Gould Corp.—25-Cent Common Dividend
Directors have declared
a dividend of 25 cents per share on the common
15 to holders of record Dec. 31.
Like amount was
Oct. 15, last, this latter being the first dividend paid on the common
shares since Jan. 18, 1938. when 25 cents per share was also distributed.
—V. 151, p. 2514.
stock, payable Jan.
paid
$81,164,097
Total
on
Tampa Electric Co.—Earnings—
Period End. Nov. SO—
1940— Month—1939
$405,143
157,660
2,033,914
1,759,784
21,578
36,511
49,748
22,255
40,778
21.874
292,633
428,767
381,373
269,359
423,327
261,494
$160,780
$162,576
74
72
$1,909,839
2,454
$1,946,200
2,773
$160,854
35,833
$162,648
35,833
$1,912,293
$1,948,973
430,000
$126,815
$1,482,293
1,248
610
9,793
Maintenance
General taxes
Federal income taxes.
$81,164,097
-
-V. 151. p.3255.
b Utility oper. income
Other income (net)
Standard Screw Co.—Common Dividend
Directors have declared
a
—
b Gross income
dividend of 30 cents per share on the common
stock, par $20, payable Dec. 26 to holders of record Dec.
14.
This
com-
Retire,
Sares 29 and March paid on 15 cents on Feb. Aug.1940;last;cents on Dec. 27,
with 50 cents 3, last; Nov. 29 and on 27, 12, 30 30 cents paid on
10, Sept. 30, June 30, and March 31, 1939, and 25 cents paid in
each of the four preceding quarters.—V. 151, p. 3577.
reserve
accruals.
Gross income
une
Nov.
Interest deductions
$123,773
Net income
Starrett Corp.— Trustee—
The
Continental
successor
Bank
trustee for
&
Trust
Co.
Preferred dividends
of New York
$5,079,000 of this corporation
s
has been appointed
a
No
provision made for
liability, if
Dividend—
Directors have declared a dividend of $1.35 per share on the common
stock, payable Dec. 23 to holders of record Dec. 14.
Previously regular
quarterly dividends of 50 cents per share were distributed. Extra dividend
of $1 was paid on Dec. 22, 1939 and a special dividend of $5 was paid on
Dec. 20. 1938.—V. 151, p. 2363.
*
Common dividends.
secured income 5s of
1950—V. 150, p. 4142.
State Street Investment Corp.—$1.35
1940—12 Mos.—1939
$5,046,527
$4,660,165
$436,018
167,400
$125,021
Operating revenues
Operation.
a
...
of this cor¬
poration, taking the place of James H. Duff, attorney, resigned.—V. 151.
3,195,109
501,569
12,000,000
18,843,500
4,345,070
22,145,407
27, 1939.—V. 151, p. 2058.
Superior Steel Corp.—New Director—
$761,587
9,412,149
dividend
Long-term debt
885,505 Reserves-.-.———.;
Minority Interest in subs
5% preferred stock
Common stock ($25 par)
Capital surplus
Other deferred charges.
Total
82,062.—V. 151,
3577.
p.
Feb. 1 at 102.
on
Retail deliveries were 10,249 units in
trucks.
November, 1939, and for the first. 11 months last year were
on
and
—
Corporation reported factory sales for November of 10,945 passenger
and trucks, bringing sales for the first 11 months of the year to 107,190
units.
In November, 1939, factory sales were 11,488 units and for the
first 11 months last year sales amounted to 99,674 units.
Retail deliveries in the United States last month amounted to 8,314
units and for the first 11 months of the year domestic dealers' sales totaled
cars
Standard Lime Ltd.—Bonds Called —
A total of $13,000 6% bonds due 1944 has been called for redemption on
Taxes
Bondholders received 0.9% for 1937, 2% for 1938 and 2.1% for 1939.
773.
year.
—V. 143, p.
Suburban Electric Securities Co.—Accumulated Div.—
output of the public utility operating companies in the Standard
Electric Co. system for the week ended Dec. 21, 1940, totaled
148,564,412 kwh., as compared with 135,640,864 kwh. for the corre¬
sponding week last year, an increase of 9.5%.—V. 151, p. 3756.
&
Prov.
The
until after the close of the year's business.
5% rate represents an increase of 140% over the interest paid last
A
Co.—Weekly Output—
Standard Gas & Electric
New1
Hotel, Chicago—Interest—
The company will pay more than 4% and possibly as much as 5% on its
bonds for the year 1940, according to letters mailed Dec. 23 by the board
of directors to more than 4,500 bondholders.
The interest will be paid
Submarine Signal Co.—To Pay
share on the common
June 27, 1932.—V.
The
equalizing dividend of $2 per share in
(John B.) Stetson Co.—Accumulated
—
Directors have declared a dividend of $2 per share on account of ac¬
cumulations on the 8% cum. pref. stock, par $25, payable Jan. 15 to holders
of record Jan. 2.
Dividends of $1 were paid on July 15 and Jan. 15, 1940.
Electric
Gas
an
stock, both payable Feb. 1 to holders of record Jan. 7.
Like
amounts were paid on Feb. 1, 1939, 1938 and 1937, and ar equalization
dividend of $1.42^ per share was paid on Feb. 1, 1936.—V. 151, p. 115.
common
Directors have declared
stock, payable Jan. 31 to holders of
was
1937
loss$16,422
—
Directors have declared a dividend of 50 cents per
and
Ltd.—Equalizing Dividend —
have declared
directors
exact rate will not be known
stock, no par value, payaDle Jan. 15 to holders of record Jan. 3«
This compares with $1.50 paid on Oct. 15, last; $1 paid on April 15, last;
$1.50 on Oct. 14, 1939; dividends of 50 cents paid on Aug. 15, July 15,
1939, and on Dec. 19, 1938: $2 paid on Oct. 15, 1937, and on Dec. 5, 1936,
and a dividend of $1 paid on Oct. 15, 1936, this latter being the first dis¬
tribution to be made on the common stock since Aug. 1, 1920, when an
initial dividend of 50 cents per share was paid.—V. 151, p. 3410.
Standard Chemical Co.,
Corp.—Year-End Dividend—
of 10 cents per share on the
stock, payable Dec. 16 to holders of record Dec. 4.—V. 145, p.
;\
regular quarterly dividend of 12H cents per share on the common stock,
both payable Dec. 31 to holders of record Dec. 21.—V. 150, p. 1457.
dividend of 75 cents per share on the
common
6 Mos. End. Sept. 30—
Net profit before deprec.
1,424,886
defl3,169
def342,110
March 1 on income bonds with face value of more than $6,000,000.
Spicer Mfg. Co.—75-Cent Common Dividend—
directors
1.482,092
13*,248
def252,372
addition to the regular quarterly dividend of YS% cents per share on the
The company
Gross earnings (est )-.—V. 151, p. 3756.
1637
$126,014
def3,837
def53,478
Stecher-Traung Lithograph Corp.—Extra Dividend—
The
Southern
1,509,318
149,263
def236,852
23,186
deflb,529
Directors have declared a year-end dividend
common
$25,837,838
75,001
2,157
1,475,501
90,780
def262,789
Net ry. oper. income—
—V. 151, p. 3255.
3983.
Joint facil. rents
$135,458
7,290
def27,041
—
Gross from railway
Net from railway
$5,252,244 $56,158,787 $53,207,109
1,472,188 *6,545,035 16,698.240
867,262 1°»388,507
9,967,921
$6,695,359
1,342,578
993,625
Net rev. from ry. oper
Railway tax accruals-..
Equip, rents (net)
$131,818
$127,340
def7,232
def42,596
Gross from railway—
Net from railway
States Oil
1940
28,
1938
1938
1940
November—
_
$16,295,314 $14,540,734
5,484,147
4,193,545
Gross from railway
Net from railway
Net ry. oper.
1937
1938
1939
1940
Dec.
Rapid Transit Ry.—Earnings-
Staten Island
Pacific Co.—Earnings—
Southern
November—
The
Chronicle
The Commercial & Financial
3902
i
any.
excess
430,000
$1,518,973
6,894
$1,472,499
$1,512,078
70,000
70,000
1,338,953
1,338,937
profits tax pending determination of
$126,205
b Before retirement reserve accruals.—V. 151, p. 3757.
Terre Haute Malleable & Mfg. Co.—10-Cent Dividend—
Directors have declared
a
dividend of 10 cents per share on the common
stock, payable Dec. 30 to holders of record Dec. 21.
cents were paid in the four preceding quarters and on
Dividends of five
Nov. 3, Aug. 10
April 5,1939; 10 cents paid on Dec. 1, 1938, 5 cents paid on April 15,
1938 and 15 cents paid on Dec. 28, 1937.—V. 151, p. 3256.
and on
The Commercial & Financial
151
Volume
Telephone Bond & Share Co.—Earnings—
the agreement requiring
$519,708
72,628
Total income
Operating expenses and taxes
_
$447,080
362,530
Net earnings
Debenture interest
Other
854
interest
31,154
Debt discount and expense
Net
income
$52,542
77,290
.
7% preferred dividends
$3 preferred dividends
235
$24,983
Balance, deficit.
Balance Sheet Sept.
Due from sub. companies
Cash
55,520,700
187,156
548,517
450,000
14,858
$3 cum. 1st pref.
a
c
Class B common stock._.
e
4,996
Special deposit
Accounts receivable
1st pref. stock__
stock...
Partic. pref. cum, stock.,
d Class A common stock—
b 7% cum.
17,976,407
730,741
559,699
302,669
Funded
700
Earned
140,000
1,136,452
surplus
Represented by 391 no-par shares,
b Par $100. c Represented by
no-par shares,
d Represented by 95,024 no-par shares,
e Par
$1.—Y. 151, P. 3411.
a
3,299
Terry Steam Turbine Co.—Year-End
Texas Electric Service Co.
Operating
Operating
Property retirement re¬
serve appropriations..
1940—12 Mos.—1939
$8,487,799
3,369,925
1,085,408
$8,817,847
3,352,936
97,050
1,433,405
83,333
83,333
1,000,000
1,000,000
Net oper. revenues
$168,228
$282,811
$3,031,506
$3,032,466
Other income (net)..
925
Dr87
13,765
15,510
$282,724
140,542
2,670
$3,045,271
1,686,500
32,685
$3,047,976
1,686,500
31,644
$1,326,086
$1,329,832
$169,153
140,542
2,769
Interest
on
mo'tge bonds
Other interest
$25,842
I $139,512
Dividends applic. to preferred stocks for the period
Net income
—V.
151,
3256.
p.
375,678
375,678
$950,408
Balance
1940—11 Mos.—1939
$2,419,909 $24,176,433 $24,153,161
17,109,718
17,238,739
1,674,194
1,682,182
1,814,140
191,560
937,525
1,054,177
95,848
14.09459,804
5,709
$2,383,114
1,675,950
151,486
income.
$478,282
180,776
$452,598
132,998
$4,432,914
521,118
$659,058
3,004
$4,954,032
$4,462,035
322,509
$585,596
4,422
321,935
46,948
3,542,993
79,942
3,572,734
$333,545
$259,239
$1,364,091
$809,359
78,906
Crl,510
.....
Miscell. deductions
charges
._
on
income
...
Light Co.—Earnings—
Period End. Nov. 30—
revenues
expenses
Direct taxes.^
1940—Month—1939
1940—12 Mos.—1939
$930,355 $10,985,204 $11,502,069
$976,400
370,410
4,426,324
4,592,231
366,919
82,074
1,301,003
1,155,589
129,215
retirement re¬
appropriations.
of
t
limited-term
90,146
A
-■
v
2,816
$4,177,112
17,518
$4,662,633
996
$387,339
2,444
$393,068
170,417
10,000
5,499
$389,783
170,417
10,000
5,286
$4,194,630
2,045,000
$4,675,841
2,125,208
120,000
86,922
120,000
137,909
$204,080
for the period
$1,942,708
$2,292,724
865,050
865,050
$1,077,658
$1,427,674
$392,072
Other income (net)
Gross income
bondsi
i
Net income
$207,152
Dividends applic. to pref. stocks
Balance
151,
1,088,800
4,711
".
409
Net oper. revenues
—V.
1.076,054
386
87,785
"v.-'.
investments..
Interest on mtge.
Interest on deben
p.
13,208
325H.
77,625
77,625
Dividend—
-i-
.---v.
Depot Co. (Columbus, Ohio)—Tenders—
Union
of
general
mortgage
bonds are being notified that in
covering issue of above
4H%
accordance with sinking fund provision of mortgage
bonds, Geo. H. Pabst, treasurer, 1846 Broad St. Station, Philadelphia, Pa.
is inviting tenders of bonds for sale ana delivery as of Dec. 31, 1940, at a
price not exceeding 102M % and accrued interest, to extent of $15,695.73.
Sealed tenders of bonds must be in Mr. Pabst's office before close of
business, three o-clock p. m., Dec. 30, 1940.—Y. 122, p.
Union Pacific
2945.
RR.—Equipment Trust Bids Asked—
1, 1942-1956, inclusive.
The issue will be covered by
costing at least $15,712,500 and comprising 15 locomotives,
and tenders; 1,000 all-steel ballast cars, 50-ton capacity;
300 flat cars, 50-ton capacity; 50 gondola cars, 70-ton capacity; and 2,000
steel light-weight box cars of 50 tons capacity and 250 steel automobile
cars of 50 tons capacity, to be constructed by the Union Pacific.
Bids are to be received by the company at 120 Broadway, N.lY.[City,
on Jan. 8.—V. 151, p. 3758.
equipment
4-8-8-4
type,
Union Premier Food Stores,
have
1, 1940, 1939 and 1938 ; one
and a regular semi-annual dividend
Jan. 2, 1936.—V. 149, p. 3884.
Jan.
Tintic Treasure Mining
The Securities and Exchange
of $2.50 was paid on Jan. 2, 1937,
of $1.75 per share was distributed on
York
Stock
Corp.—Wages Increased—
Corporation announced on Dec. 10 an increase of five cents an hour for
hourly rated employees except students under training in the defense
training center, effective immediately.
Payrolls of salaried workers are
being reviewed for the making of increases.
The increases will involve some
17,000 persons and will amount to
$2,000,000 a year, it was estimated.
The announcement was made con¬
currently with the distribution of checks for additional compensation to
about 9,000 employees in accordance with the wage-salary plan announced
all
on
Oct. 29.
At
corporation said it would make Christmas pay¬
additional compensation to employees, based on
the same time the
ments
next
week
of
length of service with the corporation, the amounts
employees with less than one year's service to $40
15 years or more.—V. 151, p. 3579.
United Biscuit Co. of
Company
America—Acquisition
United Biscuit.
Negotiations are expected to
Iten-Barmettler was founaed in 1936 with capital
Treasurer of
completed by Jan. 1.
Secretary
be
151, p. 2812.
United Light & Rys.
.
Co. (& Subs.)—Earnings—
1940
Corp.—Initial Dividends—
on
the class A
transfers)
____
.$85,543,536 $80,079,941
39,567,691 37,102,385
4,176,684
8,831,799
Maintenance
Provision for depreciation..
General taxes & estimated
earns,
....
Federal income taxes.. 12,293,556
from opers. of sub. & controlled
Mar¬
Int.,
Balance
Aeronautics Board approved
Dec. 19 the acquisition by com¬
1,934,097
$6,404,566
$5,797,376
1,115,413
Equity of U. Lt. & Rys. Co. in earns, of sub. and
controlled companies
Income of U. Lt. & Rys. Co. (excl. of income re¬
ceived from
$7,731,473
2,206,620
786,550
attributable to minority
subsidiaries)
"$7,519,979 "$6^583,926'
-
134,548
Expenses of United Light & Rys. Co
Taxes of United Light & Rys. Co—
124,887
105,849
335,278
$7,279,582
$6,123,761
1,341,319
308
41,945
19,420
1,343,320
$5,876,589
$4,720,157
1,214,949
1,214,505
Holding Company Deductions—
Interest on 5lA%
debentures, due 1952-.
Amortization of debenture discount
of the Marquette Airlines, Inc.
The Marquette operates between Detroit, Toledo, Dayton, Cincinnati
and St. Louis.
;
■'
,
.
Last July the Board issued an order denying approval of the purchase
1,005,605
$8,611,186
-
Proportion of earnings,
common stock..
—
Other interest
quette Airlines—
1,050,564
controlled companies...$21,724,370 $20,855,812
amortiz.& pref. divs. of sub. & controlled cos. 13,113,184
13,124,339
Total income of sub. &
Balance
Transcontinental & Western Air, Inc.—To Buy
4,262,662
8,862,891
10,001,796
cos.$20,673,807 $19,850,207
and controlled companies
last.—V. 151,
p.3578.
1939
of sub. and controlled companies
(after eliminating intercompany
General operating expenses
Total
Company paid an initial dividend of three cents per share
stock and 60 cents per share on the class B stock on Dec. 10,
—
has entered into a contract for purchase of the Iten-BarOmaha, according to W. H. Armstrong of Chicago,
stock of $1,000,000.—V.
Net
Commission and the Department of Justice
ranging trom $5 for
for those employed
mettler Biscuit Co. of
Non-oper. income of sub.
Co.—Promoter Guilty—
reported Dec. 20 that Harry Armstrong Thompson of Salt Lake City, Utah,
entered a plea of guilty to charges of fraud in connection with the sale of
stock of the company.
The imposition of sentence was suspended and the
defendant was placed on probation until June 7, 1941, at which time the
Court will give further consideration to the sentence to be imposed.
The
indictment was returned in the Federal District Court at Salt Lake City. ,
The indictment charged that Thompson/as manager and sole controlling
person of Ridge & Co., with offices in Salt Lake City, made fraudulent
representations concerning the affairs of Tintic Treasure Mining Co., its
mining operations, shipments of ore, and the market price of its stock.—
V. 151. p.2812.
Toklan Royalty
Inc.—•Listing—•
Exchange has authorized the listing of 55,000
($1 par), reserved for issue upon the exercise of
the common stock purchase warrants attached to certificates for 55,000
shares of $2.50 cumulative preferred stock ($15 par), making a total of
492,984 shares of common stock authorized to be listed.
See also V. 151.
p. 3578. •'
"-Oi ?\.'v
New
shares of common stock
Gross oper. earns,
declaied a dividend of $2.50 per share on account of
accumulations on the $3.50 first preferred stock, no par value, payable
Jan.
1 to holders of record Dec.
24.
Dividends of $3.50 were paid on
The Civil
Corp.—To Build Plastics Plant
12 Months Ended Oct. 31—
Thayers, Ltd. —Accumulated
Directors
171,850
6,469
,
6,469
Expected to cost in the neighborhood of $2,000,000 to $3,000,000, the
facilities, to be located at Bound Brook, N. J., will triple Union Car¬
bide's output of vinylite plastic.
This plastic, termed one of the most universal of the new synthetics,
stems basically from Union Carbide's original material, calciumfcarbide.
It is made from natural gas, salt, coke, limestone, air and water and is what
is called a "poly-vinyl resin" because it is a compound of vinyl chloride
and vinyl acetate.—V. 151, p. 3411.
United Aircraft
Texas Power &
serve
$298,380
171,850
new
-V. 151, p.3256.
Amort,
$262,796
14,320
a long range program designed to make corporation
of the dominant factors In the swift-growing plastic field, thejcompany
Dec. 12 announced plans to erect one of the largest plastic plants in the
The
Total income
Property
$28,918
14,320
Carrying forward
$3,986,301
475,734
_
Operating
Operating
$574,269
133,936
88,018
53,935
instalments on Jan.
1940—Month—1939
Operating revenues
Operating expenses.
Railway tax accruals
Equip, rentals (net).
Joint facility rents (net).
Net
$518,698
133,936
86,670
35,296
The road is requesting bids on $12,570,000 equipment trust certificates,
bearing dividends at the annual rate of 1 £-£ % and maturing in equal annual
Ry. —Earnings—
Period End. Nov. 30—
Fixed
$50,071
11,161
7,253
#,739
one
$954,154
<
Texas & Pacific
Net ry. oper.
Other income
$571,866
2,403
7% prior lien cum. pref.
dividend requirements
5% cum. pref. dividend
requirements
—V. 151, p.3102.
Holders
Gross income
$514,139
4,559
Union Carbide & Carbon
;
$733,407
"270;213
$725,687
269,763
204,363
revenues
expenses
Direct taxes
79
$37,937
Other interest (net)
Other deductions
country.
Earnings—
1940—Month—'1939
Period End. Nov. 30—
$49,992
$59,528
11,161
7,728
2,702
Gross income
Bond interest
Dividend—
$2 per share on the common
holders of record Dec. 10. Regular
quarterly dividend of $1 was paid on Sept. 16, last.—V. 115, p. 2696.
Directors have declared a year-end dividend of
stock, no par value, payable Dec. 16 to
—
$59,404
124
Net income
$19,575,113
Total
$19,575,113
■
1940—Month—1939 " 1940—12 Mos.—1939
$235,247
$229,521
$2,600,804
$2,604,262
145,929
150,504 " 1,734,686
1,700,150
15,927
15,648
192,100
191,635
1,698
1,623
18,661
18,252
12,289
11,754
141,218
122,359
Operating revenues.....
Operating expenses
State & municipal taxes.
Social security taxes
Fed. (incl. inc. tax) taxes
Net operating income.
1,752,586
.....
Surp. res'd for gen. contlng.
Total
-a."
■
v
1939, and extra of $1 was paid on
18,
Twin State Gas & Electric Co.—Earnings
Non-operating inc. (net)
32,586
Accrued taxes...
Reserves
Extra of $2 was paid on Dec.
Dec. 19, 1938.—V. 149, p. 4043.
160,483
Accrued interest
addition
dividend of $2.50 per share in
Jan. 8.
2,773
payable
Co.-—Extra Dividend —
an extra
regular quarterly dividend of $1.50 per share on the common stock.
The extra dividend will be paid on Dec. 16 to holders of record Dec. 10 and
the regular quarterly payment will be made on Jan. 15 to holders of record
9,629,000
debt
Accounts
Towle Manufacturing
Directors have declared
to the
Period End. Nov. 30—
30, 1940
Liabilities—
Assets—
Investments
Unamort. debt disc't & exp_.
by about $160,000 to $225,000, in addition to $103,333 which already
In approving the sale the Board rejected a provision in
TWA to pay an additional sum of $10,000 to be
applied to the reduction of outstanding liabilities of Marquette.—V. 151,
p-3102:
had been paid.
1940
Earnings for the 9 Months Ended Sept. 30,
3903
Chronicle
Taxes on
and expense. .
debenture interest
41,998
18,286
pany
_
primarily because "the price provided by the terms of the contract which
is before us is excessive."
TWA and Marquette modified the purchase agreement on Nov. 1.
Among other changes the modified agreement reduced the purchase price
Balance
transferred to consolidated surplus
Prior preferred
stock dividends—
Balance
Note—Federal
under the
taxes
$4,661,640 $3,505,652
income taxes on 1940 earnings reflect increased income
Second Revenue Act of 1940.—V. 151, p. 3103.
The Commercial & Financial Chronicle
3904
United
Gag
Improvement
Co.—Wef&ly
Output—
The electric output for the U. G. I. system companies for the week just
and the figures for the same week last year are as follows: Week
closed
ended Dec. 21, 1940, 125,642,830 kwh.; same week last year,
115,459,667
Consolidated Balance Sheet
a di vidend of 17 per share on account of accumula¬
the preferred stock, payable Dec. 23 to holders of record Dec. 11.
on
1940
U. S. Cold Storage Corp.—To Vote on Merger—
special meeting of stockholders will be held on Jan. 10 for the
purpose
adoption of an agreement of merger (already approved
the board of directors).
It is proposed that the company's
subsidiary, Tranin, Inc., bepaerged into the company with each outstand¬
ing share of 7% cumulative preferred stock (8100 par) of the company to
be converted into two shares of $50 par prior preference participating stock,
one share of $15 par junior preference stock and one share without par
value of common stock of the merged company.
All of the outstanding
shares of said subsidiary will be canceled and no shares of the merged com¬
pany issued in respect thereof.—V. 151, p. 2059.
of considering the
and executed by
U. S. & Foreign
Securities Corp.—Accumulated Div.—
dividend of $3 per share on account of ac¬
cumulations on the second preferred stock, payable Dec. 27 to holders of
record Dec. 23.—V. 151, p. 2365.
Directors have declared a
17, 1940 ratLied a proposal,
previously endorsed by the board of directors and officers of the company,
to increase the company's surplus by $100,060, George M. gelser, Executive
Vice-President and Secretary, announced on Dec. 17.
The increase in
surplus, Mr. Selser stated, was voted to enable the company to expand its
newly-established accident, health and hospitalization department along
broader lines.
,
The plan to provide
&
notes
1
a
equipment..,.. 14,504,923
holders
to
their equity in the company, the new shares were
pre-emptive rights to stockholders to subscribe for one addi¬
for
four shares owned.
each
Stockholders
—
New Ofjicers
at cost
19,967,447 19,840,664
Total...-.
—
Surkamp to be Treasurer of this company was an¬
by F. B. Davis Jr., Chairman of the Board and Presi¬
following a special meeting of the board of directors.
Announced also was the election of Sherwood S. Green to be General
Assistant Treasurer of the company.
Elected to three new posts as Assistant Treasurers of the companv, ac¬
cording to the Davis announcement, are Alva F. Myers, Walter C. Reich
and Henry A. Steinmetz.
Herbert M. Kelton was appointed to the new
post of General Auditor.
In combining the treasury and accounting activi¬
ties under the Treasurer, the offices of Comptroller and Assistant Comp¬
trollers were not filled.—V. 151, p. 3580.
Stockholders
—
Corporation common stockholders of record Nov. 20, 1940, numbered
163,593, a decrease of 1,201 since Aug. 20,, 1940. Tin Aug. 20, 1940, there
were 164,794 common stockholders, an increase of 567 since May 31, 1940.
United States Steel Corp. preferred stockholders of record Nov. 1, 1940,
totaled 68,647, an increase of 20 since
were
Aug. 2, 1940.
On Aug. 2. 1940, there
68,627 preferred stockholders, an increase of 220 since May 3, 1940.
—V. 151, p. 3580.
U. S. Truck Lines,
of Income Year Ended Oct. 31 (Company Only)
1940
Earns, per share on
$628,093
15,261
37,643
—
rec. on
$680,997
86,487
$1,305,291
$2.37
1937
$2,576,252
$2,559,710
feed and bedding...
Other yard inc. (net).
811,263
426,075
771,173
412,786
799,194
941,090
414.622
Total oper. income.
Operating expenses
$4,018,261
2,587,122
~$3,760,211
$3,773,526
2,527,786
Net operating income....
Net operating income.
$1,431,139
$1,251,739
128,767
$1,245,740
109,585
inc.
before
$2,476,728
..
102,077
$1,380,505
$1,355,325
Net income
$293,034
i
308,014
leased stock-contract.
& State inc.taxes
Prov. for exch. loss
110,477
Sheet
Balance
5
Assets—
Cash in bank &
U.H. savings banks,
■
:
.
15,000
941
31,023
31,336
Coll, trust 4J4s...
6,200,000
Preferred stock
4,652.500
6,200,000
4,652,500
_
.
_—__
of
Common stock
«i-
3,385
3,979
484,473
22,500
510,543
a
Includes
sidiary
12,993,0431
12,977,626
Total..
one
18.
due Oct.
company,
12,977,626 12,993,043
Total
1st mtge. notes receivable from wholly oivned sub¬
year
tion to
Inc.—Special Dividend—
a special dividend of 10 cents per share in addi¬
regular semi-annual dividend of 10 cents per share on the common
a
stock, par $10, both payable Dec. 20 to holders of record
Dec. 9.—V. 127,
p.3399.
a
Split Stock —
special meeting approved the recommendation of
the
management to split up the present stock and authorize a new issue of
shares.
The present $5 par value stock is to be changed to $2.50 par and
177,658 new shares issued for the present 88,829 shares. In addition 62,342
of the new shares will be sold. The result of these changes will be to increase
from 100,000 $5 par value to 240,000
$2.50 par value shares.
Registers viith SEC—
See list given on first page of this
Veeder-Root,
48
department.—V. 151, p. 3758.
Inc.—Earnings—
<
Nov.
Weeks Ended—
2,*39
30,*40 Dec.
$874,807
$817,266
900,000
800,000
$25,193
$4.37
Net earnings after all charges...
Dividends paid
sur$17,266
$4.09
22.500
22,500
Deficit...
on
capital stock..
Comparative Balance Sheet
Assets—
372,775
a209,468
245,302
a219,578
and
Inventories...
—
....
in
$976,608
$967,255
$1,012,879
$1,053,782
400,000
46,348
268,750
265,898
207,339
2,500,000
1,174,872
701,334
2,500,000
1941
1,872,840
102,996
Acer, and reserves,
208,203
207,843
Capital stock (200,-
miscellaneous
sub.
companies, cost.
..
000 shs. without
Excess of recovery on fire
par
depr. ledger val.
value)
r_
Earned surplus
91,877
destroyed
Capital surplus...
income
28,541
451,518
Acer, taxes, payable
1,835,006
158.444
Other assets
106,542
$64,334
400,000
able 1940..
272,609
840,448
857,956
Fixed assets, net..
$52,402
Dividend payableAccrued taxes, pay¬
223,249
.
3,671
2,'39
Curr. acc'ts pay..
acc'ts
receivable......
33,552
Nov. 30,'40 Dec.
Liabilities—
2,'39
..$1,187,920 $1,009,939
U. S. Gover't oblig 1,121,594
1.008,348
Notes
11,604
inc.'
Net inc. bef. ins. gain.
Nov. 30,'40 Dec.
______
Invest'ts
1,144,725
701,334
of
sub. oper. costs
$976,608
$967,255
$1,012,879
$1,145,660
247,421
239.383
242,293
holders therein
Total
-V. 151, p. 3258.
Viau Biscuit
Equity of United St'kyards Corp. in total
net income of subs.
$729,188
$727,871
$770,586
86,487
72,732
92,833
88,221
__
263,500
27,881
3,095
7,000
263,500
27,881
5,432
7,500
263,435
27,409
4,804
224,235
22,671
17,232
Prov.for Fed.inc. tax..
Net income.
Dividends paid in cash:
Preferred stock
$350,827
$382,105
$439,190
301,714
301,715
301,715
140,258
250,062
170,540
374,000
$0.10
374,000
$0.13
374.000
$0.21
341,000
6H% bonds due 1946 has been called for redemption
1 at 101^.—Y. 143, p. 2701.
Vlchek Tool Co.—20'Cent Dividend—
United Stockyards CorpExp. & int. deductions:
Bond dis. & exp. amort.
Canadian inc. taxes, &c_
Jan.
$791,550
•
Gen. & admin, expenses.
Int. on bonds of United
Corp., Ltd.—Bonds Called—
A total of $295,000
on
$341,225
_
$5,592,372 $5,315,023
Total.
$5,592,372 $5,315,023
354,110
Equity of minority stock¬
Directors have declared
a
dividend of 20 cents per share on the common
stock, payable Dec. 27 to holders of record Dec. 23.
This compares with
10 cents paid on Sept. 30 and June 29, last; 25 ceDts paid on Dec. 26, 1939;
10 cents on Sept. 30, 1939, and on Dec. 27, 1938; 50 cents on Dec. 24, 1937;
15 cents on Sept. 30 and on June 30. 1937, and previously regular quarterly
dividends of 10 cents per share was
distributed.—V.
150. p. 3840.
Vogt Manufacturing Co.—10-Cent Dividend—
Directors
stock,
Common stock
Shs of com. stk.
b Includes
amounting to $50,000.
1941
one year 1st mtge. notes receivable from wholly owned subsidiary company,
due Oct. 20, 1940 aniountirg to $60,000.—Y. 151, p. 2516.
Cash
Cr27,032
Stockyards Corp
374,000
1,696,234
38,033
...
Earned surplus
al2,250,236bl2260,236
cos., at cost
Furn. & fixtures
Deferred charges..
Earnings per share
•
net
374,000
1,696.234
23,053
Pakl-in surplus
stocks
S
816
stockyards
in
sub.
1939
S
Accounts payable.
Accrued expenses
218,286
<
.
at cost
(Company Only)
1940
S
224,531
308,015
xl40,258
authorized by board of
Liabilities—
on
hand
Inv.
31
Oct.
as
1939
1940
111,616
on
assets of Canad. subs.
Total
$774,726
92,833
.
...
Includes amount allocated to
Amort, of settlement on
of prop,
.i
_
paid-in surplus
directors Dec. 14, 1938, amounting to $60,359.
$1,384,976
108,225
Prov. for Fed. Canadian
over
$386,245
73
int.
paid inc., taxes, &c_ $1,570,089
paid on bonds and
107,092
notes, &c.
yrs.
$346,048
308,015
12,817
$740,195
1,282
33,250
38,067
7,000
the authorized capital of the company
Int.
Adjust, of prior
(net).....
Special charge
295,648
>
Preferred divs (70 cents per share)- - Common dividends (37 Y cents per sh)
$1,282,898
138.951
Net
$681,893
296,813
7,500
and other deductions
Interest charg<«
Provision for Federal income tax..
$3,833,582
2.550,684
Other income..
_
Total income from subsidiaries....
415.764
2.508,473
$650,360
294.475
_
bords & note of subs.._
Stockholders at
(Inc. Subs.)
1938
1939
$723,092
72,732
$594,509
_
Van Norman Machine Tool Co.—To
Years Ended Oct. 31
Oper. Companies—■
1940
Operating income—
Yardage and weighing $2,780,922
Gross profit on sales of
$684,952
...
Net dividend Income
Stockyards Corp.—Earnings—
Sub.
$753,011
to investment accounts
United Utilities,
550,000 shares of common stock
Consolidated Earnings for
1938
$684,952
Directors have declared
—V. 150, p. 1620.
United
1939
$628,093
acquisition credited
of subs. prior to
Inc.—Earnings—
....
Z>r96,750
19,840,664
Am't represented by divs. from earns,
Earnings for 12 Months Ended Oct. 31, 1940
Net income after all charges
Dr96,750
...19,967,447
Total
Div. received from si b. stockyd's cos.
x
Election of Arthur
oj
68,192
1,696,234
y After reserve for doubtful accounts and notes,
z After reserve for
depreciation of $6,535,852 in 1940 and $6,261,594 in 1939, and excess of
underlying book value at time of acquisition of equity in sub. companies
over cost thereof (net) $135,391.
a Represented by 440,000 no par shares,
b 9,000 shares at cost.
:.-y >•''
Vr
nounced on Dec. 19
Corp.—Number
79,050
sub., 9,000 shs.,
dent of the company,
United States Steel
374.000
374,000
1,697,415
offered the
are
privilege of subscribing proportionately for shares not taken under the
pre-emptive right.—V. 150, p. 1954.
United States Rubber Co.
4,652,500
.
bPref.stk.heldby
Int.
preserve
share
Preferred stock.
Paid-in surplus
622,955
General and administrative expenses
tional
8,539,000
4,025,764
4,652,500
......
Com. stk. ($1 par)
Earned surplus...
14,575,112
Def. chgs.& prepd.
659,008
8,550,000
4,018,099
ness.....
insubs
zProperty, plant &
expenses.
.
Long-term indebted
:
162,035
..
capital stock from $5 to $4.
The resulting $100,000 was transferred to
surplus.
Stockholders also voted to maintain the corporation's capital
stock at $500,000 through the issue of 25,000 additional shares at $4 par
value, making a total of 125,000 capital shares.
In order to enable stock¬
issued with
554,405
Equity of min. ints
2,529,437
27,319
643,258
143,132
253,966
Accts.
receivable
Management charges to subsidiaries.
a
49,875
233,200
y
the increase in surplus, as approved at the meeting,
reduction in the par value of the corporation's 100,000 shares of
called for
$
S
payable.
Accrued expenses
Surplus
Stockholders at a special meeting on Dec.
1939
1940
Accounts
1,467,254
248,807
Marketable secure.
Statement
United States Life Insurance Co.—To Increase
of Oct. 31 (Inc. Subs.)
Liabilities—
S
1,762,884
308,779
Inventories
.
A
Cash
as
1939
$
Assets—
Investments, &c._ 2,336,618
After payment of this dividend accruals will amount to 848.50 per share.
—V. 145, p. 1439.
1940
(2) The qquity in net income of the Canadian subsidiary included herein
$48,632 before providing for the exchange loss and $54,042 after
deducting! the exchange loss and $38,045 after deducting the exchange loss.
The dividends from this subsidiary during the year were $24,655.
U. S. Bobbin & Shuttle Co.—Accumulated Dividend—
Directors have declared
28,
amounts to
kwh.; an increase of 10,183,163 kwh. or 8.8%.—V. 151, p. 3758.
tions
Dec.
have
payable
40c.-
was
paid
on
paid
Dec.
declared
a
dividend
of
10c.
per
share
on
Dec. 27 io holders of record Dec. 17.
Extra
Dec. 19 last, and regular quarterly dividend
on
2
last.—Y.
151,
p.
the
common
dividend of
of 20c. was
3412.
outstdg'
($1 par)
Earns, per share on com.
alncludes $248 in 1938 and $3,328 in 1937 surtax
on
$0.55
undistributed profits.
Notes—(1) The provisions for depreciation for the years erded Oct. 31,
1938, 1939 and 1940 including charges to other expense accounts, amounted
to $369,920, $373,017 and $373,964 respectively.
No depreciation was
provided during the two years on railway property of the St. Paul Bridge
& Terminal Ry. Co., leased to Chicago Great Western RR. Co. under a
agreement which provides that the lessee bears the expense and cost of
maintenance and replacements.
Wabash Ry.
-
Earnings—
November—
Gross from
1940
railway.
railway
oper. income.
_.
...
Net from
Net ry.
From Jan. 1—
Gross from
railway...
Net from railway
Net ry. oper. income.
—V. 151. p.3759.
__
__
1939
1938
1937
$3,974,374
1,213,119
651,785
$3,975,126
1,151,661
585,432
$3,602,920
855,422
290,518
$3,611,069
774,241
248,122
41,901,980
9,976,566
3,680,780
40.448,510
9,304,133
2,913,301
36,765,648
7,071,260
852,531
42,550,047
9,462,830
3,839,394
Volume
Walworth
One model is cut from $330 to $299.95 and another
Co.—Preferred Dividend—
—V.
Directors have declared a dividend of 30 cents a share on
Dec. 23.
Washington Ry. & Electric
This
payment of 90
this issue.—
share made on Nov. 15 which cleared up arrears on
V. 151, p. 3580, 3259, 2516.
cents per
Co.—Special Dividend—
dividend of $6 per share on the common
payable Dec. 28 to holders of record Dec. 26. Regular quarterly
dividend of $10 was paid on Nov. 30, last.—V. 151, p. 2961.
Directors have declared a special
stock,
Weeden & Co.—Year-End Dividend—
have declared a year-end dividend of $1 per share on the
common stock, payable Dec. 20 to holders of record Dec. 10.—V. 151, p.
Directors
from $139.75 to $119.95.
151, p. 3260.
the 6% preferred
stock, par $10, payable Dec. 31 to stockholders of record
dividend is for the final six months of 1940 and follows a
2366.
3905
The Commercial & Financial Chronicle
151
Western
Maryland Ry.—Earnings—
1940—11 A/os.—1939
1940—Month—1939
$1,832,877 $17,309,517 $14,974,892
2,209,307
1,798,668
205,059
3,127,876
3,636,990
360,932
430,371
437,921
40,202
3,997,057
•434,362
4,429,731
423,305
48,235
64,413
9,155
7,932
510,627
511,436
47,809
45,602
34,519
34,337
2,090
3,988
Period End. Nov. 30—
$1,659,838
Operating revenues.
Maint. of way & strue-_
184,587
Maint. of equipment-.334,681
39,451
Traffic expenses.
_
•
Transportation expenses
Miscell. operations
General expenses
Transp. for invest.—Or_
$628,268
150,000
$737,448
100,000
$6,054,056
1,360,000
$4,916,577
885,000
$478,268
$637,448
025,440
Drl3,242
$4,694,056
Drl2,776
$4,031,577
0260,695
Dr138,451
$475,991
7,131
Net oper. revenue
Taxes.—
$649,646
7,439
$4,741,918
120,050
$4,153,821
87,576
$657,085
278,170
$4,861,968
3,063,362
$4,241,397
3.040,675
$378,915
$1,798,606
$1,200,722
;
Wesson Oil & Snowdrift Co.,
Inc. (& Subs.)—Earns.—
-Nov. 30-
Dec. 2
Nov. 30
1939
1940
1940
1939
1938
1937
$13,371,142 $15,424,870 $12,847,958 $17,677,208
-112,975,923 /14,114,744
12,256,946 16,617,446
3 Months Ended—
Net sales.
Cost of sales-
{
193,626
187,195
$403,817
49,050
$850,453
50,597
$1,173,881
140,977
30,326
217,849
$452,867
27,679
100,363
$901,050
3,146
188,439
Netprofit—$313,466
$925,706
$324,825
$709,465
Crl0,499
Net ry. oper. incomeOther income.
_
_
_
0185.650
Drl37,788
209,309
$1,116,500
57,381
;
Operating income
Equipment rents
Joint facil. rents (net)..
Depreciation
J
Operating profit
$395,219
.....
61,331
Other income
$456,550
2,107
Total income
Interest
Federal taxes
-V. 151, p.
2961.r
Directors have declared an extra dividend
Dividend—
of five cents per share in addi¬
share on the common
14.—V. 150, p. 2278.
tion to the regular quarterly dividend of 15 cents per
stock, both payable Dec. 24 to holders of record Dec.
Virginia Pulp & Paper Co. (& Subs.) —Earnings-
West
Consolidated Income Account for Years
Ended Oct. 31
;
$206,548
income
■
—V. 151, p. 3259.
Westvaco Chlorine Products
Discounts, freight allow¬
931,758
—$36,964,930 $29,760,473 $25,216,522
26,255,063
22,794,112
19,426,279
$31,413,376
21,701,487
3,154,279
2,625,692
$6,966,362
2,814,979
1,930,362
$5,790,243
2,583,150
2,082,446
$9,711,889
2,343,958
2,664,348
488,026
645,357
629,283
appointed transfer agent, and
Trust Co. has been appointed registrar for
cumul. pref. stock (no par).—V. 151, p. 3581.
the Central Hanover Bank &
the 60,000 shares $4.50
Wheeling Steel Corp.—Bonds Called-—
A total of $492,000 first mortgage s.f. 4M% bonds, series A due Feb. 1,
1966 has been called for redemption on Feb. 1 at 1023^ and accrued in¬
Payment will be made at the Irving Trust Co.,
terest.
1,259.332
$495,364
297,732
$793,095
499,832
32,911
$3,816,182
300,302
464,267
sales..$10,709,867
Depreciation & deplet'n
Sell., admin. & gen. exps
Pro v. for bad & doubtful
accounts-
a
$4,441,870
$1,575,665
402,482
324,705
Willson Products,
Directors have declared
$4,844,352
charges, &c
$1,900,370
659,981
445,331
728,400
Prov. for Fed. inc. taxes.
145,000
Inc.—Extra Dividend—
extra dividend of 20 cents per share on the
an
28 to holders of record Dec. 20.
Regular
quarterly dividend of 20 cents was paid on Dec. 10, last.—V. 151, p. 2367.
Wilson-Jones Co.
—Earnings—
1940
189,602
$3,670,621
934,980
902,432
$1,095,389
934,980
180,846
$260,353
934,980
270,730
$2,862,012
934,718
631,825
$1,833,209
$3.03
def$20,437 def$945,356
$1295,469
$2.13
dividends
Common dividends
Preferred
Surplus
Earns, per share on com.
Nil
$0.18
Consolidated Balance Sheet Oct. 31
1940
1940
%
Liabilities—
Accounts
Cash in banks and
on
6,390,958
hand.
Marketable
6,291,104
secu¬
249,400
7,574,737
4,641,057
6,792,584
568,887
Inventories
436,262
Cash on dep. with
for
trustee
240,075
1,009,976
338,813
1,031,879
Investments
z
Property & plant,
at cost
38,013,500 38,246,231
to
Loans
&
192,019
233,745
233,745
712,452
1st mtge. bonds..d7,727,000
165,588
9,591,000
for
stock
Dividends paid in cash...
.16,324,100 16,324,100
28,619,310
$100).
c
25,000
Common stock. .28,619,310
Common and pref.
stocks/>rl,529,005 Drl,529,005
132,376
132,376
7,592,759
6,598,675
treas.
Earned surplus
61,468,112 61,552,749
Total
After reserve for doubtful notes and accounts
z
y Including securities deposited under Work¬
and after reserve of $263,251 in 1940 and $281,976
After reserve for depletion and depreciation of $38,097,726 in
1940 and $35,111,560 in 1939.
a After reserve for doubtful loans of $27,500.
in
1940 and $748,325 in
1939.
c
b After reserve of $720,100
Represented by 946,352 no par shares,
including treasury stock,
d On Dec. 5, 1939, the company issued $8,000,000 principal amount of 1st mtge. bonds, 3% series, due 1954, dated Dec. 1
1939, receiving therefor $7,720,000 plus accrued interest but before deduc¬
tion of issuance expenses of $74,579.
The net proceeds, together with
$2,155,414 from the cash resources
redemption on Feb. 7,1940, at 105%
of the company, were applied to the
and accrued interest, of the $9,268,000
due 1952.—V.151, p.
;
\/'y.
;'/vy'Y /..yv
principal amount of 1st mtge. bonds, 4 lA% series,
3104.
.
,
Western Electric Co,—Common
At
was
a
on
Dividend—
record at the close of business on Dec. 26.
This compares
paid in three preceding quarters and on Sept. 30,1939; 35 cents
June 30, 1939 , 25 cents paid on March 31, 1939 and on Dec. 28
and March 31, 1938; 90 cents on Dec. 28, 1937; 75 cents on Sept. 30 and
June 30, 1937, and 60 cents paid on March 31, 1937.—V. J50, p. 2211.
paid
on
Westinghouse Electric & Mfg. Co.—Refrigerator Prices
Cut—
.
Sharp reductions on the medium
and higher price of electric refrigerators
announced on Dec. 19 by company at a preview of its 1941
lines.
The company set a tentative price of $119.95 on its basic six-foot
refrigerator, but has informed distributors that they will be protected in
competition, so that this price may be lowered if ^ecessary.
In the 1940
and ranges were
lines it was $114.95,
The company
$405,000
478,000
$274,000
478,000
$883,000
$752,000
$0.30
$0.25
...
also introduced two new products, a
fully automatic cycle
washer, called the "Laundromat," to be priced at under $200, and a plug-in
unit, which is also a heating unit, called the "Mobilaire."
The new unit was said to be the first window-type room cooler which also
air conditioning
produces heat by reverse cycle refrigeration.
The refrigerators are offered in five interior sizes, three, four, six, seven
and nine cubic feet. The trend to larger sizes is reflected in the line, as the
five-foot models have been dropped and the seven and nine-foot sizes
added.
Prices start at $119.95 and go as high as $249.95. One model has
been reduced from $219.95 to $169.95 and all the other models comparative
with the 1940 line have been given extra features.
The number of range models has been reduced from 11 to seven and
prices have been cut. The base model at $99.95 remains unchanged, but
it is of a different type from last year and has 14% more cooking capacity.
$711,000
$730,000
and
1940
1939
payable
accruals...
$202,000
$233,000
income tax
28,000
Capital stk. (272,800 shares)
3,000,000
478,000
Capital surplus
Earned surplus.
405,000
Treasury stock at
cost (600 shares)
Dr4,000
3,000,000
478,000
274,000
Provision for Fed.
604,000
600,000
1,311,000
1,183,000
2,000
Inventories
30
Liabilities—
Accounts
hand and
Acc'ts <fc notes rec.,
15,000
Investments
25,000
curr.) less res..& em pi.
Officers'
30,000
26,000
1,135,000
less res.
Deferred charges.
241,000
38,000
242,000
Patents less amort.
12,000
30,000
1,164,000
notes & acc'ts..
Plant & equipment
(less deprec.)—
Idle plant
-
42,000
13,000
..$4,109,000 $4,015,000
-Y. 151, p.
^Total
.$4,109,000 $4,015,000
2669.
Winn & Lovett Grocery Co.—75-Cent Dividend—
have declared a dividend of 75 cents per share on the class
payable Dec. 26 to holders of record Dec. 20.
Special
dividend of $1 was paid on Nov. 9, last and regular quarterly dividend of
25 cents was paid on Oct. 1. last.—V. 151, p. 2669.
Directors
B common shares
Wisconsin Central Ry.—Interest Payment—
application of the United States Trust Co., New York, trustee for the
general mortgage 4% bonds, the receiver has been authorized by the
U. S. District Court at Minneapolis to make the first interest payment on
these bonds since 1932.
Payments will be made through the Bank of
Montreal, 64 Wall St., N. Y. City.
Judge Gunnar H. Nordbye signed the order approving payment of
approximately $400,000, representing six months' interest as evidenced by
the interest coupon due Jan. 1,1933. The road has been in receivership since
Dec. 2, 1932.—V. 151, p. 3759.
On
first
meeting of the directors on Dec. 23 a dividend of $1.75 per share
on the common stock.
The dividend is payable on Dec. 30
to holders of
1939
1940
Asseti—
Cash
W J R,
declared
with 75 cents
$342,000
68,000
receivable of $90,198 in
1940 and $93,529 in 1939.
1939.
$541,000
136,000
Total capital surplus & earned surplus Nov. 30-.
Earnings per share on capital stock-.
2,429,243
men's Compensation Acts
in
$68,000
274,000
.....
Earned surplus since Aug. 31, 1932
Capital surplus
Total
x
$82,000
459,000
of fiscal year
Notes rec'ble (non-
25,000
(par
200,843 Capital surplus...
61,468,112 61,552,749
Total
$106,000
24,000
14,000
Net income for the quarter
Earned surplus, beginning
less reserve
con¬
tingency.......
Pref.
189,525
accts.
current 2,306,943
rec., not
179 831
656,871
income taxes
862,006
em-
;jpIoyees........
$136,000
28,000
26,000
Provision for Federal income tax.
demand deposits
payable Nov. 15
797,849
Deferred charges..
a
96,588
bonds.
Div. on pref. stock,
Reserve
re¬
demption of bds.
y
b Notes
778,600
241,509
Reserve for Federal
to wood
contractors
$99,000
7,000
>.
Other accrd. llabils
receivable
Advances
$127,000
9,000
$
626,801
250,115
payable.
Accrued payrolls..
282,727
4,126,262
rities, at cost
$1,128,000
1,029,000
Other income.
Accrued interest on
Notes and accts.
x
1939
$
1939
$
Assess—
1939
-
$1,184,000
1,057,000
Other deductions
Prov. for surtax on un¬
distributed profits
Initial divi¬
stock, payable Dec.
common
other
before
Income
Income deductions
:yv;w
year-end dividend of 10 cents per share on the
stock, payable Jan. 6 to holders of record Dec. 16.
dend of 15 cents was paid on April 8, last.—V. 151, p. 1443.
common
Quarter Ended Nov. 30—
Other income.
New York City.
Wilcox-Gay Corp.—Year-End Dividend—
$3,444,250
371,932
1,255,960
1,413,452
-
Net sales.
y
■
Directors have declared
895,904
&c_.
Cost of goods sold_._
-Transfer Agent and
Corp.
Registrar—
—V. 151, p. 3413.
$38,378,382 $31,016,433 $26,112,426 $32,345,134
Gross sales
Gross profit on
Net
-
1937
1938
1939
1940
•
v
ances,
charges
Brown Brothers Harriman & Co. has been
Michigan Steel & Foundry Co.-—Extra
West
$483,122
276,574
Gross income
Fixed
The Goodwill Station— Extra Dividend—
have declared an extra
stock, payable Dec. 20 to
Directors
common
dividend of $1.20 per share on the
holders of record Dec. 17.
Regular
quarterly dividend of 50c. was paid on Oct. 31
last.—V. 151, p. 1443.
Woodall Industries, Inc.—Earnings—
30—
provision for normal and excess
3 Months Ended Nov.
Net profit after
profit taxes.-
1940
1939
$88,865
$68,674
—V. 151, P. 2962.
Yellow Truck & Coach Mfg. Co .—Common Dividend—
a special meeting of the Directors held on Dec. 23, a dividend of
$2.25 per share was declared on the company's common stock, payable
Dec. 30, 1940, to stockholders of record Dec. 23, 1940.
This will pay in
full dividends in arrears on the common stock, the entire issue of 800,000
shares of which is owned by General Motors Corp.
Following the payment on Dec. 24 of all dividend arrearages on the Class
B stock, together with the payment on Dec. 30 of the dividend on the
common stock now declared, the common stock and the class B stock will
be entitled to receive the same dividends per share, there being no further
dividend preferences on either the class B or the common stock.—See
At
also V. 151, P.
3260.
Youngstown
Directors
have
Steel Car Corp.—Extra Dividend—
common
p.
3380.
extra dividend of five" cents per share in
quarterly dividend of 12 H cents per share on the
Dec. 27 to holders of record Dec. 20.—V. 150.
declared an
addition to the regular
stock, both payable
%
The Commercial & Financial Chronicle
3906
Dec.
The Commercial Markets and the
28,
1940
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY
COMMERCIAL EPITOME
Friday Night, Dec. 27, 1940.
Coffee—On the 21st inst. futures closed 2 to 5
points net
GOODS—WOOL—ETC.
ferable notices, making the complete total posted against the
contract 868.
Of Tuesday's tenders, 129 were Bahia, 22 were
Ivory Coast and 5 Accra Main crop.
As
the
was
case
in
notices issued earlier, all were
stopped by 2 leading manu¬
Preholiday trade consisted largely of
higher.
facturer
week the market
moderately heavy switching operations by dealers.
Local
closing: Jan., 5.16; Mar., 5.23; May, 5.29; July, 5.41; Sept.,
5.41; Oct., 5.44.
On the 26th inst. futures closed unchanged to 5 points off.
Sales totaled 150 lots.
Trading in cocoa was quiet but prices
rallied under manufacturer buying, the market standing
unchanged to 1 point higherduring early afternoon.
Sales
Sales for the short session totaled 20 lots.
For the
was 9 to 15 points higher.
After the drop
Me. in the previous week's session, the market during the
past week rallied as offerings of actual coffee held steady
despite the weakness in futures.
The firm undertone of
course reflected the quota limitations set and the minimum
price plans in effect in Colombia and contemplated in other
producing countries.
On the 23d inst. futures closed
unchanged to 2 points off for the Santos contract, with sales
totaling 32 lots.
Santos coffee was up 2 to 4 points with
most of the volume done on the opening "call."
Dec.
was selling at 6.90c., up 4 points and within 10
points of the
seasonal high established early in Dec.
Cost and freight
offers from Brazil were up 10 points in many instances which
was said to reflect an advance of "interior" Brazilian
prices
iate last week.
The higher freight rate announced for Feb.
of
and Mar. has caused traders to wonder if the rate for later
1941 positions might not be even higher than the
bag toll.
On the 24th inst. futures closed 3 points
3 points higher for the Santos contract, with sales
22 lots.
About half of the day's business centered
which
sold
month into
at
6.24c.
May
down to
6.20c.
90c. per
lower to
totaling
in Dec.,
Switches from
that
effected at 30 and 33 points.
While
quiet and unchanged, it was reported
in cables to the Exchange that Brazil
spot prices were firmer.
The gains were uniformly 300 reis, with soft 4s at 19.300
milreis per 10 kilos, hard 4s 18.300 and spot 5s 16.000 milreis.
On the 26th inst. futures closed 5 to 6 points net
higher
for the Santos contract, with sales totaling 90 lots.
Last
notice and last trading day for December contracts
brought
out 37 notices, which were
promptly stopped.
The market
was 2 to 4
points nigher at the end of the third hour and
only moderately active. About 15,000 bags had been done.
July was selling at 6.70, up 4 points. This price is 13 points
under the seasonal high of 6.83, made Dec. 6th.
The actual
market was quiet.
Roasters were believed watching sup¬
plies in the light of year-end inventory reports.
There was
nothing new from primary areas. Today futures closed un¬
changed to 1 point off for the Santos contract, with sales
totaling 55 lots.
Santos coffee was 2 points higher to 2
points lower, with interest limited, due to the holidays and
the lull in the actual market
following the recent activity.
In Brazil the official Santos
spot prices were raised by 100 reis
per 10 kilos, equal to about 2-100c. per pound.
This was on
top of an advance of 300 reis on Dec. 24th.
According to
word from Brazil those opposing Brazil's ratification of the
Inter-American agreement are in a
minority.
The majority
realized that the agreement was the
only possible solution
of the problems created by the loss of
European markets due
prices closed
December
as
Santos coffee prices closed
December
March, 1941
May—
4.44
5.18; May, 5.24; July, 5.31; Sept., 5.36.
Today futures
Sales totaled 479 lots. Trading
cocoa was active, consisting of scattered liquidation and
switching from nearby to distant positions.
Turnover to
mid-afternoon was 350 lots.
March received support at the
5.10 level.
Shipment offers continued too high to permit
of hedging.
Warehouse stocks increased 700 bags.
The
total is 1,334,736 bags, against 1,120,048 a year ago. Local
closing: Jan., 5.06; Mar., 5.15; May, 5.21; July, 5.28;
Sept., 5.34.
closed 6 to 2 points net lower.
in
Sugar—On the 21st inst. futures closed 1 point net higher
lots.
The
unchanged
compared with previous finals.
The improved statistical
outlook is regarded as the mainspring for the steadiness in
the sugar market.
Raw sales were effected on Saturday at
2.93c. and futures advanced on hedge lifting against the
actual sales at advances of 1 and 2 points.
Apart from the
statistical outlook there were no other developments to in¬
fluence the trend.
On the 23d inst. futures closed unchanged
to 2 points higher, with sales totaling 194 lots.
The world
sugar contract closed unchanged to 1 point net higher, with
sales totaling 47 lots.
Domestic sugar continued active and
firm as new buying appeared from Wall Street houses and
some
accumulation
-6.82
6.90
month at a difference of 11 points, while 89
July lots were
exchanged for Sept. at 5 points.
Total switches accounted
for 280 lots out of turnover
reaching 361 contracts or 4,837
Dec. commitments at the start of the
to 206 lots out of total
open
Saturday session
interest of 6,808.
earlier
that
news
Southern
basis for refined,
advance to 4.40c.
refiners
would
rescinding previous
typical
Offerings from primary market
were
pre-
above
workable
basis.
The British merchants in West Africa
raised their price 5 points to 5.45c. a
pound, ex dock New
Brazil's price is 5.52c. a
pound
ex
dock.
Warehouse
unchanged at 1,314,634 bags, against 1,121,105
bags a year ago. Local closing: Dec., 5.17; M;ar.,5.24;
May,
5.30; July, 5.35; Sept., 5.42. On the 24th inst. futures closed
unchanged to 1 point lower.
The Dee. cocoa position was
completely cleared on Tuesday by the issuance of 156 trans¬
This
tOn the 26th inst. futures closed 1 point
was
not
ex¬
up
to 1 point off
January the feature following prompt stoppage of 14 notices.
Trade and Cuban covering forced the price to 1.96c. Other
months stood unchanged.
Raws were 2.93c. a pound bid,
offered at 2.95c.
About 15,000 tons of Philippines, one
cargo of Puerto Ricos and two of Cubas, all for January
arrival, were offered at that price. Refined sugar was quoted
at
4.40c.
in
the
Eastern
States
4.35c.
and
in
the
South.
Refined
sugar
Dec. will expire tomorrow.
It is estimated that more than
100 lots are still
outstanding which must be evened up before
the exit of that month.
Today's market was a
an
for the domestic contract, with sales totaling 175 lots.
The
world sugar contract closed unchanged to 3^ point off, with
sales totaling 10 lots. The domestic market was active, with
further
futures closed unchanged to 2
points off, with sales
totaling 148 lots. Cocoa had a firm tone with Mar. 1 point
higher at 5.28c. this afternoon.
No Decembers had been
traded to that time, but 37 notices were issued and all were
stopped promptly. Altogether 712 notices have been issued.
In the
the South.
inst.
were
the
to
remain at the 4.35c.
Tuesday will be final notice day. Local closing: Dec., 5.52;
Jan., 5.18; Mar., 5.24; May, 5.31; July, 5.37.
On the 23d
stocks
credited to refiner account.
pected to have influence in the Eastern market, but the
attitude of raw buyers was one of caution.
The belief is
that the 4.35c. price will be confined to a restricted area in
May and July positions into Sept., 1941, featured cocoa
activity at the end of the week. After opening slightly
lower, prices rallied to score net gains of 2 to 3 points.
A
total of 50 May contracts was transferred into the
forward
York.
was
market 12,500 tons of
Philippines, due from Jan. 5 to 26,
and two cargoes of second-half January Cubas were offered
at 2.95c.
It is believed further sugars were wanted at the
price paid Saturday, 2.93c.
Refined will advance to $4.40
at the close tonight, as previously announced.
The move¬
ment at the old price, $4.35, has been exceptionallv good for
this season of the year.
World sugar futures were
higher
in quiet trading.
On the 24th inst. futures closed unchanged
to 1 point lower for the domestic contract, with sales totaling
109 lots, half of which were switches.
In the world contract
on a turnover of
only seven lots, prices were K to 1 point net
lower.
In the raw market refiners drew back awaiting the
raw
6.71
6.46 j September
6.591 December
amounted
for the domestic contract, with sales totaling 131
world sugar contract closed one point higher to
announcements of
futures
a
They total 1,334,004 bags
ago.
News of reduced war
Local closing: Jan., 5.12; Mar.,
4.56
as follows:
I July
Cocoa—On the 21st inst. futures closed 2 to 3
points net
higher. Sales totaled 361 lots. Heavy switching out of the
holiday affair.
over
risks attracted attention.
reaction
follows:
IMay
—-4.351 July.
March, 1941
tons.
Warehouse stocks increased
the holiday.
against 1,121,105 bags a year
was
war.
Rio coffee
totaled 88 lots.
that time
to
10,000 bags
were
the actual market
to the
interests.
was
Syrups was accepting January orders at 4.35c. World
was unchanged, March selling at 0.72 of a cent.
A
reduction in
regarded
war
risk
rates
to
the
Mediterranean
encouraging. Today futures closed I point
down to 1 point up for the domestic crop, with sales totaling
169 lots.
The world sugar contract closed H point up to
unchanged, with sales totaling 12 lots. Sugar markets were
steady.
Domestic contracts were unchanged to 1 point
higher during early afternoon, with most interests waiting
for resumption of the buying of raws by refiners.
In the
raw market about 20,000 tons of
Philippines, two or three
cargoes of Cubas and some Puerto Ricos were offered at
2.94c.
Buyers were willing to pay 2.93c. for arrival in late
January and beyond.
Local refiners raised the price of
liquid sugar 10c. to $4.30 a hundred for the No. 1 grade.
The world sugar market was 1 point higher in slow trading.
as
Prices closed
January, 1941
March
May
:
were
as
follows:
1.951 July
September
1.98
2.02
j
2.06
2.09
Volume
The Commercial & Financial Chronicle
151
Acreage for 1941 Sugar Beet Program Announced by
AAA Sugar Division
Sugar Division of the Agricultural Adjustment Ad¬
announced on Dec. 13 that the total of 1941
The
ministration
sugar
acreage
beet
ments
are
at
820,000
to
made
on
which conditional pay¬
has been established
producers
This compares with an approximate acre¬
acres.
990,000
of
age
allotments
be
to
in
planted
acres
each
of the three years"
1938, 1939 and 1940, and with an average of 833,000 planted
acres
in the 10-year period 1928-37, which preceded the
The Division added:
present sugar program.
estimated
been
has
It
that
a
Htal
of
805,000
produce
will
acres
a
sufficient to meet quota and carryover requirements,
but because of the shrinkage which takes place in the distribution of the
quantity
of
sugar
total acreage
is
the
1941
of
Record
began
production
in 1934, is required under the Sugar Act of
in the continental beet area during the last
normal stocks
has resulted in the accumulation of larger than
years
The Sugar Act requires that a balance be maintained between
production and its marketing quota and carryover.
sugar.
area's
an
reduction,
programs
sugar
1937.
three
individual growers the higher figure of 820,000 acres
■'"•/'I.'-/.
,y-;'
the first to be made in the total beet area since
among
allotted.
be
to
The
sugar
The 1941 crop acreage
allotment will not affect the quan¬
tity of beet sugar which the beet area may market in the
calendar year 1941.
Tinder the provisions of the 1937 Act
the initial 1941 marketing quota for the beet area, an¬
7, 1940, is 1.549,898 tons, raw value, or the
the 1940 quota; this was reported in these columns
same
Dec.
of
share
determined
3467.
The
Sugar Division's announcement
by
the
United
States
sugar
quota
allotted
percentage formula in the Sugar Act.
a
to
each
area
is
A minimum quota
provision prevents the combined shares of the domestic areas
reduced below 3,715,000
tons, and determines a minimum
from being
beet
sugar
provision kept the beet area's 1940 marketing quota at
1,549,898 tons and will maintain it at least at the same level in 1941.
The 1940 beet sugar production is expected to be the largest in the
area's history—approximately 1,850,000 short tons, raw value.
Moreover,
the 1940 crop followed the record crops of 1,803,000 tons and 1,760,000
tons in 1938 and
1939, respectively.
This means that the three crops
This
1,804,000 tons,
1936 and 1937
planted since the present Act was enacted have averaged
compared with an average of 1,347,000 tons for the 1935,
in 1939, when the quota system was suspended,
market 240,000 tons more sugar than would have
annually, although
tons
the
annual increase of 457,000 tons.
The marketing quota
under the Act for the beet area/has averaged about 1,550,000
average
an
established
area
been
was
able
to
possible had the quotas previously established remained in effect.
The
yields of sugar beets per planted acre have increased
substantially
going from an average of 1.64 tons in the 1935-37 period
in the 1938-40 period.
in recent years,
to
1.83
tons
Lard—On the 21st inst. futures closed 2
points higher.
points lower to 2
The market was dull and narrow for today's
There
short session.
was
little of interest in the
news.
The
Prices were steady.
The top price was nominally quoted at $6.35.
Western
marketings of hogs were heavy and totaled 25,400 head,
compared with 23,300 head for the same day last year.
hog market today was extremely quiet.
On the 23d inst. futures closed
10 to 12 points net higher.
opening range was 2 to 7 points higher, with offerings
limited.
However, later when it was reported that hog
The
receipts at Chicago were about 7,000 head below trade
expectations, fairly active support made its appearance, and
an upturn of 12 to 15 points over the previous
finals.
Western hog marketings today totaled
104,000
head.
Receipts at Chicago only amounted to 23,000 head.
Trade interests had forecast that about 30,000 head would
be marketed.
Hog prices at Chicago advanced 25c. to 40c.
on account of the falling off in arrivals and throughout the
session sales were reported at prices ranging from $6.25 to
$6.75.
On the 24th inst. futures closed 7 to 10 points net
resulted in
The sharp advances in hog prices at Chicago, and
packing centers stimulated active covering in
futures and once again moderate gains were recorded in
higher.
other leading
lard
Near the end of the short session light realizing
of the gains.
The early top price on hogs
at Chicago was $7, the latter price representing a new high
for the current upward price movement.
Light sales were
reported at prices ranging from $6.75 to $7. Receipts for the
Western run totaled 73,600 head, compared with 91,300 head
prices.
sales erased part
for the
lbs., 15%c. Bellies: Clear, f. o. b. New York—0
lbs., 13%c.; 8 to 10 lbs., 13%c.; 12 to 14 lbs., 12%c.
Bellies: Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs.,
not quoted; 18 to 20 lbs., 10%c.; 20 to 25 lbs., 10%c.;
25 to 30 lbs., 10%c.
Butter: Firsts to Higher than Extra
and Premium Marks: 29 %c. to 33%c.
Cheese: State, Held
'39, 25c. to 25 %c.
Eggs: Mixed Colors: Checks to Special
Packs: 21c. to 27 %c. ■
Oils—It
is reported that linseed oil consumers have
requirements well ahead into the new year. Linseed
011 in tank cars is quoted 8.2 to 8.4c. Quotations: Chinawood:
Tanks, spot—25% bid; drums—26% bid. Coconut: crude:
tanks—.02 %c. bid; Pacific Coast—.02% to .02%.
Corn:
crude: West, tanks, nearby—.06 bid nominal.
Olive: de¬
natured: drums, spot—$2.35 bid, nominal.
Soy bean: crude:
covered
tanks,^ Decatur basis—.04% bid; New York, 1.
.065 bid.
same
da^ last year.
On the 26th inst. futures
lower.
closed unchanged to 5 points
The market ruled firm during most of the session
prices after opening 7 points higher, later advanced 7 to
10 points.
Commission houses and locals were credited with
a fair amount
of new buying.
The open interest in lard
futures is large, especially in the nearby Jan. delivery. The
total number of open contracts in all of the active deliveries,,
as reported today,
was 2,069; of the latter amount 1,011
contracts were open in January.
Western hog receipts as
and
reported today were far below the same day last year and
totaled 78,500 head, compared with 102,100 head for the
same day a year ago.
Prices ranged from $6.60 to $7.25, or
about 15 to 25c. above Tuesday's finals.
Today futures
closed 10 to 13 points net lower.
The market ruled heavy
todav as a result of selling to take profits.
DAILY CLOSING PRICES OP LARD FUTURES
Sat.
Mon.
Tues.
Wed.
December
—-
4.35
,
IN CHICAGO
Thurs.
Fri.
_
January, 1941—
4.42
4.55
4.65
H
4.70
4.57
March
5.72
5.85
5.95
O
6.00
5.90
May.
5.90
6.10
6.05
6.22
6.42
6.12
6.32
6.52
L
6.15
6.35
6.52
6.05
6.22
6.40
July-.-.-
-September-
Pork—<
Export),
mess,
$24.25
family '50-60 pieces to barrel),
(8-10 pieces
to
barrel);
$16.75 (200 pound barrel1*.
1.
c.
raw—
Edible: coconut: 76
degrees—.07% to .08%.Lard:
prime—7% offer; strained—7%c. offer.
Cod:
crude—50c. offer.
Turpentine: 43 to 45. Roisns: $2.03 to
winter
ex.
$3.40.
Cottonseed
January, 1941February
also had the following to report:
crops,
18 to 20
to 8
contracts.
14,
quota.
vexport\ steady.
Family (export), $25.25 per barrel
(200 pound barrel).
Cut Meats: Pickled Hams: Picnics,
loose, c. a. f.—4 to 6 lbs., 10%c.; 6 to 8 lbs., 10%c.; 8 to
10 lbs., 10%c.
Skinned, loose, c. a. f.—14 to 16 lbs., 17c.;
page
as
The
Beef:
Dec.
nounced
3907
Oil
March.
___
______
April
Rubber—On
yesterday, including switches, 176
Prices closed as follows:
the
5.96®
6.00®
6.00®
6.05®
21st
5.98 May
6.08®
June
6.11®
6.16®
n
6.20@
n
n
6.02
n
JulyAugust
inst.
futures
6.10
closed 2
points net
Sales totaled only 80 tons in both contracts during
higher.
the
sales
Crude, S. E., val. 4 %.
short
session.
Certificated
rubber
stocks
in
licensed
warehouses decreased 10 tons
today to 1,430 tons.
There
was
little or no activity reported in the actual market.
Skipmeot offerings were again limited and too high for the
local trade.
Spot standard No. 1-X ribbed smoked sheets
in cases remained the same at 20%c. per pound.
Local
closing:
Dec. 20.62; Jan. 20.37; March 20.20; May 19.99;
July 19.84.
On the 23d inst. futures closed 8 points up to 2
points off, with sales totaling 27 lots. Trading in rubber was
light in view of continued delays in Singapore cables which
mystify the trade here.
In early afternoon prices were 1 to 8
points higher, with December at 20.70c., up 8 points.
Only
nine lots had been traded to that time.
London and Singa¬
pore closed unchanged to 3-32d.
higher. Local closing:
No. 1 Standard: Dec. 20.70; Jan. 20.35; March 20.20;
May 19.98.
On the 24th inst. futures closed unchanged to 7
points higher, with the December position off 10 points from
previous close.
Sales totaled 120 tons, including 40 tons
which were exchanged for physicals in the old contract and
10 tons in the new standard contract.
All exchanges for
actuals were recorded in the January old contract.
Cer¬
tificated rubber stocks in licensed exchange warehouses de¬
creased 20 tons to 1,410 tons.
The actual market was quiet
before the holidays.
Little is expected to be done during the
remainder of the week, dealers here report.
Spot standard
No. 1-X ribbed smoked sheets in cases were unchanged at
20%c. per pound.
Local closing: New Contract: Dec. 20.60;
May 20.05; Old Contract: Dec. 20.60; Jan^ 20.40; March
20.20; May 19.98.
On the 26th inst. futures closed 21 to 6 points net lower.
Sales totaled 44 lots all in the No. 1 Standard contract.
Circulation of 45 December notices caused liquidation of that
position.
Losses ranged
as
high
as
19 points
on
1
sales totaling
early afternoon. The premium of December over
materially reduced.
Dealers absorbed the De¬
cembers.
Certificated stocks decreased 50 tons to 1,360
tons.
Both the London and Singapore markets were closed
for a holiday observance.
Local closing: No. 1 Standard:
Dec., 20.39; Mar., 20.14; May, 19.86. Today futures closed
7 points off to 4 points up for the No. 1 Standard contract,
with sales totaling 38 lots.
There were 7 contracts traded in
the New Standard, which closed 4 points net higher.
Lower
43 lots to
March
was
prices in Singapore caused a moderate decline in rubber,
prices during early afternoon standing 6 points lower on
January at 20.24c.
However, May was 4 points higher at
Sales to that time totaled 32 lots, of which 26 were
19.90.
on
Ten consisted of exchanges for actuals.
the old contract.
Twenty tons were delivered on the old contract and 20 on
the new.
Certificated stocks decreased 100 tons to 1,260.
London closed quiet unchanged to l-16d. higher.
Singapore
was l-16d. to
%d. lower.
Local closing: No. 1 Standard:
Jan., 20.23; Mar., 20.08;
July, 19.74; Sept., 19.59.
May,
19.90.
New Standard:
'Hides—On the 21st inst. futures closed unchanged to 3
points higher.
The market ruled quiet and steady during
Sales totaled only 41 lots, equal to
Later this week the Dec. position will
today's short session.
1,640,000 pounds.
off the boards.
On Friday last the Dec. open
stood at 51 contracts.
So far this month there
have been 87 notices issued against the delivery, most of
which were taken bv a large cash and carry house.
The
be
taken
interest
spread between the Dec. and Mar. deliveries on Saturday
was 45 points.
There was relatively little activity in the
actual market last week.
About 30,000 hides sold at steady
prices in the Western markets.
Local closing: Dec., 12.94;
Mar., 12.50; June, 12.30; Sept., 12.20; Dec., 12.15.
On
the 23d inst. futures closed 5 to 2 points net higher, with
sales
totaling 56 lots.
Raw hide futures opened 5 points
!
The Commercial & Financial Chronicle
3908
higher.
Following the opening values eased off, and by
early afternoon they were unchanged to 5 points under
Saturday's close.
Transactions totaled 13 lots to early
afternoon.
One lot was tendered for delivery against the
Dec. contract, bringing the total for the month so far to
3,520,000 pounds.
Local closing: Dec., 13.00; Mar., 12.53;
June, 12.32; Sept., 12.22.
On the 24th iast. futures closed
10 to 8 points net higher.
Sales totaled only 95 lots, or 3,-
A large bulk of the volume was made up
800,000 pounds.
switching operations.
The June delivery was switched
for the Mar. at 22 and 23 points.
The actual market was
of
Most of the trade was interested in the holidays
here state.
From Argentina
learned that the English purchased about 2,500
quiet.
rather than in hides, sources
it
was
frigorifico extremes at the steady level of 15c. per pound.
Local closing: Dec., 13.10; Mar., 12.63; June, 12.40; Sept.,
12.30; Dec., 12.25.
On the 26th inst. futures closed 3 points net lower, with
sales totaling 21 lots.
The opening range was 3 to 8 points
off.
Prices advanced somewhat during the morning and by
values were 2 points above the previous close.
awaiting opening of the Chicago shoe fair on
Transactions totaled 120,000 pounds.
Local clos¬
12:30 p.
m.
The market is
Jan. 6.
ing: Mar., 12.00; June., 12.37.
Today futures closed 8 to
11 points net higher, with sales totaling 206 Jots.
Raw
hide futures opened 4 to 5 points advance.
Slight declines
were
registered following the opening, but by 12:30 p. m.
prices were unchanged from the previous close.
house
liquidation
totaled
64
lots
12.68; June,
was
to
absorbed by dealers.
early afternoon.
Commission
Transactions
Local closing: Mar.,
12.48.
Freights—Freight markets were very quiet during
holidays. The warfare
on the high seas also is restricting transportation.
Charters
included: Time Charter: West Indies trade, $4-$5 asked per
ton.
North of Hatteras-South African trade, $5-$5.50 per
ton asked.
North of Hatteras-South American trade, $5Ocean
this week because of the Christmas
per ton asked.
North Pacific to Panama,
Sugar: United States-Gulf, end December loading.
to Halifax, $13.50 per ton.
Coal: Hampton
to Rio de Janeiro, about $4.75 per ton.
Hampton
to Lisbon, $15.
Time: Two to three months West
trade, end December, $3.25 per ton.
$5.50
Plate
$4.50.
Corn:
Roads
Roads
Indies
production of Pennsylvania anthra¬
further gain to 1,224,000 tons as compared with 1,003,000 tons for the week ended
Dec. 7th.
This represented an increase of 22%.
Compared
with the output in the corresponding week of 1939 there
also was an increase in tonnage of about 10%, the Depart¬
ment of the Interior reports.
The production of beehive
Coal—The estimated
cite in the week of Dec. 14th showed a
coke in the United States for the week ended Dec. 14th was
estimated at 100,600 tons,
states.
week.
This
was
a
the Department of the Interior
decrease of 11.2% below the preceding
On the 26th inst.
Local closing:
Dec.
28,
1940
Mar., 114.2; May, 107.2; Julv, 103.9; Oct.,
101.4.
Today futures closed 1 point off to 2 points
Wool
up.
tops were steady to slightly firmer today in a light volume
of sales. Total sales on the New York exchange to mid-day
were estimated in the trade at only about 100,000 pounds
of tops.
Interest was limited on both sides of the market
throughout the session. At the best prices of the morning
active positions showed advances of 2 to 4 points over the
closing levels of the previous day, while at the lows they were
unchanged to 2 points above yesterday's last quotations. At
noon the market was unchanged to 3 points over the
pre¬
vious closing range. Local closing: March 114.7; May 107.7;
July 104.2.
Silk—On the 23d inst. futures closed lc. up to
3^c. off.
only 10 lots.
Light liquidation of silk caused
by easier Japanese prices was readily absorbed, the market
during early afternoon standing J^c. under Friday's closing
levels.
The price of crack double extra silk in the New
York spot market remained unchanged at $2.56 a pound.
The Yokohama Bourse closed 2 to 6 yen lower.
Grade D
silk in the spot market was unchanged at 1,350 yen a bale.
Local closing: No. 1 Contracts: Jan., 2.50; Mar., 2.50H;
May, 2.51
On the 24th inst. futures closed ll^c. lower
to
unchanged.
A pre-holiday session prevailed in silk
futures today.
Of the 150 bales sold on the Exchange,
switching operations accounted for all but one lot.
The
Dec. delivery goes off the board at noon today.
The last
open interest data showed only 1 lot remaining in the spot
delivery.
Futures at Yokohama were 4 yen lower to un¬
changed, while at Kobe they were 3 yen "easier.
Grade D
remains the same at 1,350 yen
Spot sales in both markets
amounted to 550 bales, while futures transactions equaled
675 bales.
Local closing: No.
1 Contract: Dec., 2.47;
Jan., 2.48}^; Mar., 2.50; May, 2.51; July, 2.51.
On the 26th inst. futures closed unchanged compared with
previous finals.
Sales totaled 15 lots.
Silk was steady in
quiet trading, which to early afternoon totaled five lots. Ten
bales were tendered on the December contract, bringing the
total for the month to 1,900 bales.
The price of crack
double extra silk in the New York spot market was un¬
changed at $2.56 a pound.
The Yokohama Bourse closed
5 yen higher to 1 yen lower.
Grade "D" spot silk was un¬
changed at 1,350 yen a bale. Local closing: No. 1 Contracts:
Jan. 2.483^; Feb. 2.49; March 2.50; June 2.513^.
Today futures closed y2 point off to unchanged, with sales
totaling 8 lots, all in the No. 1 Contract.
Liquidation in
January silk followed circulation of 13 transferable notices,
but offerings were absorbed by trade interests.
During early
Sales totaled
afternoon the market stood half
of
lots.
a
cent lower
on
turnover
a
The
price of crack double extra silk was un¬
changed at $2.56 a pound.
Yokohama closed 1 to 5 yen
lower.
Grade D spot silk was unchanged at 1,350 yen.
Local closing: No. 1 Contracts: Jan., 2.48; May, 2.513^.
seven
futures closed 2 to 6 points net
Wool tops moved upward in rather active trading
There was a good demand for contracts from com¬
mission houses and local interests.
Total transactions on
higher.
today.
exchange to noon were estimated in the trade
approximately 450,000 pounds of tops. At the best prices
of the morning active options were 7 to 11 points over
Tuesday's closing levels, while at the low point they regis¬
tered gains of 2 to 6 points over the last quotations of the
preceding trading day. Around midday the market was 4
to 6 points above its previous closing range.
Most of the
activity was centered in the March and May positions.
Local closing: Mar., 114.8; May, 107.5; July, 104.1; Oct.,
COTTON
Friday Night, Dec. 27, 1940
the New York
at
The
of
Movement
the
as indicated by our tele¬
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 62,544
bales, against 61,655 bales last week and 85,302 bales the
previous week, making the total receipts since Aug. 1, 1940,
2,217,608 bales, against 4,665,337 bales for the same period
of 1940, showing a decrease since Aug. 1, 1940, of 2.447,729
Crop,
grams
bales.
102.0.
the 21st inst. futures closed 2 points off
point higher.
There was light trading in Mar., May and
July but the widest price range covered was 3 points in the
May position.
Other contracts were inactive.
Sales today
totaled about 20 contracts, or 100,000 pounds, according to
unofficial trade estimates.
On Friday sales were officially
reported at 635,000 pounds.
Certificated tops in the
spot market here continued dull, with 120.0c. bid and 123.0c.
asked.
There have been no transactions in the spot market
since the first few days after its inaugural.
Local closing:
Dec., 120.5; Mar., 112.7; May, 106.1; July, 103.0; Oct.,
100.6.
On the 23d inst. futures closed 3 to 9 points net
higher.
Wool top futures improved moderately on a light
turnover of contracts here yesterday.
Activity was fairly
well spread out and embraced all the months
regularly
quoted.
Sales were estimated at 60 contracts or 300,000
pounds, against 95,000 officially reported for Saturday.
Certificated tops in the spot market were quoted at 119.5c.
bid and 121.0c. asked.
Local closing: Dec., 121.0; Mar.,
113.6; May, 106.7; July, 103.4; Oct., 100.9.
On the 24th
inst. futures closed 5 to 6 points net higher.
The Dec.
contract expired today, with final notices issued and stopped.
The market was moderately active for the shortened preholiday session and sales were estimated at 55 lots, or 275,000
pounds, comparing with 280,000 officially reported for the
previous day, a full session.
Ten delivery notices against
the Dec. contract were issued and stopped in final adjust¬
ment of the 50,000 pound net open interest outstanding at
Tuesday's closing.
There were no transactions made across
the ring in the spot position.
The bid price for certificated
tops in the spot market here was 10 points lower at 118.5c.
a pound, while the offering price was unchanged at 121.0c.
Wool Tops—On
to 1
4,667
Houston
5,226 i
4,420
2,417
2,965
10
10
100
1,153
1,776
3,123
17,426
14,626
4,982
387
1,657
2,349
831
Total
811
4,198
2,524
4,883
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Receipts at—•
Galveston
'
562
Corpus Christi._
New Orleans
Mobile..
Savannah
.
Lake Charles
—
—
—
4*
—
—
_«.
—
—
L
V
■
~
-
-
-
'
it, •«.
562
«.
1.995
—
-
-
-
~
2,897
14,104
386
121
1
—
-
14,559
386
—
5,155
-
100
100
660
Wilmington
Norfolk.
-
2,299
660
11,831
62,544
_
_
Totals this week.
3,956
11,061
14,411
11,544
9,741
The
total
following table shows the week's total receipts, the
since Aug. 1, 1940, and the stocks tonight, compared
with last year:
Stock
1939
1940
Receipts to
This
Since Aug
Week
Dec. 27
1, 1940
17,426
Galveston
Brownsville
14",626
Houston
'
Corpus Christi--^
Beaumont
New Orleans
562
14,559
Gulfport
121
Mobile
438,864
15.596
934,763
145,634
6,426
556,467
10,529
22,082
This
Since Aug
Week
1, 1939
46,275
29",469
37
99,848
8",394
758
Pensacola
26
Jacksonville
14", 104
Charleston
27,503
3,316
14,820
Savannah
138
"386
25,312
155
Wilmington
100
Norfolk
660
4,900
13,928
287
Lake
Charles
New York
583
382
—
1,010
Boston
547
Baltimore
Totals
*
1940
957,648
242,944
760
40,578
4.53,625 1,024,080
74,632
175,383
103,198
53,049
536,977
444,114
61,622
50,218
82,125
1,971
14,260
1,215
1,762
135,674
46,240
36,433
37,436
23,042
44,913
10,800
6,352
31,977
11,703
62.544 2,217,608
Included in Gulfport.
10,793
1939
899,205-
861",806.
52,041
81,851
884,93565,132.
68,549
♦
1,702
1.36,346
40,663
10,002
10,654
27,032
1,050
799
1,050
189,049 4.665.337,3,051,639 3.142,817
Volume
;
The Commercial & Financial Chronicle
151
In order that comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
Receipts at—
1940
Galveston
Houston.
New OrleansMobile
1939
17,426
14,626
14,559
.....
46,275
29,469
99,848
1
121
14,104
Savannah
1938
17,794
8,568
13,886
1,225
8,394
3,316
138
Charleston
26,087
39,146
25,437
5,209
30,836
19,724
55,252
5.933
1,701
47,574
37,956
47,994
2,337
167
1935
1936
1937
911
637
501
Norfolk
660
583
287
28
675
147
40
948
739
2,105
921
599
227
All others
2,424
1,538
62,544
189,049
44,595
141,563
117,505
99,705
Wilmington
"ioo
—
Total this wk_
558
1,228
1,983 i'sw?) 850
1,110
serious as to imply that British
gravely depleted.
Cables from
change simply said that when
they found contracts scarce.
The exports for the week
ending this evening reach a total
were to Japan and 1,076 to
corresponding week last year total
exports were 100,498 bales.
For the season to date aggregate
exports have been 518,521 bales, against 2,913,786 bales in
the same period of the previous season.
Below are the
exports for the week:
■- v
of 2,304 bales, of which
other destinations.
1,228
In the
.
Week Ended
Exported to—
Dec. 27. 1940
Great
Exports from—
Ger¬
Britain
France
Italy
many
741
741
"§22
New York......
Los Angeles
Total
16,013
4,452
Total
1938
7,877
6,711
3,829
Front
34,657
21,846
1,218
2,304
1,076
1,228
1939
15,835 100,498
7,695
2,898
22,361
58.536
13,632
Great
Exports from—
Britain
Galveston....
Houston.....
Corpus Christ!
Orleans.
Mobile.
Norfolk
Ger-
France
Italy
many
Japan
11,812
111,384
23,225
113,139
28,461
3,074
19,544
352 103,962
6,597
600
1,680
2,180
38,913
5,906
602
2,642
,602
31,182
13,557
5
Los Angeles-_
"600
Francisco
2,781
21,712
6,284
5
6,446
2,424
1,850
Seattle......
Total
294,790
40,070
945,508 334,642
262,567 306,769
Total 1938—
33,388
222,295
25,505
154,232
28,461
3,074
6,220
415
...
Total 1939...
Total
Other
China
1,617
314
New York
41,986 260,848
280,666 167,077
518,521
5,041 178,620
412,752 193,419 724,631 2913,786
469,009 25,524 360,442 1872,054
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Shipboard Not Cleared for—
Dec. 27 at—
Leaving
Great
Ger¬
Britain
Galveston
5,400
6,010
Houston
New
Other
Coast¬
many
Fiance
Foreign
wise
Stock
loan,
gain of 113,000 for the week ended that date.
a
total
32",818
Total 1938
/12,458
5,696
week
in
in
as
the
volume,
an
spot
markets
more
On the 21st inst.
routine weekend
range
chief
future
of
as
Dec.
23.
On the 26th
inst. prices closed 10 to 3 points net higher.
opening range was 1 to 2 points net higher.
Hedge
selling, which supplied the bulk of the offerings, was light
and readily absorbed by trade buying.
Absence of selling
for Bombay account, a daily feature recently, was a factor.
The Bombay market was closed in observance of a holiday.
Twenty-four January notices, first of the season, were
issued.
Important spot interests were credited with stop¬
ping them promptly.
The market
the result that
higher,
dull,
They
extended
with
its
sufficed
10.16,
at
take
to
able for picking
crop
will
that
conditions
it
so
of
it.
Weather
was
unfavor¬
It is indicated that gathering of
delayed until January.
Oklahoma
late
be
3 points.
Trading was
light that moderate de¬
up
was
care
cotton.
reported
the
during the forenoon, with
early afternoon it stood 2 to 4 points net
m
March
but selling pressure
mand
without market influence.
were
gains
hindered
prevented field work.
Today prices closed 10
to
5
ginning
points
operations,
net
higher.
as
Sup¬
ported by an upturn in foreign markets and active buying
for Bombay interests, the market opened 4 to 7 points net
higher.
10,000
at
Early buying for Bombay account was estimated
bales, chiefly July and October.
Mill accounts
firms
January
sisted
than
purchased March and May.
Hedge sales
the South provided the contracts.
No
prices per¬
aggressive
with the result that by noon the market
9 points net higher and within close range of
notices
issued.
were
throughout
Buying to fix
forenoon
the
and
more
was
the selling,
4
was
by
to
best
the
prices paid this season.
Switching from March
May positions to distant months was a feature of the
trading. The market had a decidedly firm tone. Lightness
of spot
sales continues to mark trading in Southern
mar¬
during the
Only 7,000 bales were sold yesterday.
Meanwhile,
cotton continues to find its way into the loom.
The Com¬
Small-scale
delivery
change.
modity Credit Corporation reports that 2,603,000 bales are
fluctuations continue to character¬
to
of
or
operators either
the
less
South
is
of
way.
no
news
spectacular
routine.
prices closed 3 to 4 points net higher.
Trade price fixing constituted the
of support, while offerings were relatively light
throughout the session.
A moderate improvement in sales
of specified print cloth descriptions in the gray goods market
to meet- anticipated Government buying was reflected by mill
buying of near months to fix prices early in the session.
Opening levels were at advances of 3 to 5 points as trade
interests bought about 7,500 bales of March, May and July.
Foreign offerings, attributed to Bombay sources, suppled
contracts in the forward deliveries, although the total of such
selling was lighter than in recent sessions.
Other selling was
of limited proportions, with the South apparently not in¬
clined to sell despite an improvement in weather conditions
for picking remnants of the crop.
There was some near
month liquidation.
Southern reports indicated generally
some
inquiry is being received for April-May shipment.
On the
closed 4 points off to 3 points up.
Trading
cotton was of a pre-holiday nature, with prices held in a
narrow range all day as buying to fix prices absorbed the
small hedge sales. The opening range was unchanged to 3
points higher.
Liverpool jumped 32 to 40 American points,
believed here to reflect a terrific bombardment last night in
which warehouses containing cotton and wool are believed
to have been destroyed.
The damage may have been so
23d inst. prices
in
the loan out of the 1940 crop.
The official
New
quotation for middling upland cotton in the
day for the last week has been:
York market each
Dec. 14 to Dec. 27—
Sat.
Middling upland % (nominal)-10.16
Middling upland 15-16 (nom'l). 10.36
In
over a
quiet conditions in the spot cotton markets although
now
tc
Business
trading cotton futures prices moved
of 2 to 4 points.
source
However, they also bought October.
New straddles be¬
Bombay were being put out, buying
New York October and
selling July-August broach.
The
Liverpool market was irregular, easier on nears, but stronger
on distant months.
This was due to further regulations by
the Cotton Controller, who reduced the maximum spot
basis 15 points for American middling.
The maximum now
is 45 points above January, against 60 points above March
previously.
After easing 1 to 4 points, the local market
quieted down. There were several 2,000 to 4,000-bale selling
orders in May and July, which were absorbed by trade
interests and spot houses.
The open interest in the cotton
market continues to decline, it now being 1,265,200 bales
and
markets, there being little in the
incentive
being
for
appreciable
no
narrow
the futures
serve
cotton
showed
operations and
ize
the
kets.
Speculation
past
5~,3l6
3,379
118,395
32,914
The
by
tween New York and
2,900
17,689 3,033,950
5,183 245,457 2,896,360
11,507 67,891 2,772,447
----
Other ports—
11,410
89,061
currently being financed
undertone steady.
The market eased later when Bombay
brokers sold about 7,500 bales of May, July and October.
offerings
Mobile
Total 1940--
cotton
is 10,800,000 bales.
On the 24th inst. prices closed 1 to 5
points net higher.
The opening range was 1 to 3 points net lower, with the
trade
Charleston
Total 1939
to
now
and
Savannah
Norfolk
of
amount
and
"900
300
limited
was
putting their cotton into
7,400
950,248
9,089 1,014,991
1,200
535,777
135,674
36,433
50,218
31,977
278,632
3",079
Orleans..
Business
the loan, now are holding it for expected
higher prices. The
loan continues to grow, but at a slower rate than
formerly.
Latest loan figures, as of Dec. 19, show2,553,000 bales in the
Total
2,000
....
merchants covered shorts,
The
Exported to—
Aug. 1,1940to
Dec. 27, 1940
Boston
822
487
487
Total
San
254
254
New Orleans.
New
Total
Other
China
Japan
Houston
cotton supplies have been
the Liverpool Cotton Ex¬
necessary trade operations, being marked by small specula¬
tive interest.
Information from the South indicates that
farmers who some weeks ago were
Government
SinceAug. 1_. 2,217.608 4,665,337 2,781,569 5,493,921 4,956,916 5.352,477
3909
Mon.
10.12
10.32
Tues.
10.14
10.34
Wed. Thurs.
Hoi.
10.18
Hoi.
Premiums and Discounts for Grade and
10.38
Fri.
10.26
10.46
Staple—The
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
established for deliveries
on
contract
on
.
Premiums
_
and discounts for grades and staples are the average quota¬
tions of 10 markets, designated by the Secretary of Agri¬
culture, and staple premiums and discounts represent full
discount for % inch and 29-32 inch staple and 75% of the
average premiums over 15-16 inch cotton at the 10 markets
Dec. 23.
on
.
%
29-32
15-16
31-32
Inch
Inch
Inch
Inch
1 Inch
and
Up
White—
.35
on
.46 on
.58
on
.65
on
.72
Strict Good Middling
.29
on
.40
on
.52
on
.60
on
.66 on
Good Middling
.23
on
.33
on
.46
on
.53
on
.60
on
.11
on
221
on
.34
on
Middling Fair
-
on
.41
on
.48
on
Middling
.21 off
.11 off
Basis
.06
on
.14
on
Strict Low Middling
Low Middling
.73 off
.63 off
.54 off
.48 off
.40 off
1.38 off
1.29 off
1.21 off
1.16 off
1.14 off
Strict
Middling
...
Extra White.23
on
Strict Middling..
.11
on
Middling
.21 off
Good Middling
.33
on
.21
on
.11 off
.46 on
.53
on
.60
on
.34
.41
on
.48
on
.06
on
.14
on
on
Even
.73 off
.63 off
.54 off
.48 off
.40 Off
1.38 off
1.29 off
1.21 off
1.16 off
1.14 off
Good Middling...
.14 off
.05 off
.19
on
Strict Middling...
aMlddling
.29 Off
.19 Off
.09 off
.02 off
.05
on
.81 off
.71 Off
.61 off
.56 off
.50 off
Strict Low Middling
Low
Middling....
......
Spotted—
a
.06
on
.12 on
Middling spotted shall be tenderable only when and If the Secretary of Agri¬
grade.
culture establishes a type for such
The Commercial & Financial Chronicle
3910
New York
Dec.
__
1936
...
1928
1935
—
1927
1934
...
1926
1933
...
1925
20.45c.
1930
8.35c.
...13.00c,
...12.10c.
...12.85c.
1929
...10.30c.
...
1911
17.25c.
12.30c.
7.80c.
12.60c.
13.20c.
9.25c.
1910
15.00c.
1909
16.15c
24.6.5c.
36.45c.
26.60c.
1913
14.60c.
39.2.5c.
32.30c.
31.85c.
1917
1916
19.45c.
6.10c. 1924
6.55c. 1923
10.00c. 1922
17.30c. 1921
20.55c. 1920
20.10c. 1919
13.05c. 1918
1932
1931
11.26c.
8.85c.
.
-
1912
of Cotton—Due to war conditions,
permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the stock at
Alexandria and the spot prices at Liverpool:
1915
1914
cotton statistics are not
,
the spot each day during the
indicated in the following statement.
For the convenience of the reader we also show how the
market for spot and futures closed on the same days:
...
Steady
Barely steady.
Very steady
1
1
1
1
1
I
1
1
1
1
1
t
1
1
1
1
1
1
1
t
lit it i I
'
v
1
»
1
1
I
1
it ii it II
II II II
62",481
17,606
44.881
i
Futures—The highest, lowest and closing prices at
week have been
as
New
follows:
29
Season
Monday
Dec. 24
Dec. 25
Thursday
Friday
Dec. 27
Range..
10.02 10.02
9.98- 9.98
9.97- 9.99
10.00-10.08 10.13-10.13
Closing.
10.02n
9.98
9.99
10.0977
14,700
23,431
1,016
178
14,184
40,245
383
8,929
548
178
10,591
322
1,030
97,857
925
30,810
15,305
33,215
2,086
Eufaula
399
59,644
Selma
189
23,751
19
54,450
1,096
25,600
1,580
2,826
160,051
29,910
63,250
38,533
7,896
4,999
86,550
38,061
113,356
62,115
11,297
38,161
73,555
112,081
7,900
29,246
3,396
1,002
11,720
70,361
185,843
53,975
65,128
50,484
35,305
161,857
Ala., Blrm'am
118,349
6,356
121,879
2,767
943
34,100
1,169
1,396
46,011
998
1,283
Hope
569
1,595
Jonesboro
223
28,698
12,177
39,115
45,162
43,098
Ark., Blythev.
Forest
City
2,517
413
145
23
1,144
26,754
148,662
2,034
100
40,991
112
98,272
49,908
4,072
1,100
78,815
46,068
Pine
Bluff.
6,283
103,839
7,536
Walnut Rge
1,618
59,292
2,225
8
Rock__
84
118
440
10,213
33,159
51
11,803
500
500
47,569
936
5,067
66,647
29,981
78,998
7,771
Ga., Albany..
Atlanta
—
10.1677
921
Range..
10.2177
10.1377
10.0677
10.0577
10.08n
Closing.
March—
10.14-10.18 10.22-10.26
10.14-10.17 10.12-10.15 10.09-10.14
Range..
10.15-10.16 10.12
Closing.
—
10.26
10.18
10.13-10.14
April—
...
24,989
165,141
1,038
206,798
Columbus..
500
30,200
600
117
14,100
21,147
500
Macon
—
Feb.—
353
34,341
566
Rome
720
14,721
600
41,647
75
Augusta
10.1077
10.0877
10.12B
Closing.
10.2377
10.1477
'
May—
10.09-10.12 10.15-10.21
10.07-10.11 10.05-10.09 10.01-10.08
10.05-10.06 10.08 —
10.09
Range..
Closing.
10.21
10.1177
June—
2,588
2,487
1,119
903
50,696
117,807
2,049
52,224
194
655
14,476
47,923
113,867
148,978
31,900
35,316
50
38,622
4,910
78,635
84,913
41,030
134,443
25,866
18,929
27,062
58,832
580
2,160
3,250
800
Vlcksburg..
179
18,449
841
12,747
19,534
717
15,977
104,514
138,638
16,813
213,294
30,093
7,234
25,017
Yazoo
214
32,512
1,284
43,671
96
47,522
14,228
181,649
14,228
4,152
7,362
173,395
25
3,551
25
2,697
132
2,029
7,520
3,165
352,391
5,822
298,260
74,607
14,573
65,612 2307,708
212
22,834
142
7,303
200
15,315
63,621
La., Shrevep't
Miss., CI arks d
736
86,203
820
90,447
2,027
6,204
95,986
2,924
1,783
Columbus..
200
11,434
200
73,895
27,224
Greenwood...
5,000
163,712
17,698
5,000
128,705
1,307
200
200
20,355
1,241
52
4,664
1,474
14
Jackson
Range..
27
28,982
Montgom'y
981
Athens
(1941)
Jan.
Dec.
Week
Season
982
Little
Dec. 26
Wednesday
Tuesday
Dec. 23
Week
Stocks
ments
Dec.
Week
Ship¬
Receipts
Stocks
Newport
Saturday
Dec. 21
29, 1939
Movement to Dec.
Ship¬
Receipts
Helena
York for the past
the
■
Week
1,1 I I I I I I
Steady
Steady
1
that is,
movement,
ments
_
Total week.
1
the
detail below:
Towns
_
1
4.17d.
7.91d.
7.31d.
Towns,
Total
Contract
Spot
HOLIDAY
Since Aug. 1
4.20d.
9.05d.
Movement to Dec. 27, 1940
Closed
Nominal
Nominal
4.02d.
6.09d.
11.35d.
7.82d.
7.16d.
9.43d.
SALES
Futures
Market
Nominal
Nominal
Nominal
1937
4.84d.
4.20d.
5.95d.
8.70d.
8.53d.
13.47d.
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, ana the same items for the
corresponding periods of the previous year—is set out in
i
Saturday
Monday
Tuesday
Wednesday
Thursday —
Friday
Interior
the
At
The total sales of cotton on
week at New York are
Closed
1938
5.25d.
1939
1940
Dec. 27
Middling uplands, Liverpool
Egupt, good Giza, Liverpool
Broach, fine, Liverpool.;.
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple, super¬
.....
fine, Liverpool
York
Market and Sales at New
Spot Market
1940
28,
The Visible Supply
Quotations for 32 Years
quotations for middling upland at New York on
27 for each of the past 32 years have been as follows:
The
1940
1939
1938
1937...
Dec.
Natchez
City
Mo., St. Louis
N.C., Gr'boro
50
6,362
150
5,142
2,265
237
1,847
1,536
7,066
4,814
1,244
•»*»«••
Oklahoma—
HOLIDAY
Range..
10.1077
10.0177
9.9777
9.9377
9.98n
Closing.
July—
Range..
9.84- 9.88
9.82- 9.85
9.80- 9.86
9.88- 9.92
9.97-10.01
Closing.
9.86ra
9.82
9.86
9.92
9.99-10.00
—
—
Aug.—
15 towns *_
S. C., Gr'vllle
Tenn., Memp.
Texas, Abilene
Austin
Brenham
Range..
_.
Dallas
9.69n
9.6577
9.6977
9.7477
9.8177
9.5171
Closing.
9.4877
9.5277
9.5677
9.6377
Sept.—
Paris
San
Closing.
Oct.—
Range..
9.33- 9.35
9.31- 9.35
9.28- 9.35
9.36- 9.39
9.44- 9.47
Closing.
9.34
9.31
9.35
9.38
9.46- 9.47
9.32TI
9.3077
9.3577
9.3877
9.34- 9.34
9.29- 9.29
9.37- 9.37
9.43- 9.45
9.3877
9.44/7
—
—
•».
Marcos
Texarkana
Waco
10,349 341,487
96,371
1,540
74,347 1008,308
461
21,933
235
2,467
7,037
101
4,037
679
57,955
332
149
442
6,777
2
49,275
2,773
7,551
508
Robstown..
Range..
72,704
97,285 2227,784
315
31,263
42
19,844
60
10,309
600
54,394
129
4,005
'102
39,380
71,645
6,518
3,656
31,662
-
15
1,521
43,345
1,571
40,802
582
85
.
36,243
6
32,228
78
:
572
629
500
2,771
796
54,873
55,275
291,269
77,873
969,897
13,128
3,392
2,170
38,912
41,439
2,132
25
660
267
2,178
36,487
18,367
1,325
977
Total,56 townsll89,200' 4479,095 173,544 3339,502 116,251 4685,269 159,297 3346,020
Nov.—
*
Range..
Closing.
9.4577
Dec.—
Range..
n
9.35?7
9.3077
9.3177
Closing.
Nominal.
Range
Dec. 27,
of future prices at New York for the week
1940, and since trading began on each option:
above
increased
totals
show
that
the
interior
stocks
have
bales and are tonight
6,518 bales less than at the same period last year.
The
receipts of all the towns have been 25,977 bales more than
in the
during
same
the week
15,656
week last year.
Overland Movement for the Week and Since Aug. 1
Range Since Beginning of Option
Range for Week
Option for—
ended
Includes the combined totals of 15 towns in Oklahoma.
The
1941—
1939-
1940
Dec. 27—
Since
Since
Shipped—
Week
Week
Aug. 1
Aug. 1
8.26
June
6 1940 10.16
Dec.
5 1940
Dec. 24 10.26
Dec. 27
8.10
May
18 1940 10.31
Dec.
5 1940
Via Mounds, &c
Via Rock Island
10.01
Dec. 24 10.21
Dec. 27
8.00
May 18 1940 10.23 Dec.
5 1940
February
March
4,628
10,104
May
Via Virginia
9.80 Dec. 24 10.01
July
September
8.59 Aug
Dec. 27
9.28
October
November.
Dec. 24
9.47 Dec. 27
9.2*9
Dec. 24
9.45~
9.28
Oct.
18 1940 10.59
Nov. 22 1940
Dec.
19 1940
747,794
547
214
10,815
4,282
155,218
12,342
254,092
5,763
170,315
25,616
Deduct Shipments—
Overland to N. Y., Boston, &c
Between interior towns
Dec. 27 1940
368,227
19,280
577.479
_
December..
Dec. 27
9.45
Total to be deducted
Volume of Sales for Future
Exchange Administration of the United States Department
Agriculture makes public each day the volume of sales
delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
for future
are
given in bales of 500 lb. gross weight.
Leaving total net overland *
*
Dec. 20 Dec. 21 Dec. 23 Dec. 24 Dec. 25 Dec. 26
foregoing shows the week's net overland movement
bales for
date the
aggregate net overland exhibits a decrease from a year ago
of 209,252 bales.
this year has been 25,616 bales, against 19,280
the week last year, and that for the season to
1941—
100
200
100
18,400
17,600
11,900
8,000
11,500
15,900
9,000
6,000
18,000
28,500
Holi¬
May
July
October..,
9,400
14,400
day
7,400
800
2,000
*8,200
429,300
In
Sight and Spinners
Takings
55,400
24,000
8,300
1,000
300
41,900
69,400
Dec.
18 Dec.
19 Dec. 20 Dec. 21 Dec. 23 Dec. 24
Aug. 1
2,217,608
368,227
3,230,000
189,049
19,280
140,000
4,665,337
577,479
3,050,000
233,160
15,656
5,815,835
1,380,925
348,329
*43,046
8.292,816
915,971
Interior stocks in
141,600
2,000
Excess
Open
New Orleans
Week
62,544
Net overland to Dec. 27
25,616
South'n consumption to Dec. 27.- 145,000
310,300
47,400 1,258,800
Since
Since
Aug. 1
Week
367,400
17,700
9,500
3,100
900
December.
Total all futures.
2,200
14,600
1,300
1939
—1940
Contracts
Receipts at ports to Dec. 27
March
193
5,023
Including movement by rail to Canada.
Dec. 26
January..
249
The
Open
New York
200
Delivery—The Commodity
of
figures
25,043
2,285
4,273
247,534
736
points
7 1940 10.03 Nov. 19 1940
_
8.70
622,319
987
Via other routes, &c
June
4,057
8,571
14,228
7,275
..
Via Louisville
April
181,744
108,705
6,121
7,146
74,760
243,843
170,916
147,700
7,090
4,525
82,326
335,237
12,128
Dec. 27
10.09
January
7,066
4,900
37,958
9.97 Dec. 24 10.13
Via St. Louis
of
excess
Southern
mill" takings
929,208
764,043
Came Into sight during week
Total in sight Dec. 27
Contracts
*
10,137",995
7,960",803
49,295
Dec. 24
305,283
248,816
1,250,016
29,284
866.667
Decrease.
1941—
Movement into sight in previous years:
January..
March
2~,666
1,200
U50
"300
May.
2,900
1,400
1,800
500
July.
150
900
550
400
October...
250
650
300
400
4,150
3,800
1,600
December
Total all futures
Week—
Report
not rec eived
1938—Dec. 28
1937—Dec. 30
1936—Dec. 31
50
5,350
Bales
Since Aug.
1—•
163.530 1938.
.265,160 1937
244,503 1936
Quotations for Middling Cotton at Other Markets —
are
the closing quotations for middling cotton at
day of the week:
Below
*
Includes 2,400 bales against which notices have been Issued, leaving net open
contracts of 5,800 bales.
Bales
7,713,909
10,806,781
10,173,064
Southern principal cotton markets for each
%
15-16
Vk
15-16
%
15-16
A
15-16
7A
15-16
A
In.
In.
In.
In.
In.
In:
In.
In.
In.
In.
9.61
Upl'ds
d.
d.
9.81
d.
1
9.79
9.59
9.78
9.58
9.64
9.84
9.72
9.92
9.70
9.90
9.66
9.86
9.71
9.91
9.73
9.93
Mobile
9.70
9.90
9.67
9.87
9.68
9.88
9.73
9.93
9.81 10.01
Savannah
9.90 10.05
9.87 10.02
9.88 10.03
Norfolk
9.80 10.00
9.80 10.00
9.80 10.00
9.60
Augusta
9.95 10.20
Memphis
9.35
9.80
9.60
9.80
Montgomery.
7H@12 10H
13
@11
6
@12
9
7.99
13
@13)4 11
@13 M 11
3
6
3
@11
6
6.27
12
6
@12
9
8.13
13
@13)4 11
3
6
6.35
25-
14.56
12
6
@12
9
8.22
13
@13X 11
3
@11
@11
6
6.38
14.56
12
6
@12
9
8.17
13)4 @14
11
3
@11
6
6.22
@12
9
8.23
14
8.07
14
8.41
@14)4 11
11
14)4 @15
15
@15)4 12
7)4
9
7.01
7H
7H
9
9
9
9
8.54
15)4@16
9.40
9.65
9.45
9.70
9.76
9.64
9.84
available
Not
Nov.
1—
9.52
9.72
9.52
9.72
9.35
9.55
9.35
9.55
9.40
9.60
9.45
9.65
8-
14.61
12
6
9.25
9.50
9.22
9.47
9.23
9.48
9.28
9.53
9.36
9.61
16-
14.65
12
22-
14.72
12
29—
14.95
12
4)*@12
4)4@12
6
@12
6„
15.14
12
6
13„
15.22
12
6
20..
15.25
12
6
Market—The closing quotations
in the New Orleans cotton market
or
follows:
Monday
Tuesday
Wednesday
Thursday
Friday
Dec. 21
Dec. 23
Dec. 24
Dec. 25
Dec. 26
Dec. 27
@12
@12
@12
10.16b-.17a 10.21
10.10
May..... 10.12n
July
9.36
9.37
December. 9.305-9.33a 9.355-9.37a
9.90
—
Quiet
Quiet
Quiet
Quiet
Quiet
Steady
Futures.._
Steady
Steady
Steady
Steady
6 Bid.
Nominal.
a
8.59
Nominal
16)4@16)4 12
6
8.78
8.70
9
@12
Bales
Bales
LOS
ANGELES—
487
To Japan
54
200
NEW
YORK—
822
To Finland
Tone—
Spot
8.19
Nominal
ORLEANS—
NEW
2,304
Total
741
To Japan.
9.496-9.50a
9.46
9.386
6
Shipping News—Shipments in detail:
To Indo-China
9.956-9.97a 10.04
9.516-9.52a
9.45
—
9.40
9.87b-9.88a
9.91
October...
7.95
3® 12
12
Nominal
10.24
HOLIDAY 10.16
10.13
7.51
3
Nominal
8.53
To Colombia
10.116
10.236-.24a 10.30
10.076
10.02 5-.05a
10.20
7.10
@12
8.43
available
Not
:!-
10.196
4)4@11
6
@11
9)4 @12
8.37
HOUSTON—
1941—
n
8.38
@14)4 11
Dec.
27..
Saturday
10.065
6.44
8.21
12
14.47
9.55
as
fl.74
14.50
4-
9.75
week have been
6
18—
9.65
9.35
for leading contracts
d.
@11
@13)4 11
11-
9.80
9.55
New Orleans Contract
13
Oct.
Little Rock..
Dallas
8.82
9.85
9.60
9.60
9.35
9.55
9.30
12
14.86
27-
Houston.
—
Upl'ds
d.
s.
9.98 10.23 10.06 10.31
Holi day
9.93 10.18
9.92 10.17
9.60
d.
s.
d.
9.93 10.08 10.01 10.16
9.80 10.00 9.85 10.05
9.80
9.60
d.
s.
s.
Sept.
9.56
March
Middl'g
to Finest
Middl'g
to Finest
In.
9.80 10.00
January
ings, Common
Twist
ings, Common
Twist
15-16
In.
the past
Cotton
32s Cop
Cotton
32s Cop
Saturday
New Orleans.
8 X Lbs. Shirt¬
8K Lbs. Shirt¬
Friday
Thursday
Wednesday
Tuesday
Monday
Dec. 27
Galveston
1939
1940
Closing Quotations for Middling Cotton on—
Week Ended
3911
The Commercial & Financial Chronicle
Volume 151
Asked.
Cotton Ginned from Crop of 1940 Prior to Dec.
The Census report issued on Dec. 20,
individual returns of the ginners, shows
13 —
combined from the
11,433,304 running
round as half bales and excluding
linters) ginned from the crop of 1940 prior to Dec. 13, com¬
pared with 11,433,304 bales from the crop of 1939 and
11,412,139 bales from the crop of 1938.
Below is the report:
bales of cotton (counting
Returns by Telegraph—Telegraphic advices to us this
evening indicate that there has been considerable rain in the
cotton belt.
-Thermometer
Days
Rainfall
Inches
High
Low
3
1.63
67
48
Rain
Texas—Galveston
-
REPORT
Mean
58
ON
COTTON
GINNING
ginned from the growth of 1940 prior to
1940, and comparative statistics to the corresponding date in
Number
bales
of
68
39
54"
Dec.
Abilene.
1
0.22
71
35
53
1939 and 1938.
Brownsville.
2
6.57
44
60
Corpus Christi
2
0.39
75
74
42
of cotton
58
dry
Austin
..
70
42
1.62
68
38
1.21
72
44
2
Waco
.
Oklahoma—Oklahoma City—
Arkansas—Little Rock
.
70
46
42
57
0.77
68
30
49
34
42
53
1
1.50
58
47
1
2.28
64
52
58
1
.
Louisiana—New Orleans
1.76
56
53
55
0.31
65
54
60
1.26
61
49
55
2
...
Vicksburg
Alabama—Mobile
1
1
Shreveport
Mississippi—Meridian.
1.67
67
49
57
1
1.08
63
55
59
1
Birmingham
Montgomery.
Florida—Jacksonville
1.05
63
57
60
1
0.54
75
63
71
Miami
1
1.20
82
66
74
Tampa
1
1.46
75
66
71
5
3.25
70
46
58
1
0.40
57
52
55
1
0.20
61
54
58
1
0.48
60
0.34
63
71
56
2
52
62
0.02
57
49
53
65
55
60
Georgia—Savannah
Atlanta
Augusta
Macon
.
Carolina—Charleston.
North Carolina—Asheville
South
.
-
1
dry
Raleigh
Wilmington.
Tennessee—Memphis.
1
0.28
71
54
Chattanooga.
1
0.16
59
45
Nashville
1
0.33
60
54
60
51
69
dry
_
The
63
52
.
57
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Dec. 27, 1940
Feet
New
Dec. 29, 1939
Feet
Above zero of gauge.
Shreveport
*
Vicksburg
9.2
10.0
Above zero of gauge.
....
3.2
14.9
1.2
Above zero of g uge.
Nashville
5.8
—3.7
from
Receipts
the
United
Receipts at Ports
738,510
117,823
1,331,177
495,116
Arizona
Arkansas
California.
Florida
1938
Plantations—The following table
Stocks at Interior Towns
1940
1939
1938
Receipts from Plantations
1940
1939
1938
137,695 297,080 221,656 2062,281 2930,731 2633,565 262.500 481.970 465.081
Oct.
4.
118.475 297,556 183.369 2185.345 3113,815 2881,086 241,439 480,640 430,890
290,322 205,107 2378.831 3262,486 3110,218 322,379 1904035 433,993
11. 128,793
1825.
114,761 230,932 200.646 2570,606 3399,830 3275,615 306,536 368,276 366,043
112,180 243,288 150,872 2775,573 3486,871 3387,084 317,147 330.329 263,541
Nov.
120,952 231,212 256,332 2980,289 3533,182 3460,497 325,668 277,523 329,745
92,125 3084,210 3549,918 3510,308 230,674 248,407 141,936
15. 105,452 202,576 125,857 3153,982 3549,579 3518,088 175,224 208.237 133,637
94,876
22.
98,226 178,607 88,143 3202,231 3536,990 3524,821 146.475 166,018
73.964
29.
83,853 227,545 89,957 3258,633 3534,867 3508,828 140,255 225,422
1.
8. 126,753 237,671
Dec.
6.
86,554 210,127
13.
20.
85,302 257,101
61,655 240,688
27.
62,544 189,049
77,815
64,534
54,236
44,595
3260,298 3498,072 3496,222 88,219 173,332
3284,365 3449,968 3471,589 109,399 208,997
3323,846 3389,066 3448,226 101,106 179,786
3339,502 3346,020 3434,970 78,200 232.095
65.209
39,901
30,873
31,339
The above statement shows:
(1) That the total receipts
plantations since Aug. 1, 1940, are 3,605,124 bales;
in 1939 they were 5,660,131 bales, and in 1938 were 4,371,644
bales.
(2) That, although the receipts at the outports the
past week were 62,544 bales, the actual movement from
plantations was 78,200 bales, stock at interior towns having
ncreased 15,656 bales during the week.
from the
Illinois
Kentucky
Louisiana
Mississippi
Missouri.
New
Mexico...
North Carolina.
Oklahoma
South Carolina.
Tennessee
Texas
Virginia.
...
a/
353,509
21,902
842,080
2,239
11,360
651,007
1,653,971
324,179
85,987
376,542
542,234
630,830
466,579
2,934,621
9,433
83,141
453,639
501,116
846,749
428,140
2,666,654
9,877
of 1940 ginned prior to Aug. 1, which
was counted in the supply for the season of 1939-40, compared with 137,254
and 157,865 bales of the crops of 1939 and 1938.
The statistics in this report include 3,482 round bales for 1940; 169,409
for 1939 and 155,680 for 1938.
Included in the above are 23,560 bales of
American-Egyptian for 1940, 21,539 for 1939 and 16,876 for 1938; also
4,520 bales Sea Island for 1940, 2,118 for 1939 and 4,087 for 1938.
The statistics for 1940 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
The revised total of cotton ginned this season prior to Dec. 1 is 10,868,947
*
Includes 32,187 bales of the crop
bBilcs
Exports—United States
consumed during the month of November, 1940 amounted to
Cotton on hand in consuming establishments on Nov. 30
was 1,682,278 bales, and in storages and at compresses 14,727,234 bales.
The number of active consuming cotton spindles for the month was 22,685,968.
The total imports for the month of November, 1940, were 12,026
bales, and the exports of domestic cotton, excluding linters, were 144,710
bales.
World Statistics
production of commercial cotton, exclusive of linters, grown
in 1939 as compiled from various sources was 27,875,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the United States) for
the year ending July 31, 1939, was 27,748,000 bales.
The total number of
spinning cotton spindles, both active and idle, is about 145,000,000.
The world's
Freights—Current rates for cotton from New
Cotton
York
are no
longer quoted, as all quotations are open rates.
Statistics—Regulations due to the war
prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
World's Supply and Takings of Cotton.
India Cotton Movement from All Ports.
Alexandria Receipts and Shipments.
Liverpool Imports, Stocks, &c.
in Europe
Manchester
chester
was
Market—Our report
not received this
week.
by cable from Man¬
We give prices below
previous week of this and last year:
<
India.
Stock in Bombay,
Stock in Alexandria, Egypt.
Liverpool—The tone of the Liverpool market for spots
the past week and the daily closing
and futures each day of
Spot
Monday
Tuesday
Quiet
Saturday
12:15
Quiet
Thursday
Friday
Quiet
Wednesday
Market,
Quiet
P. M.
Mid. upl'ds
8.69d.
CLOSED
Steady;
Futures
Market
opened
for
1,057,649
154,771
1,293,246
Foreign Cotton
Sept.
27.
767,362
154,592
1,353,804
405,495
9,620
904,771
4,031
12,797
717,293
1,532,533
424,611
17,845
979,847
3,092
9,892
445,811
1,149,204
337,104
99,124
717,078
673,791
927,505
433,920
2,936,528
19,937
Georgia
End.
1939
*11,433,304
States..
Alabama
Consumption, Stocks, Imports and
figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
1940
1938
*11,412,139
Cotton
The
Week
1939
*11,276,225
744,088 bales.
indicates the actual movement each week from the planta¬
tions.
1940
1.2
8.5
Above zero of gauge.
Memphis
3.3
Above zero of gauge.
Orleans
(<Counting Round as Half Bales and Excl. Linters)
State
49
0.54
'
;
58
71
1
_
0.13
2
-
San Antonio.
1.37
2
Palestine
,
58
dry
Houston
v
Running Bales
53
2
.
■
56
2
Del Rio
Fort Worth
13,
Market,
4:00
P. M.
4
to
8.52d.
Barely st'y;
7 pts. 3 to 6
pts.
HOLIDAY
8.53d.
8.54d.
Quiet;
Steady;
unch.
to
5 1 to 3 pts.
advance
advance
pts. adv.
Quiet;
Steady;
Quiet; 1 pt.
unch. to 16 3 to
pts. adv.
7
pts.
advance
adv.to 1 pt. 1
decline
advance
Steady;
to
7
pts.
advance
The Commercial & Financial Chronicle
3912
Prices of futures at Liverpool for each day are given below:
Mon.
Sat.
Tues.
Thurs.
Wed.
ership,
Fri.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
d.
d.
a.
*
December, 1940.
1941..
d.
d.
8.(J6
d.
d.
d.
d.
d.
d.
8.06
8.06
8.06
January,
*
8.23
8.10
8.07
8.07
8.09
8.08
8.08
March...
*
8.04
8.07
8.10
8.10
8.13
8.11
8.14
8.18
*
8.11
8.07
8.00
8.05
8.05
8.08
7.91
7.93
.8.00
8.00
8.01
8.00
8.02
7.85
7.92
7.92
7.93
7.91
7.92
*
December
7.81
Holl day
8.06
8.05
7.88
7.87
Sat.
No. 2 red....
DAILY
—
CLOSING
Mon.
106%
-
PRICES
OF
Friday Night, Dec. 27, 1940.
at
relatively
a
Season's
expected that after
low
in
ebb.
the
However,
first of the
the
local
year
general buying movement by consumers.
reported
estimated
con¬
it
is generally
there will be a
Milling interests
improvement in flour sales in the East and
past week.
Sales in the Southwest were
some
Southwest
market
the
at
42% of capacity, compared
previous week and 18% a year ago.
Wheat—On
the
with
27%
the
sellers
short
inst.
who
the end of
hour.
had
to choose between buying
delivering actual grain before
the month, were active particularly during the
Inasmuch as contracts
involving 3,640,000
back their Dec. contracts
final
bushels remained
be
to
or
settled
when
the
market
opened,
their
buying lifted Dec. to 90c. at one time, up % from the
previous close, after the price had tumbled a full cent earlier
in the session.
Some wheat buying was attributed to export
interests, possibly in connection with Red Cross purchases.
There was talk of improved flour business and Ireland took
150,000
bushels
Canadian
of
wheat.
On
the
23d
inst.
prices closed y to %c. net higher.
After sagging almost a
early dealings, wheat prices rallied today and pushed
upward for small net gains.
Traders said some of the buying
on
the recovery may have been associated with reports of
improved flour demand or expectations of better business
cent in
with
the
turn of the vear ana after the
inventory period.
trading in Sept., 1941, contracts took place at frac¬
tional discounts under July
delivery, but at slightly above
78c. a bushel the Sept. option was priced more than 20c.
lower than a year ago.
In the absence of any new trade
developments dealers were unable to dismiss from mind the
Initial
bearish Government crop reports last week.
Taken
together, traders said, these reports suggested the likelihood
of a continuation of the aggravated
surplus situation for
some time to come,
barring, of course, a crop disaster next
summer or
substantial expansion of export business.
On
the 24th inst. prices closed 1 to
l^c. net higher.
The
pre-Christmas spirit entered the wheat pit today and prices
two
advanced
than
more
ing session.
a
cent
a
bushel in
an
abbreviated trad¬
The advance in wheat
gave a fillip to all other
exchange and virtually every future
day's best levels.
There was little in
the day's news to account for the
advance, Although some
buying was credited to the account of mills, which shaped
the tone of the market.
Some selling cropped out on resting
orders after the market had advanced a
cent, but generally
quiet conditions prevailed.
Minneapolis and Kansas City
markets also were firm and prices followed the local
pits
closely.
Winnipeg closed y to %c. net higher.
Sales of
cash wheat were reported at
5,000 bushels and an equal
amount was bought on a "to arrive" basis.
The Govern¬
ment weather forecast
predicted generally fair and mild
weather followed by light rain or snow in the Northwest
tomorrow or Thursday.
commodities
closed at
On
or
the
the 26th inst. prices
Wheat
prices
fluctuated
closed unchanged to
within
a
range
of
%c. higher.
less
than
lc.
today, advancing fractionally and then dipping about %c.
below
the
around
the
the
previous close.
days best level.
Prices
Trade
showed
recovery
to
reflected
nervousness
"waiting attitude of most dealers in view of continued
slow flour
business, despite modest pre-Christmas improve¬
particularly in the export market.
There were no
developments on which to base market
action.
Milling interests reported some improvement in
ment,
over-the-holiday
flour
sales in
the
East and Southwest the past week.
Sales in the Southwest were estimated at
42% of capacity
compared
with
27%
Northwest
ago.
crease
over
25%
year
a
the
sales
business
previous
averaged
the
week
and
a
year
previous
41%, a slight in¬
week, compared with
ago.
Today prices closed unchanged to %c. lower.
in parts of the winter wheat
prospect
18%
about
precipitation
focused
trade
attention
again
on
the
Additional
belt
favorable
today
new
crop
CLOSING
15, 1940 f May
18, 19401 July
26, 19401September
PRICES
prices
of
dealers
are
deferred
futures, contracts
unwilling to take too much risk
OF
WHEAT
Sat.
December
May
July-
— -
Mon.
72%
76%
78
Fri.
85%
80%
80%
Aug. 16,1940
Aug. 16, 1940
Sept. 27, 1940
Dec. 23,1940
IN
Wed.
73%
76%
78%
85%
80%
80%
When Made
76%
78
Tues.
78
-
_
Thurs.
O
L
70
—
107%
CHICAGO
H
FUTURES
72%
76%
— -
Wed.
85%
80%
80%
Made
I
Season's Low and
2, 19401 December
68%
WINNIPEG
Thurs.
II
O
L
Fri.
H
73%
76%
78%
O
L
the 21st inst. prices closed y, to
%c. net
Trading was light, with the undertone heavy.
On
the 23d inst. prices closed unchanged to ye. up.
Corn
receipts at primary markets so far this season have totaled
almost 37,000,000 bushels, or about 20% less than in the
corresponding period last year.
Much of this corn has been
owned by the Government.
The corn market ruled heavy
during most of the day, with trading very light.
On the
24th inst. prices closed M to lc. net higher.
Corn futures
reflected the firmness displayed in wheat, but general trade
was moderate.
At no time during the session did
prices
of wheat or corn recede from the
opening levels, and all
contracts shot up to new high levels for the
day in the final
few minutes of trading.
Buying of corn was attributed to
cash interests, while a broker
representing elevajor interests
was
a
leading seller.
The cash market was firm, with
track receipts estimated at 63 cars.
Shippers sold 5,000
bushels and cash handlers reported an
equal amount pur¬
lower.
chased
On
on a
"to arrive" basis.
26th
the
inst.
prices
sagged
in
own¬
closed
unchanged
%c.
to
off.
Corn borrowed strength from
wheat, and also was affected
by the recent tendency of marketings to decrease.
For
time receipts have been
some
barely sufficient to take care
buying activity here.
Outside markets have
been overbidding Chicago dealers in
some
areas, which
contributed to the flow of grain to the Chicago terminal.
Today prices closed % to %c. net higher.
Corn prices ad¬
vanced as much as %c. as a result of
buying based partly
of
industrial
light receipts.
Effort of Government agents to encour¬
farmers to hold hogs and increase production was
regarded as a strengthening factor in the corn pit.
Traders
on
age
said
any
corn
should be constructive.
from
the
hog price rise which would stimulate feeding of
No
corn
booked to arrive
was
country
yesterday, emphasizing producers'
tude toward the market, brokers said.
Corn receipts
only 50 cars today.
DAILY
CLOSING PRICES
OF
CORN
No. 2 yellow
IN
NEW
Sat. Mon. Tues.
-77%
77%
79
,
Wed.
DAILY CLOSING PRICES OF CORN
Sat.
•
December
May—
July..-
—-
Tues.
...
Made
18,
18,
18,
27,
Thurs.
78%
Fri.
79%
CHICAGO
Wed.
Thurs.
Fri.
H
60%
60%
61%
61%
60%
60
Season's High and When
December
65%
Nov.
May
66
Nov.
July-—
65%
Nov.
September
61%
Dec.
atti¬
were
YORK
H
FUTURES Ix\
Mon.
60%
60%
60%
September
O
L
61%
61
60%
Season's Low and
61%
61%
61%
When Made
1940 December
53%
1940 May54%
1940 July
58%
1940 September— 59%
July
Aug.
Sept.
Dec.
15, 1940
16, 1940
23. 1940
23,1940
Oats—On the 21st inst. prices closed He. off to
iy>c.
net
higher.
The market was irregular, with the Dec.
option especially strong.
Inasmuch as this was the last
day for trading in Dec. contracts, there was considerable
activity in closing commitments, especially on the part of
previous short sellers.
On the 23d inst. prices closed un¬
changed.
Trading was light and without feature.
On
the 24th inst. prices closed
Yd. net higher.
Oats ruled
steady in a fractionally higher range.
There was very
little of interest to the
trading.
On
the
26th
inst.
prices closed % to %c. net higher.
sympathy with the other grains. Today
prices closed unchanged to 14 c. up.
Trading was quiet
and no development of interest was recorded.
Oats
were
DAILY
firm in
CLOSING
PRICES
OF
OATS
Sat.
December
May
July..
September
FUTURES
Mon.
35%
31%
Tues.
DAILY CLOSING PRICES
Thurs.
O
36
L
32%
Season's Low and
December
27%
May
July
September
Fri.
36%
32%
28%
30%
—
When Made
Aug.
Aug.
19, 1940
16, 1940
Oct.
9, 1940
No Transactions
OF OATS
Sat.
December
35%
32%
CHICAGO
•
Season's High and When Made
December
41
Dec. 21, 1940
May
38
Nov. 15, 1940
July
34%
Nov. 15. 1940
September
No Transactions
May
July
35%
31%
IN
Wed.
H
41
—
and
fractionally. May wheat showed the least weakness, being
supported by scattered purchases for the account of mills.
Ominous reports about war
developments tended to chill
speculative sentiment.
Pit brokers said as long as the
possibility of a radical change in the war situation exists,
grain
DAILY
the
on
near
High and When
90%
Dec.
Nov.
Nov.
Dec.
Fri.
107%
IN
—-
—
May
89%
July
85%
September— 80%
Tues.
84%
79%
79%
Thurs.
H
Corn—On
21st
prices closed yc. higher to
net lower.
Except for short covering associated with
the winding up of trading in Dec. contracts, the wheat market
today was under the depressing influence of the Govern¬
ment's preliminary forecast of a big 1941 winter wheat
crop.
Previous
December
Wed.
107%
FUTURES
Mon.
89%
84%
79%
—
May
July
September
Tues.
106%
WHEAT
Sat.
December--
BREADSTUFFS
Flour—The demand I'or flour
June
DAILY CLOSING PRICES OP WHEAT IN NEW YORK
7.94
7.90
Closed.
tinues
and
satisfied.
8.06
7.87
...
May
the
8.11
♦
*
May...-.—t...
July—
October........
*
-
last
regard this surplus as a blessing in disguise, considering
deficiency in Europe that eventually may have to be
8.10
m
happened
Building of large stocks of wheat in North xVmerica, much
of the surplus being under Government control, also is a
restraining factor, they said.
Although many grain men
to
Dec. 27
remembering what
28, 1940
when prices collapsed with the German invasion of France.
'
Dec. 21
Dec.
32%
32%
31%
FUTURES IN WINNIPEG V
Mon.
Tues.
Wed.
Thurs.
Fri.
32%
32%
31%
32%
33
31%
H
O
L
H
O
L
32%
32%
31%
Ry e—On the 21st inst. prices closed Y% to y2d. net lower.
This market ruled
heavy and received little stimulus from
The Commercial & Financial Chronicle
151
Volume
the closing of the Dec. option.
On the 23d inst. prices closed
unchanged to ^c. off.
Trading was light, with nothing of
interest in the news.
On the 24th inst. prices closed %c.
net higher.
Trading was light and price range narrow.
On
in
Wheat
futures
The market was
changed.
Vsc. net higher.
Trading
Today prices closed un¬
dull and featureless.
FUTURES
RYE
OF
Mon.
Sat.
December
May
July
September
45%
47
45%
46%
—
DAILY CLOSING PRICES
May
July
September
OF RYE
Wed.
Tues.
Mon.
Sat.
H
O
L
168", 000
4,440,000
33,7.50,000
2,768,000
7,929,000
181,000
~ii"o66
if, ooo
366,000
6,000
8,558,000
13,510,000
757,000
6,889,000
1,647,000
35,000
32,000
97,000
2.000
7,000
1,490,000
440,000
7,000
2,000
1,013,000
718,000
735,000
222,000
1,172,000
1,725,000
Sioux
H
O
L
44%
42%
Oats, New York—
No. 2 white
690,000
2,000
200.000
648,000
5,781,000
251,000
197,000
62,560,000
300,000
1,018,000
...
6,092,000
6,415,000
8,682,000
6,143,000
6,812,000
8,591,000
11,210,000 10,149,000 14,763,000
Philadelphia also has 2,000 bushels Argentine corn in store.
included above: Oats—Buffalo, 734,000 bushels; New
Barley
Oats
Bushels
Rye
Bushels
Bushels
Corn
Bushels
Bushels
1,598,000
1,153,000
3,925,000
1,877,000
483,000
1,731,000
3,191,000
1,435,000
Other Can. & other elev.285,907,000
6,799,000
2,508,000
6,676,000
7,062,000
2,508,000
6,777,000
9,539,000
2,358,000
7.141.000
6,092,000
6,415,000
2,508,000
8,682,000
6,676,000
Total Dec. 14,1940...412,902,000
Total Dec. 23, 1939...313,498,000
64%
..
590,000
Summary—
...150,011,000 62,560,000
.429,756,000
American
66%
Canadian
6,799,000
........
Corn
Oats
bush 56 lbs
bush 32 lbs
Total Dec. 14,1940
*
The world's
shipments of wheat and
«.
19,000
Toledo
enced Dec. 20 and since July 1, 1940,
shown in the following:
+ m
'
Indianapolis
144,000
652,000
7,000
358,000
Dec. 20,
283,000
85,000
1940
9,000
187,000
13,000
9,000
655,000
71,000
11,000
666,000
90,000
38,000
6,000
166,000
36,000
248,000
20,000
207,000
64,000
Black Sea.
61,000
Peoria
42,000
26,000
430,000
36,000
28,000
402,000
341,000
35,000
54,000
250,000
26,000
17,000
67,000
45,000
260,000
47,000
19,000
69,000
11,000
1,000
Bushels
544,000
769,000
80,035,000
3,232,000
49,348,000
136,000
5,560,000
Australia
Bushels
.
Since
Since
July
July 1,
1939
1,
1940
Bushels
Bushels
20,303,000
10,192,000
767,000
19,342", 000
59,156,000
2*520,000
28,507,000
767.000
42,165,000
99,185,000
90,739,000
1,330,000
21,188,000
86,531,000
11,293,000
30,000
1,891,000
1,960,000
1,675,000
Dec. 20,
1940
Bushels
3,626,000
Argentina.
2,000
Week
July 1,
1939
1,
1940
No. Amer.
17,000
Kansas City
July
Bushels
1,000
25,000
18,000
Corn
Since
Since
Week
Exports
299,000
69,000
furnished by
and July 1, 1939,[are
Wheat
bush 56 lbs bush 48 lbs
1,548,000
62,000
corn, as
Broomhall to the New York Produce Exchange, for the week
149,000
'
564,487,000 61,359,000 13,205,000
Total Dec. 23,1939—434,213,000 42,324,000
Barley
Rye
8,923,000 15,358,000
9,320,000 15,368,000
20,749,000 12.507,000 21,904,000
62,560,000 12,891,000
Total Dec. 21,1940...579,767,000
612,000
169,000
2,000
118,000
24,000
12,000
76,000
190,000
._
876,000
5,000
1,272,000
Lake, bay, river &seab'd 79,008,000
Ft. William &Pt. Arthur 64,841,000
51%
Rye, United States, c.i.f...
Barley, New York—
40 lbs feeding
Chicago, cash..
79%
Minneapolis
St. Louis
82,000
2,000
1,894,000
Total Dec. 21,1940...429,756,000
Wheat
m
-
2,499,000
Canadian—
Prices Withdrawn
Coarse
bush 60 lbs
m
-
4,151,000
103,000
Wheat
Barley goods—
Flour
•
-
1,894,000
4,449,000
2.00
Corn flour
bbls 196 lbs
Buffalo
18,218,000
—
1,347,000
9,956,000
Philadelphia, 1,493,000; Baltimore, 4,513,000; Portland, 1,211,000
Buffalo, 11,080,000; Buffalo afloat, 1,898,000; Duluth, 11,212,000; Erie, 1,989,000;
Albany, 8,823,000; in transit—rail (U. S.), 3,469,000 ;total, 53,554,000 bushels,
against 39,123,000 bushels In 1939.
6.10
of the last three years:
-
766,000
1,276,000
50,000
2,271,000;
4.10
Rye flour patents
4.00
Seminola, bl., bulk basis._5.60
Oats, good
3.04
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
«r _
-
Barley—-New York, 128,000 bushels; Buffalo, 55,000; Duluth, 122,000; In
transit—rail (U. S.), 219,000; total, 524,000 bushels, against 2,289,000 bushels in
1939.
Wheal—New York, 4,001,000 bushels; New York afloat, 1,594,000; Boston,
GRAIN
m •
«»
1939.
Fancy pearly (new) Nos.
1.2-0.3-0.2
4.25@5.75
Duluth
~
York, 84,000; Erie, 258,000; total, 1,076,000 bushels, against 1,762,000 bushels In
FLOUR
Milwaukee-
27,732,000
Note—Bonded grain not
Closing quotations were as follows:
...
m.
323,000
3,741,000
Total Dec. 23,1939...120,715,000 42,324,000
44%
O
L
Receipts at—
650,000
*
H
44%
42%
yellow, all rail.
~
199,000
Total Dec. 14, 1940...151,585,000 61,359,000
Fri.
44%
New York—
217,000
■
Total Dec. 21, 1940-..150,011,000
44
42%
107%
Manitoba No. l.f.o.b.N.Y. 86%
5,000
2,000
283,000
afloat
43%
Wheat, New York—
No. 2 red, c.i.f., domestic
796,000
11,582,000 12,828,000
Minneapolis
44
42%
Spring pat. high protein._5.20@5.35
Spring patent*
4.95@5.15
Clears, first spring
4.45@4.70
Hard winter straights
@ ...
Hard winter patents
4.60@4.85
Hard winter clears
Nominal
"
2,166,000
.......
Milwaukee
43%
Chicago
City
afloat
December
No 2
....
Chicago
May
July
Corn
4,200,000
Peoria
WINNIPEG
Thurs.
6,000
7,956,000
Indianapolis
48%
49%
Wed.
le'ooo
1,045,000
45
O
L
Tues.
1,000
9,544,000
Buffalo....
H
PRICES OF BARLEY FUTURES IN
DAILY CLOSING
2,000
256,000
112,000
Detroit
49%
48%
May...
July
92,000
15,000
277,000
.
46%
December
"i'ooo
701,000
Omaha
Fri.
Thurs.
"e'ooo
Duluth
FUTURES IN WINNIPEG
Mon.
Sat.
"~7~, 000
72,000
St. Joseph
Kansas City
When Made
38%
Aug. 19. 1940
42%
Aug. 19, 1940
46%
Dec. 16. 1940
No Transactions
May 29. 1940 December
50%
52%
Nov. 15. 1940
52%
Nov. 14. 1940
No Transactions
10,000
107,000
1,084,000
Hutchinson
Season's Low and
Season's High and When Made
May
July
September
39,000
63,000
324,000
584,000
St. Louis
December
1,000
Fort Worth
46 H
47H
46% t
47%r
72,000
Galveston
Thurs., Fri.
O
L
46%
47%
Bushels
New Orleans
H
42%
Barley
Bushels
Baltimore
CHICAGO
IN
Wed.
Tues.
Rye
Bushels
afloat
Wichita
PRICES
CLOSING
DAILY
Oats
Bushels
30,000
•
Philadelphia
quiet.
very
was
Corn
Bushels
United States—
New York
26th inst. prices closed
the
rye
3913
GRAIN STOCKS
Other
'
Omaha....
St. Joseph
m*** «.«•»
•'
-
.
«. «lW «
-
'
•
k
*
*
M
.
«* -
'
Wichita
Sioux City
_
k'k
V
„
Tot. wk. '40
423,000
1,268,000
206,000
440,000
1,940,000
3,894,000
4,011,000
Same wk'39
6,607,000
990,000
644,000
Same wk'38
356,000
3,418,000
6,145,000
1,773,000
210,000
1940
8,802,000 183,407,000 136,565,000
9,433,000 213,613,000 125,442,000
8,936,000 212,753,000 151,319,000
k
-
k
9
»
«» ft.
.
-r
'
8,001,000 49,922,000
58,211,000 16,039,000 69,300,000
59,027,000 17,431,000 57,339.000
receipts of flour and grain at the seaboard ports for
Saturday Dec. 21, 1940 follow:
Total
the week ended
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
New York
Barley
CCC Reports on 1940 Wheat Loans—Wheat under loan
reported to the Commodity Credit Corporation by lending
agencies through Dec. 17, 1940, totaled 267,576,156 bushels,
valued at $193,266,653.04,
the Corporation announced
Dec. 20.
Total wheat in the 1939 loan on the same date was
164,488,913 bushels valued at $115,118,077.58.
P|
The Corporation announces as of Dec. 17, 1940, barley
loans of 6,921,840 bushels valued at $2,207,696.50 and rye
loans of 3,801,076 bushels valued at $1,428,567.62.
Wheat loans by States in farm and warehouse storage
follow:
bush 56 lbs bush 48 lbs
18,000
Philadelphia
30,000
310,000
23,000
15,000
207,000
35,000
15,000
NewOrl'ns*
19,000
51,000
14,000
Galveston-.
Arkansas
......
239,000
42,000
110,000
2,591,000
Illinois
12,211,000 126,147,000
1940
40,223,000
3,706,000
2,243,000
1,253,000
1,570,000
690,000
265,000
69,000
143,000
Week 1939.
222,000
15,548,000 124,562,000
1939
27,060,000
5,831,000
88,208.98
2,114,916.84
1,327.13
5,297
398,861
2,323,594
1,625
5,139,431
12,044,149
3,168,799
2,401,164
7,699,364
39,186,386
3,925
Kansas
1,640,508
26,961
11,283
-
Indiana.....
640,326
304,499
1,371
Kentucky—
2,804,000 10,839,000
95,726
887,637
3
Iowa
Since Jan. 1
«.
m
w
„
1,487
231,410
3,021,335
Missouri
Orleans for foreign ports
through bills of lading.
The exports from the several
ended Saturday, Dec. 21, and
seaboard ports for the week
since July 1, are shows in
the annexed statement:
k...
25,930
20,887
Montana
on
Receipts do not Include grain passing through New
'
24,620
7,260,087
32,753
5.342,846
Minnesota
Nebraska
Oats
Rye
Barley
New York
_
Barrels
Bushels
Bushels
Bushels
1,000
28,000
100,000
.
Bushels
Utah
156,000
1,493,000
Can. Atl ports...
Virginia
Washington
West Virginia
1,000
156,000
314,000
211,000
214,000
9,000
57,070
1,785.000
1,500,000
59,736,000 10,809.000 2,302,226 1,974,000 2,586,000
Since July 1,1940
52,340,000
a28,000
2,255,000
1939.
Since July 1,1939
a
20,448" 000
Export data not available from
The
visible
granary
2,424,332
758,634
17,889,773
4,758,105
3,001,431
127,533
10,657,322
10,201,234.30
278,577
218,381.96
17,127,755
13,666,844.34
413,776.50
134,450.82
497
40,804
883
...
-
19,557
476
623
3,877
k
«
1,496,562
637,262
••
46,650,256
3,664,959
-
-
„
-
k
201,968
176,719
9.040,156
41,852,092.62
3,222,348.08
14,574,043.03
3,228,561.62
95,056.00
9,687
5,804,006.68
8,354.04
328,222
388,985
500,914.43
46,598,055
220,978,101
$193,266,653.04
1,235,781
24
115.24
7,928,000
Total week 1940.
Total week
360,476
2,039
Tennessee
Texas
241,000
421,000
69,009
8,495,522
30,976
Pennsylvania
South Dakota
Bushels
294,658.48
439
...
Oklahoma
Flour
Corn
8,366,653
19,258,293
9,874,105
344,971
39,466.36
266,195.03
7,954,827.19
6,532,843.27
18,576,246.45
10,996,380.98
12,213
North Dakota
Oregon.Wheat
Exports from—
329,684
55,617
151,612
7,062,324
3,619,825.61
10,131,788.98
2,687,728.04
2,087,020.26
33,548,913.55
396,718.76
89,176
New Mexico
Ohio.
519,180
»
113
Maryland
Michigan
*
$9,407.47
34,095
4,271
65,958
—
Idaho........-.-—.
8,000
Since Jan. 1
12,677
38
Colorado..
Delaware
Tot. wk.'40
Amount
Bushels
30
—
California
1,493,000
Storage
Bushels
......
26,000
Can.Atl.pts
"sVobb
Storage
Loans
4,000
Baltimore..
Warehouse
Farm
'
No. of
State
2,000
Boston
16,128,000
5,075,000 138,175,000 225,879,000
..
7,000
1,000
555,000
157,000
.
Rye
Total
5,000
lnce Aug. 1
1938
countries
*+
41,278,000
1939
«,
-
supply of
20,000
grain, comprising . the stocks in
of accumulation at lake and
Saturday, Dec. 21, were as follows:
95,000
Canadian ports.
at principal points
seaboard ports
2,197,000
Wisconsin
Wyoming..
Total
Agricultural
1
172
815
427,327
Department's
Winter Wheat and Rye Sown
Report
on
Acreage of
for 1941 Crop—The Crop
Reporting Board of the United States Department of Agri¬
culture made public on Dec. 20 its report showing the
The Commercial & Financial Chronicle
3914
acreage
and condition of winter wheat and
of 1941
as
rye
for the
WHEAT—The
crop
winter wheat seeded in the fall of
1940 for harvest in
1941 is estimated at 46,271,000 acres.
This is an
increase of 5.6% above the acreage seeded last fall.
The 1939 acreage was
43,820,000 acres and the 10-year (1928-37) average is 47,807,000 acres.
The acreage seeded this fall is above last year in all areas, exceeding last
year by about 3% in the central soft red winter wheat area, fully 6% in
the hard red winter wheat area, and about one-fifth in the soft wheat
States of
Nc-rthwest.
Plains
the
the
From
Great
of
acreage
westward,
States
where
quite generally brought the wheat up to good stands, and heavy top growth.
The very abundance of plant growth and the unusually early and low tem¬
peratures experienced in November are causing some concern about damage
from freezing.
The extent of such damage cannot yet be determined.
It is
probable, however, that the damage from, freezing was not severe, with
jiossible exceptions in local areas.
Based on the past relationship between Dec. 1 condition and yield per
seeded acre, with some allowance for the probable effect of weather con¬
ditions during the past summer and fall, the indicated 1941 production of
winter wheat is 633.000,000 bushels.
In 1940 production was 689,151,000
bushels and the (1929-38) average production is 571,067,000 bushels.
An
abandonment of about 11% of the seeded acreage is indicated by the
relationship between Dec. 1 condition and fall weather factors, and aban¬
donment in previous years.
Abandonment in 1940 was 17.5%, which was
the
same
the 10-year average.
as
WINTER WHEAT
Acreage Seeded, 1,000 Acres
Fall
Fall
of
State
of
1928-37
Fall
Condition Dec. 1, Percent
Fall
Avge.
of
of
1928-
38
1939
1940
272
314
1938
1937
1939
1940
314
89
84
85
59
70
72
76
89
93
86
86
Pennsylvania
1,001
944
935
935
86
92
82
86
Ohio
2,072
1,809
2,131
2,033
1,978
1,618
1,569
1,776
2,018
1,600
2,045
836
746
756
260
New York
New Jersey
Indiana
Illinois
Michigan.
_
1,865
741
39
Minnesota
-
43
42
44
200
Wisconsin—
157
174
219
90
79
81
1 86
77
78
89
a 87
It 86
1 88
1 85
84
77
83
i 86
I
86
90
78
86
88
91
84
89
85
70
87
84
420
423
338
338
84
63
1,973
1,959
1,802
1,838
84
72
68
216
212
180
225
70
69
65
66
3,614
14,116
3,824
13,885
3,021
12,496
3,353
12,996
|78
*76
1 90
t 84
i 80
4 82
f 81
it 74
71
37
81
61
35
88
96
84
94
82
85
87
80
85
86
79
84
77
82
Iowa
Missouri.—
South Dakota
Nebraska—
Kansas
91
75
Maryland..
457
396
Virginia
West Virginia
627
555
144
North Carolina
South Carolina
Georgia
i
72
76
76
404
404
566
577
157
154
154
449
443
465
498
128
216
223
230
78
69
139
196
200
200
77
76
68
73
Kentucky
408
464
441
454
84
72
69
83
Tennessee...
401
388
399
419
81
77
67
82
75
83
Delaware
1
1
73
7
79
77
69
49
44
44
80
64
70
Oklahoma
4,870
4,851
4,657
4,843
74
62
34
77
Texas
4,649
3,919
1,145
4,233
4,360
73
59
47
66
1,271
1,462
78
85
70
91
94
Arkansas
925
Montana.
709
716
81
87
82
241
239
263
73
84
60
1,347
1,180
1,274
70
82
38
90
394
342
342
335
77
80
57
50
38
35
40
38
91
83
88
89
Arizona
197
Utah
195
198
92
200
80
77
81
3
3
4
5
89
89
97
95
1,260
1,227
1,043
1,585
73
78
56
96
796
630
617
691
79
87
54
97
Nevada
Washington
Oregon
787
United States
RYE—The
6,002,000
of
715
833
875
80
76
79
81
46,464
43,820
46,271
79
72
55
84
as
of rye seeded in the fall of 1940 is estimated at
which is about 8^% larger than the area seeded in the
slightly smaller than the 10-year average seedings.
These
acreage
acres,
but
1939
estimates
90
47,807
California
well
731
202
New Mexico
638
80
1,309
Idaho
Wyoming..
Colorado.
fall
6
6
Alabama
7
86
86
include
acreage
seedings in
acreage
seeded for pasture, soil improvement, &c., as
for harvest as grain.
An allowance is made also for spring
where rye is spring sown.
Increases over 1939 fall seed-
The condition of rye on Dec. 1, 1940, at 83% of normal is far above the
64% reported a year earlier and also is higher than the 10-year (1928-37)
of 78%.
The condition of the crop is uniformly good, being above
average in most
States.
As a result of good soil moisture supplies that
enabled the crop to make a good start the present prospect is far better
than a year earlier in the area west of the Mississippi River.
This is in
striking contrast with the situation that prevailed in the fall of 1939, par¬
ticularly in the Great Piains States. Condition of rye on Dec. 1, 1940, was
average
more
Condition Dec.
twice
as
high
as
on
Dec.
1,
1939,
in
Colorado.
Oklahoma
and
THE DRY GOODS TRADE
New York, Friday Night, Dec. 27, 1940
atmosphere prevailed in most divisions of the
dry goods markets during the past week, and there was
good reason for this, as both millmen and merchants have
the largest amount of business on their books in years.
Actual trading during the period in question, however, was
more or less restricted owing to the Christmas holidays and
the fact that many buyers returned to their homes to cele¬
brate.
The lull in buying was welcomed by merchants as
it gave them an opportunitv to appraise the situation and
check manufacturing margins on the various types of goods
they handle, and to prepare for a renewal of activity which
they expect to develop after the turn of the year.
The
holiday spirit was also enlivened by the fact that a number
of commission houses gave bonuses to their employees, the
first, in some cases, in a number of years.
The spirit that
usually or naturally prevails following a good business year,
however, was more or less marred this time by the fact that
the existing prosperity has been the result of foreign war
conditions.
The bombing of Manchester, the center of the
British cotton textile industry, caused many fears as to the
welfare of friends in that locality.
In regard to the domestic
situation, the business activity has exceeded all previous
predictions.
The Christmas trade, for instance, was said
to be about the best in crrer im ^earo t/r 8oy"and has enabled ;*
stores to build up cash reserves to take care of their spring
season requirements.
Owing to the Christmas holidays, wholesale markets were
generally quiet .during the week with trading in many
divisions confined to fill-in lots.
Sentiment, however, was
optimistic and there were predictions that there would be
a
renewal of activity after the holidays.
Check-ups on
supplies of sheets, pillowcases and other domestics for January
white sales were made by various store buyers who found
offerings from selling agents to be scant.
Although some
jobbers had accumulated moderate stocks early in the season,
the recent active buying greatly reduced these and it was
therefore believed that many stores would be obliged to
shorten their usual period of white sales.
Buyers checking
drills found that prices were tending upward and that re¬
quired deliveries on certain numbers were difficult to obtain.
In fact, the undertone of the dry goods markets in general
continued firm.
Business in rayons was spotty.
Many
inquiries were received for twills but buyers found that the
majority of mills had no spot goods to offer, and that prices
for deferred shipments were tending upward.
Prices for
print cloths were as follows:
39-inch 80s, 7% to 7>£c.;
39-inch 72-76s, 7c.; 39-inch 68-72s, 6^c.; 3814-mch 64-60s,
5%c., and 38^-inch 60-48s, 4^c.
A cheerful
Woolen
Goods—Trading in men's
wear was
confined for
the most part to goods for distant delivery.
Clothing manu¬
facturers continued to book substantial orders for spring
'
Acreage Seeded, 1,00.0 Acres
than
Nebraska; and the contrast is almost as noteworthy in several other States
in that region
areas
RYE *
1940
that prevailed a yar earlier resulted in actual seedings being less than
originally planned.
Seedings are generally smaller than in the fall of 1939
in other areas, the notable exception being a central area composed of
Illinois,
Indiana,
Kentucky and Missouri, where the acreage increased
moisture
supply usually
is the limiting factor, fall seeding operations were carried out this year
under the most favorable moisture conditions experienced in many years
for completion of seeding the intended acreage.
The only exceptions are
some temporarv
interruptions due to wet fields, evidenced by the 2% de¬
crease
in Idaho seedings and a limited area of less favorable moisture
conditions in New Mexico.
The condition of winter wheat on Dec. 1, 1940, of 84% is the highest
since Dec. 1, 1930, which preceded the big crop of 1931.
This December's
condition is high by comparison with the 66% on Dec. 1, 1939, and the
1928-37 average of 79%.
The margin above last year and above average
is greatest in the Great Plains, Mountain and Pacific Northwest States.
In
those regions the moisture conditions that favored seeding operations
28,
ings occurred in all of the States in the Great Plains and Rocky Mountain
areas
except Montana and Oregon, which show no change.
A favorable
soil moisture situation in the fall of 1940 enabled farmers in these areas to
seed all of their intended acreage, whereas the extreme shortage of moisture
follows:
WINTER
Dec.
1, Percent
and
wear and many complaints were heard about
inability to obtain necessary supplies of piece goods.
In fact, some cutters were said to be obliged to refuse orders
because they were unable to secure sufficient supplies of
cloth.
While retail business in clothing was reported to be
better than' it had been in recent years for the period, it
showed a falling off as compared with the earlier part of the
month.
This falling off, however, caused little concern,
as such a
procedure is usually the case during the gift season.
Furthermore, manufacturers are well booked with business
for both civilian use and defense purposes.
Buying of
women's wear likewise showed a falling off which caused
no concern since mills have
good backlogs which together
with military contracts are sufficient to keep them well
occupied during the first quarter of the new year at least.
Hosiery remained in a strong position, while blankets con¬
tinued to move in good volume.
summer
their
Stale
New Jersey
Pennsylvania.
Fall
Fall
of
1930-37
New York..
Fall
of
1938
59
62
Fall
Avge.
of
of
1928-
1939
1940
1937
82
70
88
1938
90
1939
88
1940
90
85
113
115
105
90
93
86
86
136
101
103
101
86
90
82
85
Ohio
143
174
165
157
87
83
83
Indiana
224
263
224
246
88
80
80
90
Illinois
187
204
114
130
90
87
81
85
Michigan
224
202
145
135
85
82
89
88
Wisconsin.
370
341
257
224
88
90
85
89
Minnesota
539
634
424
416
83
84
70
87
Iowa
160
170
106
74
88
88
66
87
Missouri
120
90
157
116
151
84
68
75
North Dakota
1,226
1,298
857
1,028
66
57
53
81
South Dakota
798
1,225
796
955
70
73
56
73
Nebraska
496
756
552
651
77
75
40
83
Kansas
109
152
147
154
83
66
47
89
12
17
20
20
91
95
90
91
Delaware
71
39
West Virginia
53
55
57
85
91
86
88
124
Maryland
Virginia
119
131
130
82
87
83
86
20
13
13
12
82
88
81
85
North Carolina
170
160
158
150
83
85
76
86
South Carolina
27
29
41
44
74
77
72
78
Georgia
58
64
65
65
80
75
70
76
Kentucky
120
130
140
85
72
71
Tennessee-
135
160
160
157
83
79
69
82
58
155
134
161
76
60
40
81
55
57
69
Oklahoma..
Texas
6
112
12
83
12
14
Montana.
73
75
52
52
76
88
72
Idaho
13
20
21
28
82
84
80
97
Wyoming
46
55
55
58
75
84
57
93
Colorado...
76
115
100
110
70
85
37
90
83
Utah
4
6
7
States
87
54
73
73
81
64
115
115
83
91
68
8
11
12
63
70
7,193
5,536
6,002
76
64
90
84
47
121
13
California
77
52
113
Washington
Oregon
United
6
75
6,034
*
78
99
97
-
88
83
Estimates of seeded acreage relate to the total
acreage of rye sown for all pur¬
ses, Including an allowance for spring-sown rye.
Foreign Dry Goods—Domestic linen markets maintained
owing to the very active holiday demand and
consequent depletion of supplies.
Although it is now neces¬
sary for importers to build up their stocks, they hesitate to
make purchases because of the higher prices.
No weakening
in the price structure is expected, however, unless there is
some
change in the political situation.
As matters now
stand, the primary markets are firm with goods still to
make commanding slightly higher prices than supplies on
hand.
In regard to burlaps, the Christmas mood here and
the religious holidays in Calcutta retarded business with the
result that price changes were confined withn narr ow limits.
Domestically lightweights were quoted at 6.05c. and heavies
a
firm position
at 8.15c.
Volume
The Commercial & Financial Chronicle
151
3915
$68,000 in 1949 and $67,000 in 1950.
Prin. and int. (J-D) payable at the
Legality approved by Pershing, Nye, Bos-
office of the City Treasurer.
worth & Dick of Denver.
Specialists in
The City Clerk also states that these bonds were sold at par.
ARKANSAS
Illinois & Missouri Bonds
JONESBORO STORM
SEWER AND
DRAINAGE
DISTRICT NO.
30 (P. O. Jonesboro) Ark.—MATURITY—The Attorney for the District
states that the
$8,000 4% semi-ann. improvement bonds sold to the Recon¬
struction Finance Corporation at par, as noted here—V. 151, p. 3774—are
due on Jan. 1 as follows: $1,500 in 1942 to 1945 and $2,000 in 1946.
Stifel, Nicolaus & Cojnc.
Founded 1890
106 W. Adams St.
314 N. Broadway
DIRECT
CHICAGO
WIRE
ST.
California
LOUIS
Municipals
BANKAMERICA COMPANY
News Items
Los Angeles
San Francisco
Neva York
New
York, N. Y.—City Council Votes 1941 Capital Budget
—The City Council on Dec. 23 approved unanimously the
capital budget for 1941 as adopted by the Board of Estimate
on Dec. 4 totaling $81,555,163.
The Council had power to decrease but not to increase the budget.
now becomes law when Mayor LaGuardia certifies it.
He has until
It
the
end of the year to do so and his favorable action is anticipated.
The
Finance Committee report criticized the "habit of lumping appropriations."
The budget consists of about $30,000,000 in renewal of various items.
With the exceptions of two major items the balance is made up of appro¬
priations included in the five-year budget schedule and appropriations
for the development of the water supply system.
New York, N. Y.—City Receives $8,142,300 United States
Housing Loan—A Federal loan of $8,142,300 for two new
low-rent housing projects, one to be built on the lower
East Side and the other in New Brighton, S. I., was ap¬
proved in Washington on Dec. 24 by President Roosevelt.
It is expected that the loan contract between the United
States Housing Authority arid the New York City Housing
Authority will be submitted for the approval of the Board
of Estimate in January and that construction of the new
houses can be started in the spring.
The project in New Brighton, which will accommodate 264 families, will
be the first public housing development to be built on Staten Island.
It
will cost
$1,559,000, of which the USHA will lend $1,399,500,
or
90%.
The difference will be paid by the New York City Housing Authority.
The project on the lower East Side, which will accommodate 1,296
families, will be the third public housing development in that section of
Manhattan.
Vladeck Houses, a Federally financed project in the Corlears
Hook neighborhood, accommodating 1,531 families, and its companion
project, Vladeck City Houses, which was financed by the city and which
houses 240 families, were completed last spring.
The cost of the new
project will be $7,492,000, of which the USHA will lend $6,742,800.
Because the New York City Housing Authority has not yet obtained
options on land for the projects, the sites will not be made public.
New York State—Addition to List
The
following statement
Department on Dec. 19:
LEGAL
was
INVESTMENTS
of Legal Investments—
issued by the State Banking
FOR
SAVINGS
BANKS
The Dow Chemical Co,—$7,500,000 debenture 2Ms, due Sept: 1, 1950;
$7,500,000 serial debenture 0.35s-2.05s, due $750,000 annually, Sept. 1,
1941-Sept. 1, 1950.
Pursuant to the provisions of Section 14(1)(f) of the Banking Law, the
Banking Board, acting upon the application of Savings Bank Trust Co.,
has authorized savings banks to invest in the above listed corporate interestbearing obligations.
In taking this action, the Banking Board does not presume to pass upon
the question of whether the above listed securities constitute suitable in¬
vestments for any particular savings bank.
This question can be decided
only by the management of individual banks with due regard to all relevant
considerations.
■'
Representative
62 Wall St.
Telephone WHitehall 3-3470
CALIFORNIA
BIG
DISTRICT (P. O. San Bernar¬
dino), Calif.—BONDS SOLD—It is stated that $100,000 of the $110,000
disposal plant bonds unsuccessfully offered on June 3, when no bids
were received, have been purchased by the Pasadena Corp. of Pasadepa
as 5s at par.
The remaining $10,000 bonds will not be sold unless it becomeis
BEAR
LAKE
SANITATION
sewage
necessary.
CALIFORNIA, State of—WARRANTS SOLD—An issue of $2,439,990
general fund registered warrants was sold on Dec. 23 to R. H. Moulton &
Co. of Los Angeles, at a rate of 0.75%, plus a premium of $3,211.
The
warrants are dated Dec. 28, 1940, and are to be payabie on or about Oct.
29,1941.
CONTRA
COSTA
COUNTY
O.
(P.
Lafayette;,
Calif.—BONDS
SOLD—It is stated by M. H. Stanley, District
Pleasant Hill—County Water District of 1941
Dec. 16 by Weeden & Co. of San Francisco, as
Secretary, that $125,000
bonds were purchased on
3s, paying a premium of
$750, equal to 100.60, a basis of about 2.96%.
Dated Jan. 1, 1941.
Denom. $1,000.
Due $5,000, Jan. 1, 1947 to 1971.
Prin. andint. payable
at the
cisco.
Bank of America National Trust & Savings Association, Sau Fran¬
The bonds were authorized at an election held on Nov. 22, and
approved
were
by
to legality
as
OrricK, Dahlquist, Neff & Herrington,
of San Francisco.
IMPROVEMENT DISTRICT NO. 61
(P. O. Los Angeles), Calif.—CURRENT STATUS OF DEBT POSITION—
was issued recently by Carl B. Poland, Chief
LOS ANGELES MUNICIPAL
The following statement
Auditor:
"The refinancing of Municipal Impt. Dist. No. 61 bonds under the
Refunding Assessment Bond Act of 1935 has now been completed.
In
the
refinancing, gasoline tax allocation to the extent of $168,241
was
made to assist fn the
proceedings inasmuch as the street work consummated
by the original municipal improvement district bonds was for a street that
is of major importance.
"Also, during the 30-day period in which property owners might pay
their entire assessment under the refunding proceedings, a considerable
amount of assessments were paid in full, so that it was necessary to issue
bonds only in the amount of $119,935.54.
These bonds mature $11,993.56
commencing July 2, 1942, with the exception that the maturities from
1947 to 1951, incl., are $11,993.55.
Interest is payable semi-annually,
Jan. 2 and July 2, the first coupons being payable Jan. 2, 1942 and the
rate of interest is 5%.
"These bonds were not advertised for sale because the District Bond Co.,
who owned a considerable number of Municipal Improvement District
No. 61 bonds, assembled additional bonds held by their clientele and en¬
tered into a contract with the city in the refinancing proceedings with the
provision that the new issue of refunding bonds would be deliveerd to that
company for the surrender of the old bonds.
This provision eliminated
the necessity for the Treasurer to advertise the sale of the new issue, and
the procedure adopted follows a provision contained in the Refunding Bond
Actof 1935."
SACRAMENTO
mento),
10
for
the
Interest
Denom.
MUNICIPAL
UTILITY DISTRICT
(P.
O.
Sacra¬
OFFERING—Sealed bids will be received until
the Board of Directors,
purchase of $300,000 revenue, Power of 1938, seiies B bonds.
rate is not to exceed 5%, payable F-A.
Dated April 1, 1938.
$1,000.
Due Aug. 1, as follows: $20,000 in 1945 to 1950, $25,000
Calif.—BOND
a.m. on
Jan. 7, by Joseph E. Spink. Secretary of
1958.
Rate of interest to be in a
Bidders will be permitted to bid different rates of
Bids will be received for all
or any part of this issue at not less than the par value and accrued interest.
The series B bonds constitute part of a total authorized issue of $12,000,000.
The $12,000.00j principal amount of bonds was authorized at an election
held in the district on Nov. 6, 1934 (by vote of more than two-thirds of
the voters) for the acquisitoin and construction of a revenue-producing
municipal utility improvement consisting of works or parts of works for
supplying the inhabitants of the"district and any municipality therein
with light, power and heat, including lands, structures, rights, machinery,
apparatus, rights of way, lines, conduits and other property necessary
therefor.
The validity of the proceedings for the issuance of the total
issue of bonds has been sustained by the Supreme Court of California, and
the constitutionality of the Organic Act under which the district is organ¬
ized has been upheld by a decision of the United States Circuit Court of
Appeals for the Ninth Circuit, which the United States Supreme Court
refused to review.
The legal opinion of Orrick, Dahlquist, Neff & Herrington, of San Francisco, approving the validity of the bonds, will be fur¬
nished to the purchaser.
All bids must be unconditional.
Enclose a
certified check for $15,000, payable to the District Treasurer.
in 1951 to 1954, and $20,000 in 1955 to
multiple of K of 1%.
Bond
Proposals and Negotiations
ALABAMA
ANNISTON,
Ala.—BOND
OFFERING—We are informed by W. S.
Coleman, Chairman of the Board of City Commissioners, that a $<*0,000
issue of refunding school bonds will be offered for sale at public auction on
Dec. 31, at 3 p.m.
Denom. $1,000.
Dated Jan. 1, 1941.
Coupon
bonds, maturing $4,000 annually on Jan. 1 in 1942 to 1951 incl.
Interest
5%, payable J-J.
Principal and interest payable at
Bank in New York City.
Legality to be approved by
Storey, TbornaiKe, Palmer & Dodge of Boston.
A certified check for
$1,000 is required with each bid.
rate is not to exceed
the Chase National
ARIZONA BONDS
STANISLAUS
ELY,
COUNTY
(P.
O.
Modesto),
Calif.—SCHOOL BOND
SALE—The $10,000 Riverbank School District bonds offered for sale on
Dec. 23—V. 151, p. 3594—were awarded to Hannaford & Talbot of San
Francisco, paying a price of 100.251, a net interest cost of about 2.90% on
the bonds divided as follows: $3,000 as 2Jis, due $500 on Dec. 1 in 1946 to
Market« in all Municipal Ietuee
REFSNES,
interest for different maturities of the bonds.
BECK & CO
1951; the remaining $7,000
$1,000 in 1960 to 1962.
3s, due on Dec. 1, $500 in 1952 to 1959 and
as
i
CONNECTICUT
PHOENIX, ARIZONA
HARTFORD COUNTY METROPOLITAN DISTRICT (P. O. Hart¬
ARIZONA
PHOENIX,
Ariz.—BOND
OFFERING—Sealed
bids will
be received
until 11 a. m. on Jan. 21,
by Joseph C. Furst, City Clerk, for the purchase
$300,000 issue of 3 % % water works extension bonds. Denom. $1,000.
Dated Oct. 1, 1938.
Due on July 2 as follows:
$15,000 in 1946; $25,000,
ford), Conn.—BOND SALE—The $400,000 coupon or registered water
supply extension bonds offered Dec. 23—V. 151, p. 3594—were awarded
to Barr Bros. & Co. of New York, as lMs, at a price of 101.343, a basis of
about 1.46%.
Dated Jan. 1, 1941 and due $10,000 on Jan. 1 from 1942
to 1981 incl.
Other bids;
'
of a
1947, $35,000, 1948; $20,000, 1949; $15,000, 1950; $10,000, 1951; $95,000,
1952, and $85,000 in 1953. Interest payable J-J 2. No bids for less than the
entire amount of said bond issue will be considered and all bids must offer
to pay
not less than par and accrued interest.
The city will furnish the legal
opinion of Chapman & Cutler of Chicago, and all bids must be so con¬
ditioned. A certified check for not less than 5% of the total amount of the
bid is required.
PHOENIX, Ariz.—BOND SALE DETAILS—It is now stated that the
$666,000 refunding bonds sold to Refsnes, Ely, Beck & Co. of Phoenix, as
l^s, as noted here—V. 151, p. 3426—are dated Dec. 1, 1940, and mature
on Dec.
1 as follows: $66,000 in 1941 to 1945; $67,000, 1946 to 1948;
Iril. Rate
Bidder—
Shields & Co. and Kaiser & Co
—-—--
1 H%
Rate Bid
100.80
IH%
100.78
100.71
1 Yi%
100.439
Cooley <fcCo.-_ —
1^%
Spencer Trask & Co. and R. D. White & Co
\M,%
R. L. Day & Co., Harris Trust & Savings Bank and
Edward M. Bradley & Co_
Halsey, Stuart & Co., Inc. and R. F. Griggs Co
1^%
Harriman Ripley & Co., Inc.- —--------%
Union Securities and R. W. Pressprich & Co
1 %%
100.128
Glore, Forgan & Co
-
Moseley & Co
Bankers Trust Co. of New York and Kidder,
F.
S.
& Co.,
First Boston Corp. and
-
Peabody
100.05
99.609
99.129
98.665
102.51
The Commercial <& Financial Chronicle
3916
SOUTHINGTON
(P. O. Southington), Conn.—BOND SALE—The
$180,000 coupon refunding bonds offered Dec. 21—V. 151, p. 3594—were
awarded to Putnam & Co. of Hartford, as IHb, at par plus a premium of
$143.66,
expenses.
equal to 100.079, a basis of about 1.24%, plus $150 for legal
Dated Jan. 1, 1941 and due $10,000 on Jan. 1 from 1942 to
1959 inclusive,
FLORIDA
POLK COUNTY SPECIAL ROAD AND BRIDGE
DISTRICTS (P. O.
Bartow), Fla.—BONDS OFFERED—Sealed bids were received until 11 a.m.
Dec. 28, by D. H. Sloan Jr., Clerk of the Board of County Commis¬
sioners, for the purchase of the following refunding of 1941 bonds aggregating
$481,500:
• .*
.
v-,\
.
v
on
,
$14,000 Special Road and Bridge District No. 2 bonds.
Due as follows
$4,000 in 1944, $1,000 in 1945, $4,000 in 1946 and 1948, and $1,000
in 1949.
158,000 Special Road and Bridge District No. 3 bonds.
Due as follows:
$9,000 in 1942, $15,000 in 1943. $11,000 in 1944, $9,000 in 1945,
$11,000 in 1946. $5,000 in 1947, $1,000 in 1948, $14,000 in 1949,
$10,000 in 1950, $11,000 in 1951, $5,000 in 1952, $22,000 in 1953.
$3,000 in 1954, and $22,000 in 1955.
115,000 Special Road and Bridge District No. 10 bonds. Due as follows:
$12,000 in 1942, $15,000 in 1943, $16,000 in 1944, $17,000 in 1945,
818.000 in 1946, $11,000 in 1947, $19,000 in 1948, and $7,000ln
1949.
83,000 Special Road and Bridge District No. 12 bonds.
Due as follows:
$13,000 in 1942, $10,000 in 1943, $15,000 in 1944, $11,000 in 1945,
and $17,000 in 1946 and 1947.
33,000 Special Road and Bridge District No. 14 bonds.
Due as follows:
$4,000 in 1942, $7,0d0 in 1943, $8,000 in 1944 and 1945, and
$6,000 in 1946.
37,000 Special Road and Bridge District No. 15 bonds.
Due as follows:
$6,000 in 1942, $7,000 in 1943 and 1944, $3,000 in 1945, $4,000 in
1947 and 1948, and $6,000 in 1949.
12,500 Special Road and Bridge District No. 16 bonds.
Due as follows:
*3,000 in 1942, $4,000 in 1943 and 1944, and $1,600 in 1945.
12,000 Special Road and Bridge District No. 17 bonds.
Due $3,000 in
(P. O. Port Palm), Fla.—CORRECTION—
issue of Dec 7, that John Nuveen
Chicago, had contracted to purchase some revenue bonds—
3427—it is now stated that the contract actually calls for the
In connection with the report given in our
&
Co.
of
V. 151, p.
GROVE, III.—BOND SALE DETAILS—The $75,000
judgment funding bonds awarded to Halsey, Stuart & Co., Inc., as 1 %s,
at a price of 100.40—V. 151, p. 3775—are dated Jan. 1, 1941, in $1,000
denoms. and mature $5,000 yearly on Nov. 1 from 1942 to 1956 incl.
Principal ana interest (M-N) payable at the office of Halsey, Stuart & Co.,
Inc., Chicago.
Legality approved by Chapman & Cutler of Chicago.
DOWNERS
ELM RIVER (P. O. Fairfield), 111.—BONDS
SEMINOLE
COUNTY
(P.
O.
Sanford)
Fla.—BOND
SALE— The
PUBLICLY OFFERED—
Lewis & Co. of Chicago made public offering of $8,000 4lA%
Dated Oct. 1, 1940. Denom. $1,000. Due $1,000 on Dec. 1
from 1941 to 1948, incl.
Principal and interest (J-D) payable at the Fair¬
field National Bank.
Legality approved by Chapman & Cutler of Chicago.
Benjamin
road bonds.
MOUNT
III.—BONDS PUBLICLY OFFERED—Benjamin
AUBURN,
Lewis & Co. of Chicago made public offering of $8,000 44% waterworks
bonds.
Dated Sept. 1, 1940.
Denom. $1,000.
Due $1,000 on Sept. 1
from 1942 to 1949, incl.
Principal and interest (M-S) payable at the
American National Bank &
Legality approved by
Trust Co., Chicago.
Chapman & Cutler of Chicago.
INDIANA
(P. O. Markleville), Ind.—NOTE SALE—The
3s to the
ADAMS TOWNSHIP
$5,000 notes offered Dec. 7—V. 151, p. 2978—were awarded as
Citizens Banking Co. of Anderson.
Sale consisted of:
Due $1,250 on July 1 in 1941 and
$2,500 school township building notes.
1942.
Due $1,250 on July 1
2,500 civil township community building notes
t Jsjsaid that details of the not
furchase of $75,000 bonds, issue$475,000, being worked out.
are now as we had originally specified,
.
1940
100.07
: i -v.
jointly
Due as follows:
OF PALM BEACH
f PORT
28,
Glore, Forgan & Co.: R. S. Dickson & Co.; John Nuveen & Co.;
Boettcher & Co.; Kaiser & Co., and Kalman & Co., jointly
100.42
Chase National Bank, New York
100.417
Shields & Co.; Hallgarten & Co.; Minsch, Monell & Co.; Schwabach er & Co.; Chace, Whiteside & Symonds, and Ryan, Suther¬
land & Co., jointly
100.41
Northern Trust Co.. Chicago; Continental Illinois National Bank
& Trust Co., Chicago; First National Bank, Chicago; Harris
Trust & Savings Bank, Chicago; City National Bank, Chicago,
and American National Bank, Chicago, jointly
100.369
Harriman Ripley & Co., Inc.; Illinois Co., Chicago; A. G. Becker
& Co.; First National Bank & Trust Co., Minneapolis; Stern
Bros. & Co.; Boatmen's National Bank, St. Louis; Knight,
Dickinson & Kelly; Farwell, Chapman & Co., and Blair, Bonner
& Co., jointly
100.31
Bankers Trust Co., New York, and National City Bank, NewYork,
1942 to 1945.
17,000 Special Road and Bridge District No. 18 bonds.
$2,000 in 1942 to 1949, and $1,000 in 1950.
Dec.
1941 and 1942.
in
The Summitville Bank & Trust Co.
Each issue is dated Oct. 1, 1940.
o*
Summitville, also bid for 3s.
following coupon semi-ann. road and bridge refunding, series of 1941 bonds
offered for sale on Dec. 23—V. 151, p. 3775—were awarded to R. E. Crummer & Co. of Orlando, at a price of 103.14, a net interest cost of about 3.76%:
HENDRICKS TOWNSHIP SCHOOL TOWNSHIP (P. O. Edinbure),
Ind.—BOND SALE—The $36,000 building bonds offered Dec. 20—V. 151,
$370,000 3\i% series of 1941 bonds.
Due July 1 as follows: $30,000 in
1942 and 1943, $35,000 in 1944 and 1945, and $40,000 in 1946
B, ated Oct. 15,awarded to due as follows: $1,500, Indianaoplis, as lAs.
3117—were 1940 and Kenneth S. Johnson of July 1, 1942; $1,500,
to 1951.
556,0003*4% series of 1941 bonds. Due July 1 as follows: $31,000 in
1952, $45,000 in 1953, $50,000 in 1954 to 1957, $55,000 in 1958
and 1959, $60,000 in 1960, $65,000 in 1961, and $45,000 in 1962.
1,010,000 4% series of 1941 bonds.
Due July 1 as follows: $25.000 in
1962, $70,000 in 1963, $75,000 in 1964, $80,000 in 1965 and
1966, $85,000 in 1967 and 1968, $90,000 in 1969, $95,000 in
1970. $100,000 in 1971 and 1972, and $125,000 in 1973.
48,000 3Vi% series of 1941 bonds.
Due July 1 as follows: $5,000 in
1942, $6,000 in 1943, $2,000 in 1944, $3,000 in 1945, $1,000 in
1946, $2,000 in 19.47, $3,000 in 1948, $5,000 in 1949, $6,000
in 1950, $8,000 in 1951, and $7,000 in 1952.
72,000 3% % series of 1941 bonds.
Due July 1 as follows: $13,000 in
1952, $6,000 in 1953. $3,000 in 1954. $5,000 in 1955, $7,000 in
1956, $10,000 in 1957, $7,000 in 1958, $9,000in 1959, $7,000 in
1960, $4,000 in 1961, and *1,000 in 1962.
36,000 4% series of 1940 bonds. Due July 1 as follows: $2,000 in 1962,
$4,000 in 1963, $2,000 in 1964, $1,000 in 1965, $4,000 in 1966,
$2,000 in 1967, $5,000 in 1968, $4,000 in 1969, $2,000 in 1970,
$1,000 in 1971, $5,000 in 1972, and $4,000 in 1973.
1
Interest payable J J.
Denom. $1,000.
Dated Jan. 1, 1941. Prin. and
New York.
int. payable in lawful money at the Guaranty Trust Co.,
GEORGIA
SAVANNAH, Ga.~BOND
SALE—'The following 2%
semi-annual
coupon bonds, aggregating $1,000,000, offered for sale on Dec. 27—V. 151,
p. 3775—were awarded to a syndicate composed of Smith, Barney & Co.,
Phelps, Fenn & Co., both of New York; Chace, Whiteside & Symonds of
Boston, and Wayne, Martin & Co. and Courts & Co., both of Atlanta,
paying a price of 106.094, a basis of about 1.64%:
Armstrong Junior College
land acquirement
public bldg. improvement
street paving
public education
25,000 public health
$240,000 water works system
$125,000
50,000
40,000
50,000
100,000
175,000 sewerage
40,000 malarial control
30,000 police department
50,000 fire department
75,000 stadium
1, 1941.
Denom. $1,000.
Due Feb. 1 as follows: $46,000
1955, $48,000 in 1956 to 1960, $52,000 in 1961 to 1965, and
1966 to 1970,
Principal and interest payable at the City
Treasurer's office or at the fiscal depository of tne city in N. Y.^City.
Dated Feb.
in
1951 to
$54,000
in
* BONDS OFFERED
TO
PUBLIC—The successful
bidders*reoffered
above bonds for general subscription at prices to yield from
the
1.10% to 1.75%,
according to maturity.
CITY,
III,—MUST
SATISFY BONDHOLDERS'
JUDGZ
Denis J, Normoyle on Dec. 19 signed a writ of
compelling the above city to issue special refunding bonds in
the amount of $493,354 to satisfy judgments obtained against it by approxi¬
mately 100 municipal bondholders during 1938 and 1939, according to the
Chicago "Journal of Commerce" of the following day.
In their original suits for judgment, the bondholders contended that
the city had failed to make pro rata payments to all bondholders in retiring
municipal improvement bonds issued since 1930.
The mandamus action,
pending before Judge Normoyle since last June, was brought after the city
had failed to satisfy judgments entered against it.
Judge Normoyle's order requires Calumet City to pass an ordinance for
the issuance of the refunding bonds, to be made payable within 20 years.
In order to pay interest on the bonds and retire them within the time pro¬
vided the city is required to levy a direct annual tax upon all taxable prop¬
erty within its boundaries.
The refunding bonds will pay 4% interest.
By the terms of the order, the city may either sell the refunding bonds
or issue them to
the bondholders holding the judgments.
The largest
judgment, for $118,853, is held by the First National Bank of Chicago.
Attorney Arthur A. Sullivan represented all the judgment creditors in
mandamus
,
their mandamus suit.
_____
CHICAGO,
III.—OTHER
BIDS—The
group^composed of
Otis & Co., Cleveland, and the Mississippi
as Is, at 100.054, a basis of about
0.99%, as
awarded
were
Dec.
20
alsobid for
to
as
a
$1,500,000 refunding bonds
Halsey, Stuart & Co., Inc.;
Valley Trust Co., St. Louis,
reported in V. 151, p. 3775—
follows, the offers all namim; an interest m+e zZ 14 %l
^-Bidder—
"
~
Smith, Barney & Co.; Lazard Freres & Co.; R. W. Pressprich &
Co., and First of Michigan Corp., jointly
Mercantile-Commerce
Bank
&
Rate Bid
Deery.
City
$125,000 Board of Health loan.
Payable from the current revenues and
taxes levied for general Board purposes.
25,000 School Health loan.
Payable from current revenues and taxes
levied for the
School
Board's health fund.
70,000 Fireman's Pension Fund loan.
Payable from current revenues
taxes levied for the pension fund.
750.000 General Fund loan.
Payable from current revenues and taxes
levied for the said fund.
15,000 Tuberculosis
Fund
Payable from
loan.
taxes levied for the Health Board's
Each loan will
mature
May 15,
current
and
revenues
said fund.
The negotiable time warrants
1941.
shall be delivered on Jan. 8.
Legal opinion as to legality of the Joans
be furnished by the Department of Law of the City of Indianapolis.
will
POSEYVILLE, Ind .—BOND OFFERING— Mary Taylor, Town ClerkTreasurer, will receive sealed bids until 8 p. m. on Jan. 11 for the purchase
$14,000 not to exceed 5% interest refunding bonds.
Dated Aug. 1,
1940.
Denom. $500.
Due $500 Aug. 1, 1941; $500 Feb. 1 and Aug. 1
from 1942 to 1954, incl., and $500 Feb. 1, 1955.
The bonds are issued
for the purpose of refunding a certain debt of the town evidenced by bonds
executed and sold in 1924, and will be payable from ad valorem taxes to
be levied on all of the town's taxable property .£ Interest F-A.
A certified
check for 5% of the bid is required.
m
MM
of
RICHMOND
SCHOOL
CITY, Ind.—BOND SALE— The $100,000
improvement bonds offered Dec. 20—V. 151, p. 3427—were awarded
Tischler & Co.; Fox, Reusch
Condon of Chicago, as 114s,
at 100.066, a basis of about 1.24%.
Dated Dec. 1, 1940.
Denom. $500.
Due as follows: $5,000, July 1, 1942: $5,000, Jan. 1 and July 1 in 1943 and
1944; $5,000, Jan. 1 and $20,000, July 1, 1945; $20,000, Jan. 1 and $5,000,
July 1, 1946; $5,000, Jan. 1 and July 1 from 1947 to 1952 incl.: $5,000,
Jan. 1 and $30,000, July 1, 1954, and $30,000, Jan. 1, 1955.
Other bids:
Bidder—
Int. Rate
Rate Bid
school
to a group composed of Browning, Van Duyn,
& Co., both of Cincinnati, and McDougal &
Mullaney, Ross & Co., and Knight, Dickinson &
Kelly, Inc.
1^%
Indianapolis Bond & Share Corp
..llA %
Raffensperger, Hughes & Co. and John Nuveen & Co. 114 %
Kenneth S. Johnson
1 A%
First National Bank, Richmond
14%
Fletcher Trust Co., Indianapolis
~1A%
$100,992
100.244
100.058
100.716
101.638
101.028
Richmond, and City Secu¬
100.163
Moseley & Co.; E. H. Rollins & Sons; Eastman, Dillon & Co.;
Hemphill, Noyes & Co., R. H. Moulton & Co., and Stern,
Wampler & Co., jointly
IOWA
DAVIS
100.58
iQO 519
COUNTY
(P.
O. Bloomfield),
Iowa—MATURITY—The
County Treasurer states that the $25,000 court house bonds sold to Paine,
Webber & Co. of Chicago as Is, at a price of 100.044, as noted here—
V. 151, p. 3775—are due on Nov. 1 in the following order: $3,000, 1942:
$4,000, 1943 to 1945, and $5,000 in 1946 and 1947, giving a basis of about
0.99%.
NEWTON, Iowa—BOND OFFERING—It is reported that bids will be
Commissioners,
the purchase of $6,000 park bonds.
Prospective purchasers will be
required to satisfy themselves as to the legality of bonds before the date
received until 7:30 p.m. on Jan. 10, by the Board of Park
for
of sale.
WEST
BEND,
Iowa—BOND
SALE— The
$18,000
semi-ann.
sewer
bonds offered for sale
on Dec. 23—-V. 151, p. 3776—were awarded to Jackley
& Co. of Des Moines, as 2 As, paying a premium of $281, equal to 101.561,
a basis of about
2.22%.
Dated Dec. 2, 1940.
Due on Dec. 1 in 1941 to
1958; optional
on
and after Dec. 1, 1947.
KANSAS
BUTLER COUNTY
are
informed
O. EI Dorado), Kan.—BONDS SOLD—We
by the County Clerk that $20,000 coupon or registered public
works relief bonds
were
(P.
awarded
Nov.
on
City, Mo., as 1 J4s.
Denom. $1,000.
1,1946.
Interest payable J-J.
OUINDARO
TOWNSHIP
(P.
O.
26 to Soden & Co.
Dated Nov. 1, 1940.
Kansas
City)
of Kansas
Due on July
Kan.—BONDS
OFFERED PUBLICLY—An issue of $102,000 4% coupon first extension,
bonds is being offered by Estes, Snyder & Co., Inc.
water works revenue
Topeka, for general investment. Denom. $1,000. Dated Dec. 1, 1940.
on June 1 as follows:
$2,000 in 1943 to 1946; $.3,000, 1947 to 1965:
$4,000. 1966 to 1968; $5,000, 1969, and $20,000 in 1970. Bonds due 1962
through 1970 shall be callable at 102 and accrued interest on any interest
paying date upon 30 days' written notice, in their inverse numerical order,
as follows:
1970 maturity, $5,000, callable June 1, 1943; $15,000, callable
June 1, 1946.
1962-69 maturities, inc., callable June 1, 1961.
Principal and interest (J-D) payable at the office of the State Treasurer
in Topeka.
Legality to be approved by Bowersock, Fizzell & Rhodes of
Kansas City, Mo.
of
100.788
Trust
Co., St. Louis; Goldman,
Sachs & Co.; Roosevelt & Weigold; Milwaukee Co.; Equitable
Securities Corp.; Martin, Burns & Corbett; Watling, Lerchen &
Co.; Bigelow, Webb & Co., and Bacon, Whipple & Co., jointly._
Phelps, Fenn & Co.; Stone & Webster and Blodgett, Inc.; F. S.
E.
.......
MENTS—Circuit Judge
I*
OFFERING—James
Ind.—LOAN
Comptroller, will receive sealed bids until 9:30 a.m. on Jan. 7 for the
purchase of the following not to exceed 4 % interest temporary loans aggre¬
gating $985,000 :
SCHOOL
DISTRICT,
III.—PURCHASER—The
$150,000 314% construction bonds mentioned in V. 151, p. 3594, were
sold to Stifet, Nicolaus & Co. of St, Louis at par and mature $15,000
annually on Dec. 1 from 1941 to 1950, inclusive.1
H
CALUMET
1943 to 1953 incl. and $1,500 Jan. 1, 1954.
INDIANAPOLIS,
J. A. Wiechman & Son,
rities Corp
ILLINOIS
BROWNSTOWN
Jan. and July 1 from
Due
Volume
The Commercial & Financial Chronicle
151
KENTUCKY
Boston
COVINGTON, Ky.—BOND OFFERING— Sealed bids will be received
until 10:30 a. m. on Jan. 2 by the City Manager and City Commissioners
for the purchase of a $350,000 issue of coupon funding bonds of 1940.
Interest rate is not to exceed 3 M %, payable J-J.
Denom. $1,000.
Dated
July 1, 1940.
Due on July 1 as follows:
$16,000 in 1943 to 1957, and
$22,000 in 1958 to 1962, all incl. Prin. and int. payable at the First State
National Bank & Trust Co. in Covington.
The following information is
furnished with the official offering notice:
Upon completion of this financing the City of Covington will be cleared
During the year 1940 the present administration has
operated within its budget: all expenses are paid to date: all bond and
interest maturities have been paid on the due date and the city will owe
only the current operating accounts for the month of December at the close
of the fiscal year.
The city has never defaulted in the payment of principal
or interest on any of its bonded indebtedness.
A certified check for 2% ($7,000) must accompany each bid as evidence
of good faith, the said check to apply on the purchase of the bonds by the
successful bidder.
The purchaser is to pay the expenses of the bond
printing and other necessary expenses: the city to furnish all necessary
papers and other date to assure the legality of the bonds.
FLEMINGSBURG. Ky.—BOND OFFERING
It is stated by Hunter B.
Dudley, City Clerk, that he will receive sealed bids at the Peoples Bank in
Flemingsburg, until 10 a. m. (CST), on Jan. 4, for the purchase of an
$85,000 issue of 3 H % semi-ann. water works revenue bonds.
Dated Jan. 1,
1941.
Due in 1942 to 1968: callable after 5 years at 103 and after 10 years
at par.
Legality to be approved by Chapman & Cutler of Chicago.
McCRACKEN COUNTY
bids
Stewart,
County Judge,
(P. O. Paducah),
be received
will
until
10
a.
m.
for the purchase of
semi-annual
Ky.—BOND OFFERING
Dec. 30 by Brady M.
$200,000 issue of 3M%
are subject
to redemption
on
a
court house bonds.
The bonds
after June 1, 1946, at par plus a premium of 2%.W
awarded
was
Due Nov.
an
issue of $25,000
Ky.—BOND SALE—'The
issue
Due Aug.
7,
1941.
WESTON,
Boston
Clerk.
Due in from
1 to 25 years.
July 22,
named
a
'yN 'V
:'
awarded to C. E. Weinig, White & Co. of Buffalo, at a net interest cost of
about 2.36%, according to the Executive Director.
Dated Jan. 1, 1941.
July 1 In 1941 to 1957.
on
LOUISIANA
IBERIA
an
MICHIGAN
BELDING,
Mich.-—BOND CALL—Clayton Knapp, City Treasurer,
reports that $5,000 refunding interest bonds of the issue of Aug. 1, 1935,
have been called by lot for retirement at par and accrued interest on Feb. 1,
1941, at the City Treasurer's office, or through the Belding office of the
State Savings Bank of Ionia.
Bonds are in $1,000 denoms. and numbered
as follows:
8. 12, 20, 36 and 37.
BENTON HARBOR, Mich.—BOND SALE—The $37,500 coupon re¬
funding bonds offered Dec. 23—V. 151, p. 3596—were awarded to Halsey,
Stuart & Co., Inc., Chicago, as Is at par plus a premium of $97.50, equal
to 100.26, a basis of about 0.92%.
Dated Feb. 1, 1941, and due $7,500
on Aug. 1 from 1941 to 1945, inclusive.
Other bids:
Bidder—
Interest Rate
:
McDonald, Moore & Hayes, Inc.---..
Ryan, Sutherland & Co
Paine, Webber & Co-First of Michigan Corp
(P. O. New Iberia), La .—MATURITY
In con¬
nection with the offering scheduled for Jan. 9 of the $85,000 public improve¬
ment bonds, noted here on Nov. 30—V. 151, p. 3274—it is
officially stated
that these bonds mature on Jan. 1 as follows: $7,000 in 1942; $8,000, 1943
to 1946; $9,000, 1947 to 1950 and $10,000 in 1951.
SHREVEPORT, La .—CERTIFICATE SALE—The $180,000 issue of
municipal airport certificates of indebtedness offered for sale on Dec. 24—
V. 151, p. 3428—was purchased by Scharff & Jones of New Orleans, accord¬
ing to report.
Dated Jan. 1, 1941.i£Due $36,000 onJMarch 1 in 1942
to 1946, inclusive."!
Franklinton), La.—BOND OFFERING
—It is stated by Mrs. Letha C. Bateman, Sec.-Treas. of the Police
Jury, that
she will receive sealed bids until Dec. 13, for the purchase of a $55,000 issue
of jail and health center building bonds.
Interest rate is not to exceed
4%, payable semi-annually.
Dated Jan. 1, 1941.
Denom. $500.
Due
Prin. and int. payable at the First State Bank &
Bogalusa.
These bonds are being issued under authority of a
1922 legislative act and their legality is to be approved by Chapman &
Cutler of Chicago.
A certified echck for $2,500 must accompany the bid.
(A similar issue of bonds was offered for sale on Dec. 13, as noted here
—V. 151, p. 3428—on which no report has been received.)
on
Jan. 1 in 1944 to 1950.
Trust Co. of
MAINE
BANGOR, Me.—BONDS OFFER ED—R alph L. Waymouth, City Treas¬
urer, received
bids
l%%
bonds, divided
coupon
until 11
a. m. on
Dec. 27, for the purchase of $549,000
follows:
as
$24,000 building construction bonds.
Due $2,000 on Jan. 1 from 1942 to
1953, inclusive.
:v;
75,000 airport bonds. Due $3,000 on Jan. 1 from 1942 to 1966, incl.
450,000 funding and refunding bonds.fiDue $18,000 on Jan. 1 from 1942
to 1966, inclusive.!
All of the
and interest
bonds Iwill be dated Jan. 2,1941.
Denom. $1,000.
Principal
(J-J) payable at the Merrill Trust Co., Bangor.
Legal opinion
Esq., of Bangor.
of George F. Eaton,
BONDS A WARDED—Award of the above bonds
National Bank of Boston at
MAINE
a
price of 104.64,
a
was
made to the Second
Prem.
$100.00
,
111.00
34.25
77.77
28.00
53.62
105.00
x59.00
1H%
1%
Discount.
GROSSE
POINTE, Mich.—BOND OFFERING—Norbert P. Neif,
City Clerk, will receive sealed bids until 5:30 p. m. on Jan. 2 for the pur¬
chase of $32,500 not to exceed 2% interest coupon bonds, as follows:
$12,500 general
obligation paving bonds.
One bond for $500, others
$1,000 each.
Due May 1 as follows: $2,000 from 1942 to 1946,
incl., and $2,500 in 1947.
20,000 general obligation sewer bonds.
Denom. $1,000.
Due $2,000
on May 1 from 1942 to 1951, incl.
Rate of interest to be
(State of)—$10,000,000 TOLL-FINANCED HIGHWAY PRO¬
a 180-mile toll-financed $10,000,000 super
high¬
between Bangor and Kittery was advocated by Paul C. Thurston,
of Bethel, at a meeting of the Good Roads Association of Maine, held in
August on Dec. 17.
way
Principal and interest (M-N) payable at
Grosse Pointe.
City is authorized and required
by law to levy upon aJJ of its taxable property such ad valorem taxes as may
be necessary to pay both principal and interest on the issue without limita¬
tion as to rate or amount.
A certified check for 2% of the bonds bid for,
payable to order of the City Treasurer, is required.
Bids shall be condi¬
tioned upon the opinion of the purchaser's attorney approving the legality
of the bonds.
Cost of opinion and of printing the bonds to be paid for by
the successful bidder.
:
LANSING TOWNSHIP
(P. O. Lansing), Mich.—BOND OFFERING
—Ray E. McKim, Township Clerk, will receive sealed bids until 8 p. m,
on Jan. 6 for the purchase of $1,000,000 not to exceed
5% interest coupon
water supply system revenue bonds.
Dated Jan. 1,1941.
Denom. $1,000.
Due Jan. 1 as follows:
$20,000 from 1945 to 1948, incl.; $25,000 in 1949
and 1950; $30,000, 1951; $35,000 in 1952 and 1953; $40,000 in 1954 and
1955; $45,000 in 1956 and 1957, and $50,000 from 1958 to 1969, incl.
Bonds maturing in 1968 and 1969 are redeemable on any interest date on
or after Jan. 1, 1944, and those due in 1965, 1966, and 1967 are redeemable
on any interest date on or after Jan.
1, 1951; all redemptions to be in
inverse numerical order.
Prin. and int. (J-J) payable at the Detroit
Trust Co., Detroit.
The bonds are issued to pay the cost of acquiring and
constructing a water supply in a part of the township, and are not a general
obligation of the municipality, but are payable only from and secured by
a first lien on the revenues of the said water system.
In computing the
bid figuring the lowest net interest cost, bonds callable on or after Jan. 1,
1944, shall be treated as if to be redeemed on Jan. 1, 1950, and bonds
callable on or after Jan. 1, 19.51, shall be treated as if to be redeemed on
Jan.
1, 1960.
A certified check for $10,000, payable to order of the
Township Treasurer, is required.
Township will pay cost of printing
the bonds and of an opinion from Miller, Canfield, Paddock & Stone of
Detroit, approving legality of the issue.
;
MACOMB
COUNTY
WANTED—Sherwood
J.
(P. O. Mount Ciemens), Mich.—TENDERS
Bennett, County Controller, announces that
sealed tenders will be received until 10
a. m. on
Jan. 7 for sale to the proper
sinking funds of $15,000 series B refunding bonds of an original issue of
$137,000 issued Feb. 15, 1936.
MOUNT
CLEMENS,
Mich.—BOND SALE— The $210,000 refunding
offered Dec. 23—V. 151, p. 3777—were awarded to the First of
Michigan Corp. and McDonald, Moore & Hayes, both of Detroit, jointly,
at a price of 100.11 for $70,000 2^s due $35,000 July 1, 1958, and 1959,
and $140,000 2Hs due $35,000 on July 1 from 1960 to 1963, incl.
Net
interest cost about 2.571%.
Braun, Bosworth & Co. of Toledo, second
high bidder, offered to pay 100.08 for 2%b and 2^s.
MUSKEGON, Mich.—BONDS NOT SOLD—No bids
PORTLAND, Me.—NOTE SALE— The $1,000,000 notes' issued
in
ex¬
pressed in multiples of M of 1%.
the Grosse Pointe Bank,
bonds
basis of about 1.34%.
POSED—Construction of
ticipation
Stranahan, Harris & Co., Inc__
Stranahan, Harris & Co., Inc
x
,
_-jlH% (1941)
1
11% (1942-45)
f
1 \i%
1%
flM% (1941-44) 1
\1% 1945)
J
1%
tlH% (1941-44)1
\1% (1945)
|
All of the bonds will be dated Dec. 30, 1940.
PARISH
WASHINGTON PARISH (P.O.
''
Mass.—NOTE SALE—The
awarded
'
;l
PADUCAH MUNICIPAL HOUSING COMMISSION (P. O. Paducah),
Ky.—BOND SALE—The $93,000 issue of Housing Commission (First
Issue), series A bonds offered for sale on Dec. 20—V. 151, p. 3595—-was
Due
discount.
Merchants National Bank of
issue of $70,000 notes at 0.04% discount.
Due
1941.
The Second National Bank of Boston, next highest bidder,
rate of 0.06%.
was
of
4)4%
semi-ann. electric and water works revenue bonds offered for sale on Dec. 19
—V. 151, p. 3595—was purchased by Cranberry & Co. of Louisville,
paying a premium of $1,032.50, equal to 101.75, according to the City
0.086%
the private placement of $200,000 notes at 0.04% discount.
urer, reports
Braun, Bosworth & Co_
$59,000
tax notes at
15, 1941.
Crouse & Co
MORGANTOWN,
Second National Bank of
SPRINGFIELD, Mass.—NOTE SALF—George W. Ric«. City Treas¬
of all floating debt.
—Sealed
3917
SOUTHBRI,DGE, Mass.—NOTE SALE—The
an¬
for the
were
submitted
$70,000 not to exceed 4% interest sewage system junior revenue
23—V. 151, p. 3777.
Dated Dec. 15, 1940, and due
1941 were awarded Dec. 27 to the Canal National
Bank of Portland at 0.072% discount.
Dated Jan. 2,1941 and due $500,000
each on Oct. 7 and Nov. 14, 1941.
The National Bank of Commerce of
bonds offered Dec.
Portland named
PETERSBURG, Mich.—BOND ISSUE DETAILS—In connection with
the report in—V. 151, p. 3777—of the award of $41,500 general obligation
water worjts bonds to Stranahan, Harris & Co., Inc. of Toledo, at a net
interest cost of 2.25%, we learn that the bankers paid a price of 100 227,
for $26,500 2%*, due on Jan. 1 from 1944 to 1956, incl., and $15,000 2s,
due on Jan. 1 from 1957 to 1961, inclusive.
UN¬
of taxes
a
for
rate of
0.12%.
MASSACHUSETTS
BROOKLINE,
Mass .—NOTE
SALE—'The
notes offered Dec. 23—V.
Boston Safe Deposit & Trust Co. at
pation
151.
p.
$300,000
3776—were
0.037% discount plus
antici¬
revenue
awarded
to
the
a premium of
$7.
1941.
Other bids: Merchants.
National Bank of Boston, 0.04%; Second National Bank of Boston, 0.042%;
National Shawmut Bank of Boston, 0.048%.
Dated
IF
Dec.
2.3,
1940
and
due
Oct.
23,
LYNN, Mass.—BONDS OFFERED—Joseph Cole, City Treasurer,
ceived sealed bids until 11
coupon or
a.
m.
on
registered bonds, divided
re¬
Dec. 27, for the purchase of $410,000
as
follows:
$200,000 street and sidewalk paving bonds.
Due $40,000 on Jan. 1 from
1942 to 1946, inclusive.
210,000 sewer bonds.
Due $7,000 on Jan. 1 from 1942 to 1971, inclusive.
All of the bonds will be dated Jan.
1, 1941.
Denom. $1,000.
Principal
and interest (J-J) payable at the First National Bank, Boston or at the City
Treasurer's office.
Legal opinion of Storey, Thorndike, Palmer & Dodge of
Boston.
7".v,
.•
BONDS A WARDED—Award of the above bonds
was
'■4":'
made to the Harris
Trust &
Savings Bank and R. W. Pressprich & Co., both of New York,
jointly, on a bid of 100.069 for $200,000 lj^s and $210,000 lKs, or a net
interest cost of 1.281%.
The purchasers re-offered the bonds to yield
from 0.10% to 1.50%, according to interest rate and maturity.
Second
high bid of 100.133 for $200,000 13*%s and $200,000 l#s, or
of 1.31%, was made by Newton, Abbe & Co. of Boston.
a net cost
MEDWAY, Mass.—NOTE ISSUE DETAILS—'The $5,000 0.50% relief
notes
awarded to the Norfolk County Trust Co.
of Franklin, at
a
price
of 100.26, as reported ia V. 151, p. 3776—mature $2,000 in 1941 and $1,500
in 1942 and 1943.
.
noon on
/-"..•.-■V
OFFERING—Bids will be received until
Dec. 30 for the purchase at discount of $200,000 notes dated Jan. 2,
NEEDHAM,
Mass.—NOTE
1941. and due Nov. 14, 1941.
REVERE, Mass .—NOTE OFFERING—Thomas U. Keiley, City Treas¬
urer, will receive bids until 11 a.m. on Dec. 30 for the purchase at discount
of $250,000 notes issued in anticipation of revenue for the current year.
Dated Dec. 30, 1940 and due Dec. 15, 1941.
Notes will be authenticated
as
to genuineness
and validity by the First National Bank of Boston,
under advice of Ropes, Gray, Boy den & Perkins of Boston.
$5,000
on
Dec. 15 from 1942 to 1955, inclusive.
PLEASANT
RIDGE,
Mich.—BOND
OFFERING— Paul
W.
Eaton,
City Clerk, will receive sealed bids until 7:30 p. m. on Dec. 30 for the
purchase of $11,800 not to exceed 6% interest park site bonds.
Dated
Dec. 30, 1940.
Due Jan. 1 as follows:
$1,000 from 1942 to 1949, incl.;
$2,000 in 1950, and $1,800 in 1951.
Prinicpal and interest (J-J) payable
at the Detroit Trust Co., Detroit.
The bonds are "special general" fully
guaranteed by the full faith and credit of the city, and will carry legal
opinion of Miller, Canfield, Paddock & Stone of Detroit.
City will pay
cost of printing bonds and legal opinion.
A certified check for 2% of the
bonds bid for must accompany each proposal.
REDFORD TOWNSHIP, Wayne
County, Mich.—BOND OFFERING
—Marguerite B. Dennis, Township Clerk, will receive sealed bids until
8 p. m. on Jan. 6 for the purchase of $350,000 not to exceed 4% interest
coupon water and sewer system revenue bonds.
Dated Jan. 1, 1941.
Denom. $1,000.
Due Jan. 1 as follows:
$8,000 from 1945 to 1948, incl.;
$12,000, 1949; $13,000 in 1950 and 1951, and $20,000 from 1952 to 1965,
incl.
Bonds maturing in the years 1961 to 1965, incl., are redeemable on
interest date on or after Jan. 1, 1944.
Prin. and int. (J-J) payable
Bank of Detroit,
The bonds are'not a general obligation
township, but are payable only from and secured by a first lien
on the revenues of the proposed water and sewer system.
In determining
the lowest interest cost, bonds callable on or after Jan. 1, 1944, shall be
treated as if to be redeemed on Jan, 1,1950.
A certified check for $10,000,
any
at the National
of the
payable to order of the Township Treasurer, is required.
Township will
pay the cost of printing the bonds and legal opinion of Miller, Canfield,
•Paddock & Stone of Detroit/pi
<
_
ROYAL OAK CITY SCHOOL DISTRICT (P. O. Royal Oak),
BOND OFFERING—Albert C. Dunham
tion, will receive sealed oids until 8 p. m. on
$280,000 bonds
$200,000 series
from
as
Jan. 7 for the purchase of
follows:
AA-1 refunding bonds.
Mich.—'
Secretary of the Board of Educa¬
„
Due Oct.
1
as
„
follows: $20,000
1945
incl.
and $15,000 from 1946 to 1953
incl.
bear interest at not to exceed 2lA% to and including
1942 to
Bonds to
Oct. 1. 1941 3% thereafter to and including Oct. 1, 1944 ZH%
thereafter to and including Oct. 1, 1947
and 4% thereafter to
final maturity.
80,000 series BB refunding bonds.
Due Oct. 1 as follows: $10,000 from
1941 to 1946
incf. and $20,000 in 1947.
Bonds maturing in
1947 are callable on any interest date on or after April 1, 1942.
Issue to bear interest at rate of not to exceed 2M% to and incl.
Oct. 1, 1941
3% thereafter to and including Oct. 1, 1944, and
3M% thereafter until paid.
All of the bonds will be dated Jan. 15, 1941.
Rate or rates of interest
to be expressed in multiples of ]4 of 1 %.
Principal and interest (A-O)
payable at the Detroit Trust Co. Detroit.
Interest on callable bonds shall
be computed as if bonds are to be redeemed on Oct. 1, 1943.
The bonds
are unlimited tax obligations of the school district and proposals must be
accompanied by a certified check for 3% of the bonds payable to order
of the District Treasurer.
Bids shall be conditioned upon the opinion of
Miller, Canfield, Paddock & Stone of Detroit, approving legality of the
bonds.
Cost of opinion and of printing the bonds shall be paid for by the
school district.
ROYAL OAK TOWNSHIP
SCHOOL DISTRICT NO. 10, Oakland
County, Mich.—TENDERS
WANTED—Joseph E. Barrett, District
Secretary, will receive sealed tenders until 8 p. m. on Jan. 9 of certificates
of indebtedness issued June 1, 1937.
WOODSTOCK, ROLLIN, SOMERSET AND WHEATLAND TOWNSHIPS FRACTIONAL SCHOOL DISTRICT NO. 7 (P. O. Addison),
Mich.—BOND OFFERING—Grace L. Crofoot, Secretary of the Board of
Education, will receive sealed bids until 8 p. m. on Jan. 6 for the purchase
of $45,000 coupon refunding bonds.
Dated Jan. 15, 1941.
Due April 15
as follows: $2,000 from
1942 to 1962, incl., and $3,000 in 1963.
Bonds
maturing in 1962 and 1963 will be callable at par and accrued interest on or
after April 15. 1946, in inverse numerical order.
Principal and interest
(A-0 15) payable at the Addison State Savings Bank, Addison.
Bidder to
name rate or rates of interest in multiples of 14 of 1 %, but not more than
3% to and including April 15, 1945; 3M% thereafter to and including
April 15, 1950, and 4% thereafter until paid.
A certified check for $2,000
payable to order of the district, is required.
Printed bonds and approving
legal opinion of Miller, Canfield, Paddock & Stone of Detroit will be
furnished at the expense of the
district.
MINNESOTA
LINDSTROM, Minn.— WARRANTS SOLD—The Village Clerk states
that $3,500 street improvement orders were sold on Dec. 21 to two local
purchasers as 2Ks, 2.90s and 3s.
MINNEAPOLIS, Minn.—BOND OFFERING—We are Informed by
George M. Link, Secretary of the Board of Estimate and Taxation, that he
until Jan. £, at 10:30 a. m., for the pur¬
will receive sealed and auction bids
chase of the following not to
exceed 6% semi-ann. coupon bonds aggregating
$1,819,000:
$1,000,000 public relief bonds. Due $1,000 on Feb. 1 in 1942 to 1951 incl.
819,000 permanent improvement bonds. Due Feb. 1, as follows: $42,000
in 1942 to 1950, $41,000 in 1951. and $40,000 in 1952 to 1961.
The proceeds of the bonds will be used for the following pur¬
poses: $120,000 for paving, $120,000 for storm drains, $170,000
for enlargement of the municipal airport, and $409,000 for work
relief projects.
Denom. $1,000. Rate of interest to be in a multiple
l-10th of 1 %, and must oe the same for ail of the bonds. The bonds
be registered as to both principal and interest on application to the
City Comptroller. A charge or $1 plus 5c. per $1,000 will be made for the
issuance of each registered certificate, and an additional charge of 50c. per
certificate will be made for each re-registration.
Prin. and int. payable at
Dated Feb. 1, 1941.
of M or
may
the fiscal agency of the city in New York City or at the City Treasurer's
office.
Bids offering an amount less than par cannot be accepted.
The
obligations will be issued pursuant to the terms of Sections 9 and 10 of
Chapter XV of the City Charter, and the full faith and credit of the city
will oe pledged for the payment thereof.
In addition to the purchase price,
purchasers will be required to pay the Board of Estimate and Taxation $1
per bond to apply on the expense of the Board in issuing and transporting
the bonds to place of delivery.
Delivery will oe made by the City Comptroller in New York City, in
Chicago, or in Minneapolis at a National bank satisfactory to the pur¬
chasers, any charge made by the bank for delivery service to be paid by the
purchasers.
bonds
Deliver* will be made as soon after the date of sale as the
be printed and signed, for which approximately 15 days will be
The obligations will je accompanied oy the opinion of Thomson,
Wood & Hoffman, of New York, that they are valid and binding obli¬
gations of the city.
Bids for a portion only of the issues will not be con¬
sidered until bids for all or none have been disposed of.
A certified check
can
required.
for 2% of the amount of the
is
bonds bid for, payable to the City Treasurer,
required.
ADDITIONAL
Swanson,
Dec.
The Commercial d
3918
BOND OFFERING—We are also informed by Charles C.
City Clerk,
that
he will receive sealed and auction bids
until
of an issue of $1,745,000 coupon re¬
funding bonds.
Interest rate is not to exceed 5%, payable F-A.
Dated
Feb. 1, 1941. Denom. $1,000. Due Feb. 1, as follows: $174,000 in 1942 to
1946, and $175,000 in 1947 to 1951. Rate of interest to oe in a multiple of
14 or l-10th of 1 %, and must be the same for all the bonds. The uonds may
be registered as to both principal and interest on application to the City
Comptroller. Prin. and int. payaole at the fiscal agencj of the City in New
York City or at the City Treasurer's office. The obligations will be issued
pursuant to the terms of Section 16 of Chapter V of the City Charter, and
the full faith and credit of the city will be pledged for the payment thereof.
Delivery will be made by the City Comptroller in New York City, in
Minneapolis at a National bank satisfactory to the purchasers, any charge
of the bank for delivery service to be paid by the purchasers. Cost of printing
and transporting the bonds to place of delivery will be paid by the city.
Bids offering an amount less than par cannot be accepted. The bonds will be
accompanied by the opinion of Thomson, Wood & Hoffman, of New York,
that the obligations are valid and binding obligations of the city. A certified
check for 2% of the amount of the bonds bid for, payable to the City
Jan. 9 at 9:30 a. m., for the purchase
Treasurer, is required.
28,
1940
MISSISSIPPI, State of—BOND OFFERING— Sealed bids will be re¬
10 a.m. on Dec. 30, by Greek L. Rice, Secretary of the State
Commission, for the purchase of an issue of $1,812,000 highway.
Tenth
Series, coupon bonds.
Dated Aug. 1, 1940.
Denom. $1,000.
Due $312,000, Aug. 1, 1961, and $50o,000 Feb. and Aug. 1, 1962. and
Feb. 1, 1963.
The State will have the option of redeeming the bonds in
Inverse numerical order on Aug. 1, 1945, and on any interest payment
date thereafter at par and accrued interest.
Bidders shall specify the rate
or rates, of interest such bonds are to bear in multiples of M of 1%.
No
bid of less than par and accrued interest will be considered. Principal and
interest (F-A) payable at the State Treasurer's office, or at the Chemical
Bank & Trust Co., New York.
The bonds shall be registerable as to prin¬
cipal onlv.
The bonds are payable as to both principal ana interest from
such portion of the gasoline or motor fuel taxes levied by the State as may
be necessary and fully sufficient for such purpose, or in accordance with
the provisions and definitions contained in Chapter 130, Laws of Mis¬
sissippi, 1938.
Under the terms of and as permitted by the Act, the
bonds, together with the other bonds authorized, issued and permitted
under the Act, enjoy a prior pledge of such portion of the revenues as
may be necessary for the prompt payment of the principal of and interest
on the bonds, and it is recited, covenanted and agreea that the taxes to the
amount necessary as aforesaid, shall be irrevocable until all of the bonds
have been paid in full as to principal and interest.
The bonds will be
issued and sold pursuant to Chapter 130, Laws of Mississippi, 1938, and
resolutions adopted by the State Bond Commission, reference to which is
made for a more detailed description thereof.
The approving opinion of
Chapman & Cutler of Chicago, to the effect that such bonds are valid
and legally binaing obligations of the State payable solely as aforesaid will
be delivered to the purchaser without charge.
Enclose a certified check
ceived until
Bond
for 2 % of
the par value of the bonds bid
for, payable to the State Treasurer.
MISSOURI
SANITARY SEWER DISTRICT (P. O. St. Louis),
bids will be received until 2 p. m. on
Raymond M. Dobson, Secretary of the Board of Trustees, for
the purchase of a $67,000 issue of sewer bonds.
Dated Dec. 31, 1940.
Denom. $1,000.
Due March 1 as follows:
$3,000 in 1944 to 1950, $4,000
in 1951 to 1954, and $5,000 in 1955 to 1960.
Bidders are requested to
designate in their bids the rate of interest to be paid on the bonds; provided,
however, that the interest rate thus designated shall be an even multiple
of M of 1%, and all of the bonds shall bear interest at the same rate.
Prin. and int. (M-S) payable at a place to be designated by the bidder, and
approved by the Board of Trustees.
No bid at less than par and accrued
interest will be considered.
These bonds were authorized at an election
held on Sept. 10 by a vote of 385 to 101.
The district was organized as a
body corporate and a political subdivision of the State under the pro¬
visions of an Act of the General Assembly approved Jan. 13, 1934, and by
decree of the Circuit Court of St. Louis County.
The validity of the
law under which the district was organized was sustained by the Supreme
Court of the State on Oct. 7, 1935.
The interest and principal of these
bonds are payable out of the funds received from a direct ad valorem tax
which may be levied without limitation as to rate or amount upon all
taxable property of the district, and the taxes are to be collected at the
time and in the same maimer as State and county taxes.
The district will
furnish the legal opinion of Charles & Trauernicht of St. Louis and will
pay for the printing of the bonds and the registration fee at the office of
the State Auditor.
Delivery of the bonds will be made on or before Feb. 3.
Enclose a certified check for $1,350, payable to the district.
NORMANDY
Mo.—BOND OFFERING—Sealed
Jan.
13 by
ST.
LOUIS,
Mo.—BOND OFFERING—It is stated by Louis Nolte,
City Comptroller, that he will receive sealed bids until 10 a. m. (CST)
Jan. 14 for the purchase of a $2,375,000 issue of coupon relief refunding
bonds.
Denom. $1,000.
Due Mar 1 as follows: $500,000 in 1942, $800,000
in 1943 and 1944, and $275,000 in 1945.
The bonds will be awarded to
the bidder making the highest bid therefor at the lowest rate of interest
in multiples of ]4 of 1 %.
All of the bonds are to bear the same rate of int.
Prin. and int. (M-S) payable at Guaranty Trust Co., New York.
No
bid at less than par and accrued int. will be considered.
These bonds are
on
bonds, registerable as to principal, or as to principal and interest,
and the bonds are exchangeable for fully registered bonds in any denomina¬
coupon
requested.
Fully registered bonds
denom. of $1,000 on pay¬
thousand.
The full faith, credit and resources of the city are pledged to the punctual
payment of the principal and interest of these bonds, which are payable
from the proceeds of an unlimited ad valorem tax authorized by the State
Constitution, to be levied upon all the taxable property in the city.
The
aggregate amount of bonds authorized to be sold at this time is $2,875,000,
of which amount $425,000 is being reserved for purchase by the Police
Retirement System of the city, $75,000 is being reserved for the "Trustees
of the St. Louis Firemen's Pension Fund," and the remaining $2,375,000
tion of not less than $10,000, as may be
may
again be exchanged for coupon bonds in the
ment of $2.00 per
is being offered for sale as hereinabove
will be made at the City Comptroller's
provided.
Delivery of the bonds
office on or before March 20, but
be delivered will not exceed the
number of outstanding bonds (thereby to be refunded) which shall then
have been surrendered for payment.
Purchasers will be furnished the legal
opinion of Charles & Trauernicht of St. Louis, approving these bonds as
valid and binding obligations of the city.
Each bid must be submitted on
a form to be furnished by the City Comptroller.
Enclose a certified check
for 1% of the par amount of bonds bid for, payable to the City Comptroller.
the number of relief refunding bonds so to
MONTANA
MINERAL COUNTY (P. O. Superior), Mont.—BOND OFFERING—
Sealed bids will be received until 11 a. m. on Jan. 11 by John McMillan,
Clerk of the board of County Commissioners, for the purchase of a $30,000
issue of
hospital bonds.
Interest rate is not to exceed 6%,
payable J-J.
and serial
Dated Jan. 1, 1941.
Amortization bonds will be the first choice
bonds will be the second choice of the board.
If amortization
bonds are
sold and issued, the entire issue may be put into one single bond or
into several bonds, as the board may determine upon at the time
divided
of sale,
principal and interest to be payable in semi-annual instalments during
a period of 10 years from the date of issue.
If serial bond^s are issued and
sold, they will be be in the amount of $1,000 each; the sum of $3,000 of the
serial bonds will become payable on Jan. 1, 1942, and a like amount each
year thereafter until all of such bonds are paid.
The bonds, whether
amortization or serial bonds, will be redeemable in full at any time after
five years from the date of issue.
The bonds will be sold for not less than
their par value with accrued interest to date of delivery, and all bidders
must state the lowest rate of interest at which they will purchase the bonds
at par.
Enclose a certified check for $500, payable to the Clerk.
both
OSSEO,
Minn.—BOND
SALE—The following bonds
aggregating
$15,000, offered for sale on Dec. 17—V. 151, p. 3429—were awarded to
E. J. Prescott & Co. of Minneapolis, as lMs, paying a premium of $135,
equal to 100.90, a basis of about 1.65%:
$10,000 street improvement bonds.
Due on Dec. 1 in 1943 to 1957.
5,000 funding bonds.
Due on Dec. 1 in 1943 to 1952.
ST. LOUIS
PARK, Minn.—WARRANT OFFERING—Sealed bids will
Dec. 30, by Joseph Justad, Village Recorder,
be received until 8 p.m. on
for the purchase of ,n>5,000 not to exceed 5% semi-annual street improve¬
ment orders.
Dated Jan. 1, 1941.
Due Jan. 1, as follows: $1,500 in
1942, ana $1,750 in 1943 and 1944.
Each of the instalments snail be
represented by a separate order ana may be divided in denominations of
not less than $250 at the option of the purchaser.
The orders will be
general obligations of the village, payable out of general tax levy, issued
pursuant to authority of Chapter 382, Laws of Minnesota, 1903.
The
purchaser will be furnished with an opinion of Fletcher, Dorsey, Barker,
Colman & Barber of Minneapolis, certifying to the validity of the securities.
RICHLAND COUNTY HIGH SCHOOL IMPROVEMENT
(P. O.
serial bonds will be the second choice of the school board.
bonds
are
WILLMAR,
Minn.—CERTIFICATE SALE—The following 3% semi¬
$10,120, offered for sale on
Dec. 23—V.
151, p. 3275—were awarded to Kalman & Co. of St. Paul
at a price of 103.019, a basis of about 1.83%:
$5,120 curbing certificates.
Due $1,280 on Dec. 15 in 1941 to 1944.
5,000 sewer and water main extension certificates.
Due $1,000 from
Dec. 15, 1941 to 1945.
MISSISSIPPI
HOLLANDALE, Miss.—BONDS SOLD—It is reported that $12,000
3M% semi-annual funding bonds have been purchased by O. B. Walton
& Co. of Jackson.
Dated Sept. 1, 1940.
JACKSON, Miss.—BONDS AUTHORIZED—An ordinance authorizing
issuance 9f $270,000 refunding bonds of 1940 was adopted by the
the
City Commission on Dec. 20.
Bonds scheduled to be refunded are miscel¬
laneous securities due by the city as maturing in April, May, June, Septem¬
ber, October and December of 1941.
Mayor Walter A. Scott said a lower rate of interest was anticipated with
prospective new issue, which he described as necessary because of
insufficient funds from the tax levy to pay outstanding bonds and interest
when they mature.
the
until
If amortization
sold and issued, the entire issue may be put into one
of divided into several bonds, as the
single bond
board of trustees may determine upon
payable in semi-annual
instalments during a period of 20 years from the date of issue.
If serial
bonds are issued and sold, they will be in the amount of $3,000 each and
the sum of $3,000 of the serial bonds will become payable on July 1, 1942,
and a like amount on the same day each year thereafter until all of such
bonds are paid.
The bonds, whether amortization or serial bonds, will be
redeemable in full on any interest payment date from and after five years
from the date of issue.
The bonds will be sold for not less than their par
value with accrued interest, and all bidders must state the lowest rate of
interest at which they will purchase the bonds at par.
The bonds are issued
for the purpose of constructing and equipping an extension to the present
building in which Sidney High School is housed.
Enclose a certified check
for $5,000, payable to the District Clerk.
at the time of sale,
annual certificates of indebtedness aggregating
DISTRICT
Sidney), Mont.—BOND OFFERING—Bids will re received
8 p. m. on Feb. 4, by Peggy Carpenter, District Clerk, for the purchase of
a $60,000 issue of school bonds.
Interest rate is not to exceed 6%, payable
J-J.
Dated July 1, 1941.
Amortization bonds will be the first choice and
both principal and interest to be
NEBRASKA
Neb.—BONDS SOLD—The City Clerk states that
$10,000 2% semi-ann. refunding bonds have been purchased by Steinauer &
GOTHENBURG,
Schweser of Lincoln.
HOLBROOK, Neb.—BONDS SOLD—The Village Clerk reports that the
following bonds, aggregating $31,300, authorized by the Village Council
recently, were purchased by the State as 3Ms:
$19,300 sewer and $12,000
refunding bonds.
Volume
KEITH
O. Ogallala), Neb.—BONDS SOLD—It is
$55,000 court house bonds have been purchased by the
COUNTY
reported that
The Commercial & Financial Chronicle
1S1
(P.
First Trust Co. of Lincoln.
NORFOLK
SCHOOL DISTRICT (P.
O. Norfolk), Keb.—MATUR¬
ITY—The Superintendent of Schools reports that the $80,000 refunding
bonds sold to the First Trust Co. of Lincoln, as 1Mb, at a price of 100.S12,
as noted here—V.
151, p. 3777—are due as follows: $5,000 in 1942 and
1943. $15,000 in 1944 to 1947 and $10,000 in 1948, giving a
basis of about
1.59%.
HAMPSHIRE
NEW
COOS COUNTY (P. O.
Berlin), N. H.—RULING ON
OF INTEREST ON NOTES AND BONDS—In
TAXABILITY
Hampshire Public Laws, inasmuch as this is an obligation of the
County rather than of the State even though it is guaranteed by the State
"As an investment for savings banks it is clearly exempt from tax if
the yield is not greater than 5 %.
Authority for this is found in Chapter 70
the New
of the Public Laws.
COUNTY
(P.
NEW
principal office of the Marine Midland Trust Co., New
York
City. Coupons maturing Feb. 1, 1941 and prior thereto will be paid upon
presentation and surrender.
coupons, at
O. Toms River),
will receive
$18,000 not to exceed
4% interest coupon or registered school bonds.
Dated Jan. 1, 1941.
Denom. $1,000.
Due $2,000 on Jan. 1 from 1942 to 1950 incl.
Bidder to
name a single rate of interest, expressed in a multiple of M or 1-10 of 1%.
Principal and interest (J-J) payable at the Ocean County Trust Co., Toms
River.
The bonds have been authorized pursuant to Chapter 7, of Title 18
of the Revised Statutes of New Jersey, and will be general obligations of the
district, payable from unlimited taxes.
Legal opinion of Caldwell & Ray¬
mond of New York City will be furnished the successful bidder.
A certified
check for 2% of the bonds offered, payable to order of the Custodian of
DISTRICT
(P.
N. J.—BOND OFFERING—Theodore Fischer, District Clerk,
sealed bids until 8 p.m. on Jan. 2 for the purchase of
School Moneys, is
Bidder—
Premium
int. Rate
Schmidt, Poole & Co__
M. M. Freeman & Co
Riverside Trust Co., Riverside Township..
2M%
2M%
Buckley Bros
SEASIDE
$424.38
236.60
222.22
118.80
222.22
2%
2M%
2M%
H. B. Boland & Co.
HEIGHTS, N. J.—BONDS NOT SOLD—The $12,000 4%
21—V. 151, P.
treatment plant outfall sewer bonds offered Dec.
3597—were not sold.
sewage
SOUTH
HACKENSACK
SCHOOL
DISTRICT,
N.
J.—REFUSED
PERMISSION TO RETIRE DEFAULTED BONDS—The following infor¬
mation is reproduced from minutes of the Municipal
Finance Commission
Veprek inquires
as to
read.
Mr.
why the Board of Education cannot retire defaulted
The Commission is recorded to the effect that
school bonds at this time.
the financial position of the Township of South Hackensack and the School
District of South Hackensack is such that payments cannot be made for
a distinct preference among creditors, and
it therefore follows that the Commission cannot approve the request of the
of the Board of Education.
Furthermore, the State school authorities are
by the Commission would create
onds in of 5% of form, accompanied by all made upon
gremium negotiable principal amount will be Aug. 1, 1941surrender of the
and subsequent
SCHOOL
MOORESTOWN TOWNSHIP (P. O. Morrestown), N. 3.—BOND
SALE—The $33,000 coupon or registered first series park improvement
funding bonds offered Dec. 23—V. 151, p. 3597—were awarded to C. C.
Collings & Co. of Philadelphia, as 2s, at par plus a premium of $434.28,
equal to 101.316, a basis of about 1.83%.
Dated Dec. 30, 1940 and due
Dec. 30 as follows:
$2,000 from 1941 to 1949, incl. and $3,000 from 1950
to 1954, incl.
Other bids:
either principal or interest on all of the indebtedness of the township and the
School District at this time. Therefore, any position other than that taken
JERSEY
COMMISSION (P. O.
Camden), N. J.—BOND CALL—Edward J. Pierson, Secretary of the
Bridge Commission, announces that all of the outstanding bridge revenue
4M% bonds, Easton-Philli^sburg Bridge, dated Aug. 1, 1936, due Aug. 1,
1961, and redeemable on any interest date after Aug. 1, 1938, have been
called for redemption on Feb. 1, 1941.
The bonds thus called aggregate
$2,575,000, are in $1,000 denoms. and represent the outstanding balance
of an original issue of $2,625,000.
Payment of bonds together with a
TOWNSHIP
may
"Letters from John Veprek, District Clerk, dated Dec. 2, was
O.
DELAWARE RIVER JOINT TOLL BRIDGE
DOVER
they
as
meeting of Dec. 16:
General Kenison agrees."
Dover), N. H.—NOTE SALE—The
Indian Head National Bank of Nashua purchased on Dec. 19 an issue of
$20,000 tax notes at 0.18% discount.
Due Dec. 8, 1941.
F. W. Home
& Co. of Hartford, only other bidder, named a rate of 0.218%.
STAFFORD
3919
be prepared. In the event that prior to the delivery
of the bonds the income received by private holders from bonds of the same
type and character shad be taxable by the terms of any Federal income tax
law hereafter enacted, tne purchaser may, at his election, be relieved of
his obligation under the contract to purchase the bonds and in such case
the deposit accompanying his bid will be returned.
connection with the pro¬
posed sale on Dec. 30 of $570,000 1M% serial funding notes, details of
which were given in V. 151, p. 4329—the following is text of an opinion
recently issued by John G. Martin, Secretary of the State Tax Commission,
at the behest of Stephen B. Story, State Comptroller:
"Replying to your request for an opinion as to the taxability of income
received from interest on Coos County bonds and notes guaranteed by the
State and received by individuals residing in this State:
It is the opinion
of this Commission that such income is subject to tax under Chapter 65 of
"With these conclusions, Attorney
thereafter
required.
IRVINGTON, N. J .—OTHER BIDS—The following bids were submitted
the offering of $124,000 series B school refunding bonds, which were
$123,000 bonds
as 1 Ms, at a price of 100.82, a basis of about 1.66%—V. 151, p. 3778:
with the operations of the Municipal Finance Commission in
municipalities in which it functions, and the Commission does not look
with favor on the activities of the Board of Education of the Township of
familiar
South Hackensack with respect to the subject matter of
this communication.
The Municipal Finance Commission has in every way possible under¬
taken to cooperate with the township authorities and the Board of Edu¬
cation. It has assisted the school authorities in securing sufficient revenues
township
look
and
stir up dissatisfaction. The taxpayers of the Township of South Hackensack
must recognize the fact that except for the intervention and cooperation
of the Commission, the judgment holders can insist upon a tax levy which
will produce sufficient revenue to satisfy the requirements of the courts.
Therefore, it is inappropriate at this time to do anything which will make the
to
keep
the schools operating
and it has cooperated with the
authorities to prevent an unbearable tax rate.
Therefore, it does not
with favor on undertakings which can only serve to create confusion
work of the Commission more difficult."
WALDWICK
SCHOOL
DISTRICT,
N.
J.—BONDS TO BE EX¬
approved by the State
CHANGED—The $142,000 4M% refunding bonds
Funding Commission on Dec. 16 will be exchanged with holders of the
original bonds.
New bonds will be dated Dec. 15, 1940 and mature as
follows: $2,000 in 1941 and $5,000 from 1942 to 1969 incl.
WOODLYNNE, N. 3—BOND SALE—The $19,000 coupon or registered
bonds offered Dec. 23—V. 151, p. 3779—were awarded
York, as 3 Ms, at a price of 100.17, a basis of
about 3.23%.
Dated Dec. 1, 1940 and due $1,000 on Dec. 1 from 1941 to
sewage treatment
to H. B. Boland & Co. of New
1959 incl.
at
awarded to C. P. Dunning & Co. of Newark, on a bid for
No. Bids
Int.
Rate
Municipal Bauds
Rale
Bid for
Bidder—
J. S. Rippel &
Bid
Inc—!-
124
124
M. M. Freeman & Co
Bacon, Stevenson & Co. and Schlater, Noyes
& Gardner, Inc
C. Allyn & Co., Inc. and E. H. Rollins &
Sons, Inc.
Peoples National Bank & Trust Co., Irvington
John B. Carroll & Co
100.77
100.63
1M%
100.57
124
124
124
124
Minsch, Monell & Co., Inc
H. B. Boland & Co
Otis & Co. and VanDeventer Bros., Inc
Shields & Co. and Julius A. Rippel, Inc
1 M%
1M%
124
-
Adams & Mueller...
1M%
1 M %
1M%
1M%
100.546
100.27
100.26
100.18
124
1M%
100.134
124
123
1M%
2%
100.133
123
2%
Government Bends
-
Housing Authority Bends
Co. and B. J. Van Ingen & Co.,
Tilney & Company
76
NEW YORK, N.
BEAVER STREET
Y.
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
A
A.
2%
124
Colyer, Robinson & Co., Inc
100.57
KEARNY, N. J .—BOND SALE—The $95,000 coupon or registered bonds
the West Hudson Na¬
premium of $617.50, equal to
100.65, a basis of about 1.10%.
Sale included the following issues:
offered Dec. 20—V. 151, p. 3430—were awarded to
tional Bank of Harrison, as 1 Ms, at par plus a
$15,000 sewer bonds.
Due in annual instalments from 1941 to 1950 incl.
Principal and interest payable at the West Hudson National Bank,
Harrison.
30,000 improvement funding bonds.
Due in annual instalments from 1941
to 1944, incl.
Principal and interest payable at the West Hudson
National Bank, Harrison.
7,000 improvement bonds.
Due in annual instalments from 1941 to
1945, incl.
Principal and interest payable at the West Hudson
National Bank, Harrison.
43,000 school bonds.
Due in annual instalments from 1941 to 1950, incl.
Principal and interest payable at the First National Bank & Trust
Co., Kearny.
All of the bonds will be
J-D.
dated Dec. 1, 1940.
Denom. $1,000.
Interest
yearly on Dec. 1 are as
Combined maturities with instalments due
follows:
$5,000 in 1946 and
Other bids:
Int. Rale
Rate Bid
$15,000 from 1941 to 1944, incl.; $7,000, 1945;
1947, and $6,000 from 1948 to 1950,
inclusive.
Bidder;
Adams & Mueller..
1 M%
——.«*—
Allyn & Co., Inc
Misch, Monell & Co., Inc
A. C.
H. L.Allen & Co
-
J. S. Rippel & Co...
H. B. Boland & Co-_John B. Carroll & Co. and
Buckley Bros
*
MacBride, Miller & Co
M. M. Freeman & Co
Julius A. Rippel, Inc.
/
—
Granbery, Marache & Lord
100.06
100.76
100.65
100.62
100.56
100.34
100.278
100.199
100.186
100.141
LITTLE FERR Y, N. J .—BONDS TO BE SOLD—The State Sinking
the $185,000 3M% refunding bonds
provided for in the ordinance whicn received final reading on Dec. 10.
Bonds will be dated Dec. 1, 1940 and mature as follows:
$6,000 in 1941;
$8,000, 1942; $10,000, 1943 and 1944; $12,000, 1945 and 1946; $13,000,
1947: $15,000, 1948 and 1949; $17,000 in 1950 and 1951; $18,000 in 1952;
$12,000 in 1953 and $10,000 in 19,54 and 1955.
DISTRICT NO. 1 (P. O. Cape
May C. H.), N. J.—BOND SALE—The $50,000 sewer revenue and general
obligation bonds offered Dec. 20—V. 151, p. 3597—were awarded to
Warren A. Tyson Co., of Philadelphia, as 3s, at par plus a premium of
$135, equal to 100.27.
Raymond Erickson, of Cape May, bid par for
3M».
H. B. Boland & Co. of New York offered 100.315 for 3.90s.
MONMOUTH COUNTY (P. O. Freehold), N.
J.—BOND OFFERING
—Haydn Proctor, County Treasurer, will receive sealed bids until 11 a. m.
on Jan. 8, for the purchase of $585,000 not to exceed 6% interest coupon or
registered Navesink River Bridge bonds.
Dated Jan, 15, 1941. Denom.
$1 000.
Due Jan. 15 as follows:
$16,000 from 1942 to 1956. incl. and
$23,000 from 1957 to 1971, incl.
Bidder to name a single rate of,interest,
expressed in a multiple of M or l-10th of 1 %.
Principal and interest (J-J)
payable at tne County Treasurer's office.
The bonds are unlimited tax
obligations of the county and the approving legal opinion of Caldwell &
Raymound of New York City will be furnished the successful bidder.
A
certified check for 2% of the bonds offered, payable to order of the County
Treasurer, is required.
The bonds will be delivered on Jan. 20 or as soon
BEDFORD,
LEWISBORO
SCHOOL DISTRICT NO.
10
YORK
AND
(P. O.
NORTH SALEM UNION FREE
Katonph), N. Y.—OTHER BIDS
$45,000 school bonds awarded Dec. 20 to the Marine Trust Co. of
Buffalo, as lMs, at a price of 100.27, a basis of about 1.45%, as reported
in Y. 151, P. 3778—were also bid for as follows:
•—The
Bidder—
R. D. White & Co—.
-
-
George B. Gibbons & Co., Inc
Manufacturers & Traders Trust Co
Mahopac National Bank
BROOKHAVEN
Andrew D. Havens,
1.70%
1.80%
1.80%
2.20%
Rate Bid
100.067
100.30
100.288
100.18
100.149
100.126
(P. O. Patchogue), N. Y.—BOND OFFERING—
To\vn Clerk, will receive sealed bids until 11 a. m. on
$92,496 not to exceed 5% interest coupon or
4*
3 for the purchase of
Jan.
Int. Rate
1M%
1.60%
Roosevelt: & Weigold, Inc
A. C. Allyn & Co., Inc
registered public works bonds, as follows:
$52,225 series A bonds.
One bond for $225, others $1,000 each. Due as
follows: $11,225, Oct. 10,1941; $11,000 Dec. 15, 1942, and $15,000
on Dec. 15 in 1943 and 1944.
Issued to pay town's share of certain
improvements partially financed by Works Progress Administration.
40,271 series B bonds.
One bond for $271, others $1,000 each.
Due
March 15 as follows: $4,271 in 1942; $4,000 from 1943 to 1946 incl.
and $5,000 from 1947 to 1950 incl.
Issued to pay towns share of
certain improvements
100.481
1M %
1M %
1 M%
1M%
1M%
1M %
1M %
1M %
1M%
1M %
Fund Commission intends to purchase
MIDLLE TOWNSHIP SEWERAGE
NEW
101.24
100.816
partially financed by WPA.
dated Dec. 15, 1940.
Bidder to name a single
expressed in a multiple of M or l-10th of 1%
Principal
and interest (J-D 15) payable at the Town Supervisor's office, with New
Yoric exchange.
The bonds are general obligations of the town, payable
from unlimited taxes. A certified check for $2,000, payable to order of the
town, is required.
Legal opinion of Dillon, Vandewater & Moore of New
York City will be furnished the successful bidder.
ELLICOTT SEWER DISTRICT NO. 3 (P. O. Falconer), N. Y.—
BOND OFFERING—Guy B. Saxton, Town Supervisor, will receive sealed
bids until 10 a. m. on Jan. 8 for the purchase of $120,000 not to exceed 6%
interest sewer bonds.
Due Jan. 15 as follows: $4,000 from 1942 to 1951
incl. and $5,000 from 1952 to 1967 incl. Rate of interest to be expressed in
a multiple of M or 1-10th of 1%.
All of the bonds will be
rate of interest,
HERKIMER, N. Y.—BOND SALE— The $18,223.20 coupon or regis¬
local improvement bonds offered Dec. 24—V. 151, p.3779—were
tered
& Traders Trust Co. of Buffalo, as 1.20s,
of about 1.18%.
Dated Dec. 1, 1940 and due
awarded to the Manufacturers
at a
price of 100.069, a basis
Dec. 1 as follows:
to
1945
$3,223,20 in 1941; $3,000 in 1942 and $4,000
from 1943
incl.
HOOSICK FALLS, N. Y.—BOND SALE—The
Peoples-First National
issue of $24,500 street
Bank of Hoosick Falls purchased on Dec. 19 an
improvement bonds as 1Mb, at par.
Dated Dec. 1, 1940. One bond for
$500, others $1,000 each.
Due June 1 as follows: $4,500 in 1941 and
$5,000 from 1942 to 1945 incl.
Principal and interest (J-D) payable at
the Peoples-First National Bank of Hoosick Falls.
Legality approved
by Dillon, Vandewater & Moore of New York City.
LEWISTON (P. O. Lewiston), N. Y.—BONDS OFFERED—Florence H.
Clerk, received sealed bids until 2 p.m. on Dec. 27 for the
Lum, Town
purchase of $23,750 not to
divided as follows:
exceed 5% interest coupon or registered
bonds,
$12,000 Lewiston Estates Sewer District bonds.
Denom. $500. Due
$500 on March 1 from 1941 to 1964 incl.
11.750 Lewiston Estates Water District bonds.
One bond for $750, others
$500 each.
Due March 1 as follows: $500 from 1941 to 1962 incl.
and $750 in 1963.
The Commercial & Financial Chronicle
3920
All
bonds will
of the
be
dated
Dec.
1. 1940.
Principal and interest
(M-S) payable at the Power CityTrust Co., Niagara Falls, with New York
exchange.
The bonds are general obligations of the town, payable primarily
from special assessments upon the lots and parcels of land within the dis¬
tricts especially benefited by the respective improvements, but if not paid
from such levy, all of the town's taxable property is subject to levy of
unlimited ad valorem taxes in order to pay principal and interest charges.
Legal opinion of Dillon, Vandewater & Moore of New York City.
BONDS A WARDED—Above bonds
&
to
were
Co., Inc., New York, as 2s at 100.56.
2%, according to maturity.
awarded to George B. Gibbons
Reoffered to yield from 0.30%
LIVERPOOL, N. Y.—SALE OF WESTVIEW WATER DISTRICT
BONDS—George Traister, Town Supervisor, reports the sale on Dec. 18
of $10,220 water bonds as 2Mb.
Due in 15 years.
NIAGARA
FALLS,
N.
offering to purchase the bonds at the lowest interest
Y.—CERTIFICATE
SALE—The
$263,000
certificates of indebtedness offered Dec. 23—V. 151, p. 3598—were awarded
to the Manufacturers & Traders Trust Co., Buffalo, at 0.30% interest,
The certificates bear date of Dec. 24, 1940 and
$87,000 mature on Dec. 1, 1941, $83,000 on April 1, 1941 and $93,000 on
March 1, 1941.
The Power City Trust Co. of Niagara Falls, second high
bidder, named a rate of 0.40% and $3 premium.
PORT
JERVIS, N. Y.—REFUNDING APPROVED—Harry D. Yates,
refunding bonds must mature within 20 years.
PORT OF NEW YORK AUTHORITY. N. Y.—$27,750,000 BONDS
SOLD—The syndicate headed by Halsey, Stuart & Co., Inc., and
Ladenburg, Thalmann & Co., which offered the new issue of $27,750,000
3% sixth series (second instalment) general and refunding bonds—V. 151,
p. 3779, announced Dec. 23 that all of the bonds had been sold and the
books closed.
The issue was offered at a price of 102.75, to yield 2.875%
to maturity, following award of the loan to the above-mentioned syndicate
In competition with three other groups.
ALL
RENSSELAER COUNTY (P. O. Troy), N. Y.—BOND SALE—The
$250,000 coupon or registered refunding bonds offered Dec. 27—V. 151,
p. 3779—were awarded to Halsey, Stuart & Co., Inc., New York, as lj^s,
at a price of 100.115, a basis of about
1.74%.
Dated Jan. 1, 1941 and due
July 1 as follows: $5,000 in 1953: $25,000 from 1954 to 1956 incl.; $30,000,
1957; $40,000 in 1958 and $50,000 in 1959 and 1960.
The bankers reoffered the bonds to yield from 1.50% to 1.75%, according to maturity.
RENSSELAERVILLE, N. Y.—BOND OFFERING— Harold Borthwick,
Town Clerk, will receive sealed bids until 3 p. m. on Jan. 3 for the purchase
Bidder to
single rate of interest, expressed in a
Principal and interest (J-D) payable at the
National Commercial Bank & Trust Co., Albany, with New York exchange.
The bonds are general obligations of the town, payable
primarily from a levy
on the taxable property in the district, but if not
paid from such levy, all
of the town's taxable property will be subject to levy of unlimited ad valorem
taxes in order to pay principal and interest charges.
A certified check for
$340, payable to order of the town, is required.
Legal opinion of Dillon,
Vandewater & Moore of New York City City will be furnished the success¬
entertained.
Bids must be accompanied
by a certified check upon an incorporated bank
payable unconditionally to the order of the State Treas¬
$24,000.
The approving opinion of Reed, Hoyt, Washburn &
Clay, New York City, will be furnished the purchaser.
or trust
company,
for
In the event that prior to the delivery of the bonds the income received
by private holders from bonds of the same type and character shall be
taxable by the terms of any Federal income tax law, the successful bidder
may, at his election, be relieved of his obligations under the contract to
purchase the
oonds and in such
ful bidder.
the
deposit accompanying
his
bid
;
>
SMITHFIELD, N. C.—BOND OFFERING—Sealed bids will be received
11 a.m. (EST), on Jan. 7, by W. E. Easterling,
Secretary of the
until
Local Government Commission, at his office in Raleigh, for the purchase
of $42,000 refunding bonds.
Dated Jan. 1, 1941.
Due $7,000 on Jan. 1
in 1948 to 1953, incl., without option of prior payment.
There will be
auction.
Denom. $1,000; prin. and int. (J-J) payable in lawful money
in New York City; coupon bonds registerable as to principal only;
general
obligations; unlimited tax; delivery at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of M of 1%.
Each bid may name one rate
for part of the bonds (having the earliest maturities) and another rate for
the balance, but no bid may name more than two rates, and each bidder
must specify in his bid the amount of bonds of each rate.
The bonds will
be awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the town, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities.
No bid of less than par and
no
accrued interest will be entertained.
Bids must be accompanied by a certified check upon an incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer for $840.
The approving opinion of Reed, Hoyt, Washburn &
Clay, New York City, will be furnished the purchaser.
In the event that prior to the delivery of the bonds the income received
by private holders from bonds of the same type and character shall be
taxable by the terms of any Federal income tax law, the successful bidder
may, at his election, be relieved of his obligations under the contract to
Eurchase the bonds and in such case the deposit accompanying his bid will
returned.
e
NORTH
DAKOTA
KULM, N. Dak.—BOND SALE DETAILS— The City Auditor states
that the $35,000 water system bonds sold to the State Land Department,
as noted here—V.
151, p. 3780—were purchased as 4s at par, are dated
April 1, 1940, and mature
in 1944 to 1960 inclusive.
on
July 1
as
follows
:
$1,000 in 1943 and $2,000
SHERWOOD, N. Dak —CERTIFICATE SALE
The $2,000 certifi¬
cates of indebtedness offered for sale on Dec. 23—V. 151, p. 3780—were
purchased by the Citizens State Bank of Mohall, according to the City
Auditor.
SLOAN, N. Y.—BOND SALE—The $26,025
coupon or registered bonds
151, p. 3779—were awarded to E. H. Rollins & Sons,
Inc., New York, as 1.70s, at par plus a premium of $21, equal to 100.08,
a basis of about 1.67%.
Sale consisted of:
OHIO
offered Dec. 20—V.
$8,275 general bonds to fund tax anticipation loan.
One bond for $275,
others $1,000 each.
Due July 1 as follows: $2,275 in 1941 and
$2,000 from 1942 to 1944 incl.
4,000 improvement bonds.
Denoms. $1,000 and $500.
Due July 1 as
follows: $1,000 from 1941 to 1943 incl. and $500 in 1944 and 1945.
10,000 refunding bonds.
Denom. $1,000.
Due $1,000 on July 1 from 1941
to 1950 incl.
Denom. $750.
bonds.
sewer
1945 inclusive.
All
case
will be returned.
name a
multiple of l/i or l-10th of 1 %.
3,750
city, such
the aggregate amount of interest upon
of $17,000 not to exceed 5% interest coupon or registered "Water
District
No. 1 bonds. Dated Dec. 1, 1940. Denom. $500. Due $500 on Dec. 1 from
1941 to 1974 incl.
cost to the
be determined by deducting the total mount of the premium bid
all of the bonds until their
respective maturities.
No bid of less than par and accrued interest will be
plus a premium of $19.
Deputy State Comptroller, reports that the State Department of Audit
and Control has approved the city's application for permission to refund
$75,000 bonds which mature in the fiscal year beginning Jan. 1, 1941. The
1940
28,
to
cost
from
urer
t
Dec.
bid may name more than three rates, and each bidder must specify in
his bid the amount of bonds of each rate.
Each rate must be bid for bonds
of consecutive maturities.
The bonds will be awarded to the bidder
no
of the
bonds
will
Due $750
July 1 from 1941 to
on
%
be
dated
Dec.
1, 1940.
The Manufacturers &
Traders Trust Co., Buffalo, second high bidder, bid a premium of $41.38
for 1.90s.
Final bid was made by the Marine Trust Co. of Buffalo,
which named a premium of $38.50.
TUCKXHOE, N. Y.— BOND
SALE—The $26,876
coupon
or
registered
general village bonds offered Dec. 20—V. 151, p. 3598—were awarded to
the Csestwood National Bank of Mount Vernon, as l^s, at par.
Dated
Dec. 15. 1940 and due June 15 as follows: $2,875 in 1941; $2,500, 1942 to
1945 incl.; $2,000,
1946 to 1949 incl., and $1,000 from 1950 to 1955 incl.
Other bids:
Bidder—
Int. Rate
R. D. White & Co
Grodon Graves & Co
1.70%
1.70%
Roosevelt & Weigold, Inc
A. C. Allyn & Co., Inc
1.90%
1.90%
1.90%
2%
Rate Bid
George B. Gibbons & Co., Inc._.
Manufacturers & Traders Trust Co_._
NORTH
•
100.094
100.066
100.23
100.166
100.149
100.142
CAROLINA
DURHAM, N. C
.—BONDOFFERING
In connection with
7 of the four issues of bonds aggregating
$168,000, noted in our issue of Dec. 21—V. 151, p. 3779—the following
additional details have now been supplied:
Coupon bonds registerable as to principal alone and as to both principal
and incerest; delivery on or about Jan. 23 at place of
purchaser's choice.
the offer.ng scheduled for
Jan.
BAINBRIDGE
Chagrin
Falls),
TOWNSHIP
RURAL
Ohio—BOND
SCHOOL
OFFERING—Albert
DISTRICT
R.
(P.
Haskins,
O.
Clerk
of the Board of Education, will receive sealed bids until noon on Jan. 11
for the purchase of $110,190 3% building bonds.
Dated Jan. 1, 1941. One
bond for $1,190, others $1,000 each.
Due Oct. 1 as follows: $4,190 in 1942,
$5,000 in 1943, $4,000 in 1944. $5,000 in 1945, $4,000 in 1946. $5,000 in
1947, $4,000 in 1948. $5,000 in 1949, $4,000 in 1950, $5,000 in 1951. $4,000
in 1952, $5,000 in 1953, $4,000 in 1954, $5,000 in 1955. $4,000 in 1956.
$5,000 in 1957, $4,000 in 1958, $5,000 in 1959. $4,000 in 1960, $5,000 in
1961, and $4,000 in 1962 to 1966. Bidders may bid for a different rate of
interest in multiples of M of 1 %. The bonds will be sold to the highest bidder
at not less than par and accrued interest.
Bids may be mqde upon all or
any
number of bonds of this issue.
The bonds are issued for the purpose of constructing a new fireproof grade
and high school building under authority of the laws of Ohio and the Uniform
Bond Act and in accordance with a resolution duly passed by the Board of
Education
on
Nov.
11,
1940,
amended
as
by resolution of the Board of
Education on Dec. 16, 1940. The bonds shall be sold subject to the approval
of Thomas M. Miller, of Columbus, whose approving opinion will be fur¬
nished at the expense of the purchaser. Enclose a certified check for $2,000,
payable to the District Treasurer.
-
CANTON, Ohio—BOND REFUNDING DETAILS—In connection with
the report in V. 151, p. 3780 of the proposed issue
of $300,000 refunding
bonds, Robert E. Beck, City Auditor, reports that these bonds will be
issued incident to the retirement of the $390,000 3% delinquent tax bonds,
dated April 1, 1937, which are presently outstanding and subject to call on
April 1,1941.
The balance of $90,000 will be paid in cash and the refunding
bonds will be accepted by the BancOhio Securities Co., Colupibis, in
exchange for their present holdings of the delinquent tax bonds.
The new
bonds will be dated Dec. 1, 1940, bear 1 Yz% interest and mature $60,000
yearly on Dec. 1 from 1942 to 1946 incl.
The maturity schedule does not
exceed the life of the original indebtedness and the lower interest rate will
permit a saving to the city of $23,150 in interest charges.
DOYLESTOWN,
Ohio—BOND
SALE—'The
$5,500
coupon
sanitary
and sewage disposal bonds offered Dec. 10—V. 151, p. 3278—were
awarded to J. A. White & Co. of Cincinnati, as 2 %h, at par plus a premium
of $12.50, equal to 100.227, a basis of about 2.73%.
Dated Nov. 1, 1940
sewer
There will be no auction.
and due $250 on Nov. 1 from 1942 to 1963 incl.
A separate bid for each issue (not less than par and accrued
interest)
is required.
Bidders are requested to name the interest rate or rates, not
exceeding 6% in multiples of lA of 1 %; each bid may name one rate for part
of the bonds of any issue (having the earliest maturities) and another rate for
the balance, but no bid may name more than two rates for
any issue, and
each bidder must specify in his bid the amount of the bonds of each rate.
BOND OFFERING—Lewis T. Long, Clerk of the Board of Education, will
receive sealed bids until noon on Jan. 6 for the purchase of $28,000 4%
school bonds.,
Dated Jan. 15, 1941.
Denoms. $1,900 and $1,800.
Due
The bonds will be awarded to the Didder offering to purchase the bonds at
the lowest interest cost to the city, such cost to be determined
fractional rates
by deducting
premium bid from the aggregate amount of interest
all of the bonds until their respective maturities.
the total amount of the
upon
Bids must be
must
on a form to be furnished with additional
information and
be accompanied by a certified check upon an incorporated bank or
trust company,
for $3,360.
payable unconditionally to the order of the State Treasurer
KINGSTON, N. C.—NOTES SOLD—It
were
sold
on
is reported that $100,000 notes
Dec. 20 at 1 %, plus a premium of $10. Due in six months.
PITT COUNTY DRAINAGE DISTRICT NO. 3
(P. O. Greenville)
N. C.—BOND OFFERING—Sealed bids will be received until
noon on
Jan. 6, by F. M. Wooten, District Secretary, for the
purchase of not to
exceed $25,000 5% semi-ann. drainage bonds.
These bonds will be issued
under authority or Chapter 442, Public Laws of North Carolina
1909 and
Amendments thereto, and under judgment of the
Superior Court of Pitt
County in Special Proceeding No. 3592.
Enclose
a
certified check for 1%
FRANKLIN RURAL SCHOOL DISTRICT (P. O. Jackson), Ohio—
fbllows: $1,900 from 1942 to 1951 incl. and $1,800 from 1952
Bidder may name a different rate of interest provided that
are expressed in a multiple of M
of 1%.
Interest M-S.
A certified check for $1,000, payable to order of the Board of Education,
must accompany each proposal.
Sept. 15
as
1956 incl.
to
GENEVA
$5,000
fire
awarded to
TOWNSHIP
equipment
the
(P. O.
bonds
Geneva),
offered
Dec.
Ohio—BOND SALE—The
21—V.
Teachers Retirement System.
due $1,250 on March 1 and Sept. 1 is 1942 and 1943.
State
151, p. 3432—were
Dated Dec. 1,1941a
GIRARD, Ohio—BOND OFFERING—P. J. Wilson, City Auditor, wil
receive sealed
bids until noon on Jan. 6 for the purchase of $28,250.79
coupon street improvement bonds.
Dated Jan. 15, 1941.
One bond
$1,250.79, others $1,000 each.
Due Oct. 1 as follows: $5,000 in 1942
and 1943; $6,000 in 1944 and 1945, and $6,250.79 in 1946.
Bidder may
name a different rate of interest provided that fractional rates are expressed
in a multiple of
of 1%.
Interest A-O.
A certified check for $300,
payable to order of the City Treasurer, is required.
3%
for
ment
HIGGINSPORT VILLAGE SCHOOL DISTRICT,
Ohio.—BOND
OFFERING—Mabel Marriott, District Clerk, will receive sealed bids until
noon on Jan.
11 for the purchase of $35,000 3% school bonds.
Dated
Jan. 1, 1941.
Denom. $1,000, $900, $850. $800, $750, $600, and $500.
Due as follows:
$500 June 1 and Dec. 1 from 1942 to 1946, incl.; $600
to exceed
June 1 and Dec.
of the bid.
RALEIGH, N. C.—NOTES OFFERED—Sealed
bids were received
until
m. on Dec. 26, by W. E.
Easterling, Secretary of the Local Govern¬
Commission, at his office in Raleigh, for the purchase of $60,000 not
6% revenue anticipation notes. Dated Dec. 27. 1940. Due on
March 27, 1941.
•
1
11
a.
ROCKY
MOUNT,
N. C.—BONIp OFFERING—Sealed bids will be
(EST), on Jan. 7, by W. E. Easterling, Secretary
Commission, at his office in Raleigh, for the
purchase of an issue of $1,200,000 water and sewer bonds.
Dated Jan. 1
1941.
Due on Jan. 1 as follows: $16,000, 1944 to
1953; $30,000, 1954
to 1957 and $40,000, 1958 to 1980, all
inclusive, without option of prior
payment. There will be no auction.
Denom. $1,000; coupon bonds regisable as to principal alone and as to both principal and
interest; prin. and
int. (J-J) payable in lawful money in New York
City; general obligations;
unlimited tax; delivery at place of purchaser's choice.
received until 11
of the
1 from 1947 to
1951, incl.; $750 June 1 and Dec. 1 from
1952 to 1956, incl.; $800 June 1 and Dec. 1 from 1957 to 1959, incl.; $850
1 in I960 and 1961; $900 June 1 and Dec. 1 from 1962 to
1964, incl.; $900 June 1 and $1,000 Dec. 1, 1965, and $1,000 June 1, 1966.
Interest J-D.
Bidder may name a different rate of interest, provided
that fractional rates are expressed in a multiple of M of 1%,
June 1 and Dec.
Local
a.m.
Government
Bidders are requested to name the interest rate
6% per annum in multiples of }4 of 1%.
for part of the bonds, and another rate or
or
Each bid
rates, not exceeding
may
name
other rates for the
one
rate
balance, but
HUBBARD, Ohio—BOND SALE—'The $8,555.08 street improvement
bonds offered Dec, 21—V. 151, p. 3599—were awarded to Ryan, Sutherland
& Co. of Toledo, as 2Ks, at par plus a
premium of $48.50, equal to 100.56.
Dated Dec. 1, 1940 and due
1942, and $425
on
as follows:
$480.08 May 1 and $425 Nov. 1,
May 1 and Nov. 1 from 1943 to 1951 incl. Other bids:
Bidder—
Int. Rate
J. A. White & Co
Provident Savings Bank & Trust Co
State Teachers Retirement Fund.
--
2H%
2J4%
3%
Premium
$8.58
6.00
48.00
Volume
_
The Commercial & Financial Chronicle
151
IRONTON
CITY
SCHOOL
DISTRICT,
CALLED FOR PAYMENT—Chester
A.
BONDS
Ohio—$400,000
Casey, President of the Board of
Education, announces that the district has arranged for the refinancing at
this time of the $400,000 6% bonds due Feb. 1, 1941, and that said bonds
will be paid if presented immediately on the terms of par and accrued
interest
the maturity date.
to
Holders
are
requested to present or ship
bonds to the Lincoln National Bank, Cincinnati.
LAWRENCE COUNTY BRIDGE COMMISSION (P.O.Ironton), Ohio
—BOND SALE POSTPONED—Date of sale of the $2,275,000 not to exceed
3% interest coupon bridge revenue revenue bonds, originally scheduled to
take place on Dec. 28—V. 151, p. 3599—has been postponed because of the
filing of an injunction suit to restrain the Commission from consummating
purchase of the bridges from proceeds of the proposed financing.
Announce¬
ment of the postponement was made by John W. Daugherty, President
of the Bridge Commission, as follows:
"Taxpayers having filed an injunction suit to restrain the Bridge Com¬
mission of Lawrence County from consummating the purchase of the
Huntington-Chesapeake and Ironton-Russell Bridges and the issuance of
bonds therefor, the Commission has deemed it advisable to postpone the
date of sale of the bonds.
"As soon as the present
J
litigation is clarified and the Commission can
priate advertisement published and at that time the prospective' bidders
which to figure
MASSILLON, Ohio—BOND SALE— The $35,000 fire apparatus bonds
18—V. 151, p. 3432—were awarded to Ellis & Co. of Cin¬
offered Dec.
lj^s, at par plus a premium of $220.85, equal to/100.631, a
basis of about 1.10%. Dated Oct. 1, 1940 and due Oct. 1 as follows: $6,000
from 1942 to 1946 incl. and $5,000 in 1947. Second high bid of 100.551 for
lMs was made by J. A. White & Co. of Cincinnati.
MOUNT
PLEASANT, Ohio—BOND OFFERING—E. H. Hayne, Village
PORTAGE
COUNTY
(P.
O.
Ravenna),
Ohio—BOND SALE—The
$16,000 delinquent tax bonds offered Dec. 24—V. 151,
awarded to J. A. White & Co. of Cincinnati, as 1 Ms, at par
p.
3600—were
plus a premium
of $89, equal to 100.55, a basis of about 1.14%.
Dated Dec. 15, 1940,
and due as follows: $1,000 May 15 and Nov. 15 from 1942 to 1946, incl.,
and $1,500 May 15 and Nov. 15 in 1947 and 1948.
Other bids:
Bidder—
Int. Rate
'
BancOhio Securities Co
Seasongood & Mayer
Second National Bank of Ravenna
Provident Savings Bank & Trust Co
First Savings Bank, Ravenna
$35.00
8.85
5.00
40.00
25.00
1H%
1%%
1H%
1H%
1%%
_
REPUBLIC, Ohio—BOND OFFERING—Harry Greulich, Village Clerk,
on Jan. 6 for the purchase of $38,000 bonds
'ST1 ■***"*
US*
*1
Dated Dec. 1, 1940.
water works system bonds.
Denom. $500.
Due $500 on Dec. 1 from 1942 to 1971 incl.
These
bonds were authorized at an election held in Sept., 1938, and are
payable from unlimited taxes.
23,000 4% first mtge. water works revenue bonds. Dated Nov. 1, 1940.
L £ MM Denoms. $1,000 and $500. Due Nov. 1 as follows: $500 from 1945 to
1950 incl.r$l,000 from 1951 to 1958 incl. and $1,500 from 1959
to 1966 incl.
Issued under authority of Article XVIII, Section 12
of the Constitution of the State and the Uniform Bond Act of the
|
General Code, and under and*in accordance with Ordinance No. Ill
Q i
duly passed by the Village Council on Sept. 23.
The bonds are
payable solely out of the revenues of the municipal water works
system, after provision only for the operation and maintenance
expenses thereof •
'-i^SSSSi
Only bids for both issues wilUbe"considered and tenders must be uncon¬
ditional.
Legal opinion of Peck, Shaffer, Williams & Gorman of Cincin¬
nati, will be furnished the purchaser at the village's expense.
A certified
check for 1
% of the bonds bid^for, payable to order of the village, is required.
RUSHVILLE UNION SCHOOL DISTRICT (P. O. Rushville), Ohio—
SALE—The
issue of $53,000 school construction bonds offered
151, p. 3432—was awarded to Charles A. Hinsch & Co. of
1 %s, at par plus a premium of $588.88, equal to 101.111, a
basis of about 1.61%.
Dated Jan. 15, 1941 and due Nov. 15 as follows:
$3,800 from 1942 to 1953 incl. and $3,700 in 1954 and 1955.
Second high
bid of 100.773 for 2s was made by Seasongood & Mayer of Cincinnati.
Dec.
offered for sale and awarded to the bidder
remain
on file for at least two days before contract will be made and en¬
All bids must comply with specifications approved by
City Council and on file in the City Clerk's office.
A certified check
for 2% of the amount of each bid, payable to the City Treasurer, is re¬
quired,
(These are the bonds for which both bids received on March 5,
1940, were rejected because of litigation.)
tered into thereon.
the
OREGON
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 3 (P. O. Parkrose) Ore.—BOND OFFERING—Sealed bids will be received until 8 p. m.
Jan. 6, by Carl W. Helwagen, District Clerk, for the purchase of a
$20,000 issue of school bonds.
Interest rate is not to exceed 6%, payable
Dated Jan. 15, 1941.
Due $4,000 from April 15, 1942 to 1946 incl.
on
Prin.
payable at the County Treasurer's office, or at the fiscal
of the State in New York City.
A certified check for $400 must
and int.
agency
accompany the bid.
PENINSULAR DRAINAGE DISTRICT NO. 2 (P. O. 426 Davis
Building, Portland), Ore.—MATURITY— The District Treasurer states
the
$60,000
4A% semi-annual series 1940 refunding bonds sold to
101.70, as noted here—V. 151,
Merton R. DeLong of Portland, at a price of
p.
3601
are
due
Nov. 1 in 1941 to 1960 incl.'
on
18—-V.
Cincinnati,
as
SANDUSKY, Ohio—BOND SALE—The $150,000 sewer bonds offered
Dec. 23—V. 151, p. 3432—were awarded to the First National Bank of
Chicago, as lj^s. at a price of 100.575, a basis of about 1.45%.
Dated
Dec. 1, 1940 and due $6,000 on Dec. 1 from 1942 to 1966 incl.
Second
high bid of 100.22 for 1
was made by Ryan, Sutherland & Co. of Toledo.
Bids for the issue
were as
PENNSYLVANIA
AKRON, Pa.—BONDS OFFERED—Harold W. Shirker, Borough Secre¬
tary, received sealed bids until 9 p.m. on Dec. 27 for the purchase of $18,000
not to exceed 3% interest coupon improvement and funding bonds.
Dated
Jan. 1, 1941.
Denom. $1,000.
Due $2,000 on Jan. 1 from 1943 to 1951
incl.
Bidder to name a single rate of interest, expressed in a multiple of
A of 1%.
Interest J-J.
Bonds are registerable as to principal only and
will be approved as to legality by Townsend, Elliott & Munson of Phil¬
adelphia.
BRIDGEVILLE, Pa .—OTHER BIDS—The $75,000 street and sewer
municipal building bonds awarded Dec. 17 to the Bridgeville Trust
Co., as lHs, at a price of 101.57, a basis of about 1.63%, as reported in
V. 151, p. 3781—were also bid for as follows:
and
follows:
Int. Rate
Rate Bid
Halsey, Stuart & Co., Inc.._
Merrill, Turben & Co., et al__
McDonald-Coolidge & Co., et al
llA% <
1%% *
1%%
1%% 1
1%% 1
l%% |
100.221
102.14
101.40
100.856
100.35
100.34
BancOhio Securities Co
2%
101.90
Bidder—
Ryan, Sutherland & Co
_
2% ^
2%
Stranahan, Harris & Co.. et al
101.80
101.64
M
SHEFFIELD LAKE SCHOOL DISTRICT (P. O. Lorain, R. D. No. 1),
Ohio—TO ISSUE $10,000 BONDS—Carl W. Lattif,
Clerk of the Board of
Education, reports that the $10,000 water main bonds authorized by the
voters on Dec. 18 will be offered for sale about Feb. 1. Bonds will be dated
Feb. 1, 1941 and mature $500 on May 1 and Nov.
1 from 1942 to 1951 incl.
100.549
101.84
101.43
SCHOOL
TOWNSHIP
Columbus),
COLUMBUS TOWNSHIP SCHOOL DISTRICT (P. O.
Pa.—BOND SALE—The issue of $9,500 school bonds offered Dec. 24—
H. Rollins & Sons, Inc.. Philadelphia,
as 1 %s at a price of 100.589, a basis of about 1.64 %.
Dated Jan. 1, 1941,
and due Jan, 1 as follows:
$500 in 1942 and $1,000 from 1943 to 1951,
inclusive.
Phillies, Schmertz & Co. of Pittsburgh, second high bidder,
V. 151, P. 3433—was awarded to E.
offered
a
price of 100.263 for 2s.
Unsuccessful bids
were as
follows:
Rate Bid
Int. Rate
Bidder—
Phillips, Schmertz & Co—
Singer, Deane & Scribner
S. K. Cunningham & Co—
--
3
Smith & Root—
-
100.263
2%
2\4%
214%
101.20
100.73
101.50
Par
2A%
--
Warren Bank & Trust Co., Warren
2H%
2%%
;
Chaplin & Co
100.60
TOWNSHIP SCHOOL DISTRICT (P. O. Transfer),
Pa .—BOND ISSUE DETAILS—The $34,000 land purchase and building
erection bonds sold in November to Singer, Deane & Scribner of Pittsburgh,
DELAWARE
234s, at a price of 102:34, as reported in V. 151, p. 3433—mature Nov. 15
follows: $2,000 in 1943 to 1945, $1,000 in 1946 to 1948, $2,000 in 1949
in 1951 to 1953, $2,000 in 1954 and 1955. $1,000 In 1956
to 195*. $2,000 in 1959 and 1960, $1,000 in 1961 to 1963, and $2,000 in
1964 and 1965.
as
as
and 1950, $1,000
DUNMORE
M.
SCHOOL DISTRICT,
Pa .—OPTION EXERCISED—M.
their option to purchase the
Freeman & Co. of Philadelphia exercised
$135,000 4%, coupon operating revenue
p.
bonds offered Dec. 10—V. 151,
3600.
SCHOOL DISTRICT, Pa .—BOND SALE—
building bonds offered Dec. 23—V. 151, p. 3433—
Co., Inc., Philadelphia, as \As at a price of
102.254, a basis of about 1.33%.
Dated Dec. 1, 1940, and due Dec. 1
as follows:
$2,000 from 1943 to 1961, inclusive, and $3,000 from 1962 to
1965, inclusive.
Other bids.
EAST
GREENVILLE
The $50,000
coupon
awarded
to
Blair &
Int. Rate
Bidder—
Schmidt, Poole & Co
Rambo, Keen, Close & Kerner, Inc
Burr & Co., Inc.-—...
C. C. Collings & Co
Commissioners of Montgomery County
—
.
Rale Bid
1A%
1^%
101.286
2%
2%
100.17
100.238
101.316
Par
LITITZ, Pa.—BOND SALE— The $40,000 2A% coupon water system
bonds offered Dec. 23—V. 151, p. 3601—were awarded to the Utitz Springs
National Bank, Lititz, at a price of 109.155, a basis of about 1.26%.
Dated
Jan. 1, 1941, and due Jan. 1 as follows: $2,000 in 1942 and 1943 and $3,000
from
1944 to 1955, incl.
Other bids:
Bidder—
Alex. Brown A Sons.
OKLAHOMA
101.29
101.01
DISTRICT (P. O. Sablnsville),
Pa.—BOND OFFERING—'Nellie Ackley, Secretary of the Board of School
Directors, will receive sealed bids until 8 p. m. on Jan. 11 for the purchase of
$12,000 3% registered school bonds. Dated April 15,1941. Denom. $1,000.
Due $1,000 on Oct. 15 from 1941 to 1952 incl.
Interest A-O. These bonds
will be issued subject to approval of the Pennsylvania Department of
Internal Affairs and any other opinion as to the legality of the issue must be
obtained by the bidder at his own expense. A certified check for 2% of the
bonds bid for, payable to order of the District Treasurer, is required.
CLYMER
.
Seasongood & Mayer
101.34
2%
2%
were
Harris Trust & Savings Bank
Charles A. Hinsch & Co., et al
-
Singer, Deane & Scribner.
Rate Bid
Int. Rate
1 %%
1H%
1 H%
1H%
Bidder—
Blair & Co., Inc
Premium
will receive sealed bids until noon
dividedjis follows:<1
$15,000^4H*%"municipal
BOND
be
as
Clerk, will receive sealed bids until noon on Jan. 9 for the purchase of
$3,800 4% coupon water works bonds.
Dated Sept. 1, 1940.
One bond
for $300, others $500 each.
Due Sept. 1 as follows: $300 in 1942 and $500
from 1943 to 1949 incl.
Bidder may name a different rate of interest,
provided that fractional rates are expressed in a multiple of A of 1%.
Interest M-S.
The proceedings for the issuance of the bonds have been
taken under the supervision of Squire, Sanders & Dempsey of Cleveland,
whose approving legal opinion will be furnished the purchaser at the village's
expense.
A certified check for $50, payable to order of the village, is
required.
r
3921
bonds wil
offering the lowest rate of interest the bonds shall bear, and agreeing to
pay par and accrued interest.
The bonds are issued in accordance with
Sections 5929 and 5930, Okla. Stat., 1931, as amended.
Duplicate of
each proposal or bid must be filed with the City Auditor at his office, and
a triplicate of each proposal or bid must be filed with the City Manager
at his office on or before the time and date above set out.
All bids shall
that
cinnati,
The
A-O.
proceed further with the acquisition of these properties and the issuance of
the bonds, a new date for the sale of the bonds will be fixed and ah appro¬
will be furnished with the necessary statistical data from
their bids."
1961.
in
1
.
Rate Bid
in?*§§o
.
Blair & Co., Inc.
-.108,758
-----
-
"
ADA, Okla—BOND SALE—The $100,000 issue of airport bonds offered
for sale on Dec. 23—V. 151, p. 3781—was awarded to C. Edgar Honnold,
and the First National Bank & Trust Co., both of Oklahoma City, jointly,
at a net interest cost of about 1.69%, according to the City Treasurer.
Due"$8,000 in 1943 to 1953land $12,000 in 1954.
J*
ANADARKO, Okla.—BONDS SOLD—It is stated that the J. E. Piersol
Bond Co. of Oklahoma City, and Francis Bro. & Co. of St. Louis, jointly,
were the successful bidders on May 10 for the $45,000 water wsorks system,
series A bonds, paying a price of 100.052, a net interest cost of about 2.23 %,
as follows:
$28,000 as 2 As, due $7,000 from May 15, 1943 to
1946, the remaining $17,000 as 2s, due on May 15 as follows:
$7,000 in
1947 and 1948, and $3,000 in 1949.
divided
The
City Treasurer also purchased on the same day $15,500 water works
system, series B bonds as 2 As, at par.
as follows:
$2,0(i> in 1943 to 1948 and
Dated May 15 1940. Due
on
May 15
$3,500 in 1949. Prin. and int. (M-N)
payable at the State Fiscal Agency in New York.
(The above corrects the
sale report which appeared in our issue of May 18.) Jbf
^ ***** --M
\
'
BOYNTON, OkiaT—B02VZ) SALE DETAILS—The Town Clerk states
$3,000 water works system bonds sold to Calvert & Canfield of
thatlthe
Oklahoma City, as notedIhere—V. 151, p. 3781—were
of 102.533, andJnatureJ&500 on Feb. 1 in 1944 to 1949
purchased at a price
inclusive, jg tff
«(
r
KINGSTON, Okla.—BONDS SOLD—The Town
Clerk ^states "Sthat
$8,212.50 refunding water works bonds have been sold.
{
LATIMER COUNTY SCHOOL DISTRICT NO. 22 (P. O. Wilburton)
Okla.—BONDS SOLD—The Clerk of the Board of Education states that
$4,000 construction bonds have been
purchase of an
1941.
Due on
sold.
Okla.—BOND OFFERING—Sealed bids will be
on Jan. 7, by Earl M. Simon, City Clerk, for the
issue of $6,911,000 water works bonds.
Dated Jan. 15,
Jan. 15 as follows: $384,000 in 1944 to 1950. and $383,000
OKLAHOMA CITY
received until 9:30 a. m.
Mackey, Dunn & Co
r
Burr & Co
*
-
Dougherty, Corkran & Co
C. C. Collings & Co
Denver National Bank
— —
D. W. Withers..
Central National Bank
~}£7.845
106.41
Yarnall & Co
106.274
105.586
JQ3.25J
102.00 4
-
of Columbia (for $10,000)
LORAIN (P. O. Johnstown),
Pa.—BONDS SOLD—An issue of $6,000
4% funding and fire truck bonds was sold earlier in the year
Teachers' Retirement Board, at a price of 100.755, a basis of
Due"$l ,000 on June 1 from 1942 to 1947, incl.
to the State
about 3.79%.
MEDIA, Pa.—BOND SALE— The $75,000 water and sewer improvement
19—V. 151, p. 3279—were awarded to the Warren A.
bonds offered Dec.
Tyson Co. of Philadelphia, at a price of 100.28.
Dated
due Jan. 1 as follows: $2,000 from 1942 to 1946 incl.;
J956 incl., and $5,000 from 1957 to 1961
The bonds were sold to bear interest at
Jan. 1, 1941 and
$4,000, 1947 to
incl
1A %.
PITTSBURGH SCHOOL DISTRICT, Pa.—BOND
OFFERING—II.W.
Cramblet, Secretary of the Board of Public Education, will receive sealed
bids until 2 p.m. on Jan. 6 for the purchase of $1,500,000 coupon building
bonds.
Dated Feb. 1, 1941.
Denom. $1,000.
Due $60,000 on Feb. 1
from'1942 to 1966 incl.
Bidder to name rate or rates of interest in multiples
such rate to be uniformTfor the entire issue.
Interest payable
registerable as to principal only.
The bonds are
the necessary funds for the purchasing or
.ground and erecting and equipping building, &c., under the provisions of
an Act "of Assembly entitled "An Act to establish a public school system in
the Commonwealth of Pennsylvania, &c." approved May 18, 1911, P. L.
309, and the supplements and amendments thereto.
Proposals must be
unconditional and for the entire issue and must be made upon blank forms
of M of 1 %,
F-A
The bonds are
issued for the purpose of raising
The Commercial & Financial Chronicle
3922
be Obtained
to
upon
application at the offices of the Secretary.
Settlewith the School Treas-
Dec. 28, 1940
improvement
DANVILLE, Va.—BOND SALE—The $100,000 electrical
ment in full for the loan as awarded must be made
of 1940 coupon semi-annual bonds
before Feb. 4, at 2 p.m., and will include payment of accrued
interest from Feb. 1, to date of settlement.
The legality of the issue will
3602—were awarded jointly to R. S. Dickson & Co. or Charlotte, and
Stein Bros. & Boyce of Baltimore as l^g,pa^ a priceof!J8.619, a basis of
about 1.37%. .Dated JNov. 1, 1940.
Due $4,000
1 bi 1941 to
1965 incl. a
HAMPTON, Va.—BOND OFFERING—Sealed bids will be received
until noon on Jan 15 by Francis W Jones Clerk of the School Board for
the purchase of $71,000 coupon school refunding bonds. Dated Jan. 1,1941.
Denom. $1,000. Due serially by Jan. 1, 1961. Bidswillbe consider^l for
bonds bearing interest in multiples of X or 1-lOths of 1%. Bonds will be
awarded to the highest bidder for the lowest rate of intent for whi^ a bid
is received.
Interest payable Jan. and July 1. Bidders are requested to
name the bank at which they desire the bonds and coupons thereto attached
on
urer
or
by Burgwin, Scully & Churchill of Pittsburgh, and a copy of
opinion will be furnished free of cost.
Enclose a certified check for
2% of the par value of the bonds, payable to the District Treasurer.
be certified
their
SCRANTON SCHOOL DISTRICT,
Pa .—BOND SALE—The $432,000
coupon bonds offered Dec. 23—151, P. 3601—were awarded to a syndicate ■
composed of Fox, Reusch & Co., Waiter, Woody & Heimerdinger, P. E.' •
Kline, Inc., Charles A. Hinsch & Co., Inc., Seasongood & Mayer, Pohl &
Co., all of Cincinnati, and M. M. Freeman & Co. of Philadelphia, as l^s
and 2s, at 100.316, a net interest cost of about 1.60%.
Sale was as follows:
* 143 nnn 9
oTieratina- cxnense bonds
Due Jan
1 as follows* $14 000
pUL0139foTthe
purpose
of providJ ng funds for
pj* ^fpharinfTft
and
p.
th^payieufof
SfgRSW?for. payab.e to the C.ty Treasurer.
be pledged as additional security for the bonds.
289,000 lx% refunding bonds.
Due Jan. 1 as follows: $28,000 in 1942
and $29,000 from 1943 to 1951, incl.
Issued under provisions of
liiACUl
WASH I
IC.
W?.h?-BWW
* Certam
.!1
Premium
o^fa'udtag tond^debt1"
#outftaDd1ng bonded debt.
Bidder—°
r
...
...
3,931.20
Phelps, Fenn & Co., inc.; Hemphill, Noyes & Co.;
Charles Clark & Co., and S. K. Cunningham & Co. 2%
SOLD—It is reported that the following 2% semi-ann. bonds aggregating
$325,000, approved by the voters on Dec. 10, have been purchased at par
by the State of Washington:
$265,000 refunding bonds. Due on Jan. 1 in 1951 to 1965 incl.
60,000 reconstruction bonds. Due on Jan. 1 in 1951 to 1965 incl.
3,542.40
.
Yid^r^^c^ar^^fthe> I^ard' o"fd^clmoflcH^Sors^wnf^^i ve^e^ied^ bids
Jan
1^ for the purchased?$225 000 lTx 1X1X2
on
single rate of interest, payable F-A.
A certified check for 2% of the
amount of bonds bid for, payable to order of the District Treasurer, is
a
required. These bonds will be issued subject to the favorable legal opinion of
Townsend, Elliott & Munson of Philadelphia, and subject to approval of
proceedings by the Pennsylvania Department of Internal Affairs.
i-v-aj
i NnFPP mhc mt
INDEPENDENT
P?nSrmMiinl£T
_
ninTRirTx^p
a i virniii
suffixV»fWaiTT!X?«?7nufi fin
5 tTi Board of Education. Dated Jan. 1, ^Q4i Due $1,000
twS'
1941. liS^S^nnn
c
from Jan. ^
1,
i
1943 to 1955 incl.
^
^
bidders reoffered the above bonds for general subscription at prices to yield from
1.25% to 2.60%, according to maturity.
county purposes, 26 boosted their levies and two maintained their J939
assessments, a tabulation by the Wisconsin Citizens Public Expenditure
Survey reveals.
Many of the reductions were attributed by Arch Ely, Executive Director
of the Survey, to a recent upsurge in "tax consciousness" created by a
State-wide economy movement launched by the 35 county and six com-
decrease of more than $617,000 from $37,339,085, the sum for 1939. Accordgjy
this reduction was made despite the fact that counties
ing to ]yjr
received
additional State aid this year.
no
A year ago county boards cut
their total levies by $1,370,578 under those of 1938, but at that time they
received $2,124,714 in additional State and Federal aid, about $754,136
more
than the amount of decrease.
-—
WYOMING
TENNESSEE
S(?iPShJSlwJS'SF ifn^*
COVINGTON, Tenn.—BONDS SOLD—A $45,000 issue of refunding
bonds is stated to have been purchased by the
"NTsshvillft qq 2Xs, of q uric.ft nf 100
Nashville, as o 1/0 at a price of 100.32.
Equitable Securities Corp. of
L)iift in 1941 to iQ4Q incl
due in i Q41 to 1949 incl.
COUNTY
HALL
c ouga &
Duncan &
$20,000Ion
munity taxpayer associations organized and assisted by the Survey.
Total of the levies for the 71 counties aggregated $36,721,720 for 1940, a
a//%xa
m
cp nri/->i
SCHOOL
GradeMcDoueal &
Chicago, theWell^Dickey Co. of Minnrapolis, T. J. Grade, J
S?ndon, Doyle, O Con^ & Co^, all or Lmcago, and Vieth,
Wood of Davenport. Coupon semi annual bonds, maturing
Jan* 2 in 19^ ^ llm, limlmiv?.
BONDS OFFERED FOR INVESTMENT—The successful
Wisconsin, state of—counties reduce 1940 tax levies—
1940 tax levies for
DISTRICTfir. O.fVirgil) S.
BOND SALE—-The $13,000 semi-ann
refunding bonds offered for
Dak.
DOUGLAS COUNTY (P. O. Superior), Wis .—BONDS SOLD— It is
stated by S. P. Gray, County Clerk, that $200,000 relief bonds were offered
8ale °a
rnd ^frcus UKimiredbZ Co y^ahma n °Jf ain °allof
Forty-three of Wisconsin's 71 counties slashed their
UArVU I A
bUU I M
ui dp ii
VIRGIL
..
VA/ISOONSIN
CAROL INA
vnnvwiun
CONSOLIDATED HIGH SCHOOLTDISTRICT
NO. 68 (P. O. Silverstreet) S. C.—maturity—The Secretary of the
Board of Trustees states that the $17,000 3X % semi-ann. refunding bonds
sold to C. W. Haynes & Co. of Columbia, as noted here—V. 151, P. 3601—
are due on July 1 as follows:
$1,000 in 1941 to 1946; $1,500, 1947 to 1953
and $500 in 1954.
SILVERSTREET
aai
,.->1
^
.
2 M, 2 M, 2 %, or 3 % coupon, registerable as to principal only, improvement
bonds. Dated Feb. 1,1941. Denom. $1,000. Due Feb. 1 as follows: $10,000
from 1946 to 1951 incl. and $11,000 from 1952 to 1966 incl. Bidder to name
COUTH
Grume
O
tP
904
.
2%
Edward Lowber Stokes & Co
f
NO
14—V. 151, p. 3280—were
OROVILLE-TONASKET IRRIGATION DISTRICT, Wash—BONDS
$2,967.84
639.36
1^%
1^%
Dolphine & Co., lnt
Halsey, Stuart & Co., Inc
Barclay, Moore & Co.; Clover & MacGregor; Moore,
Leonard & Lynch: Singer, Deane & Scribner, and
&4L
$35,000 school bonds offered for sale on Dec.
*
Inc.. and
E. H. Rollins & Sons, Inc.; Blair & Co.,
I Ulw
awarded to the State, as 2.45s, paying par.
PUrP°8e
,
A11
unt?r7m
m\Jt
ni^TRlPT
qchohi
caitntv
wr.
,
(P. O. Memphis), Tenn.—bonds defeated—
Dec. 14 the $500,000
highway improvement bonds failed to receive the necessary majority of
favorable votes to carry.
S^i in
^Jensen, Distnct Clerk, that he
97
will receive bids until J&n. 2# % for th6 purcflssG Oi 3»H Issue Ol $125)000 uoti
tQ exceed 3^% semi_annual building bon^.
An election is beingiheld
on Jan. 14 in order to approve the issuance of these bonds.
The County Judge states that at the election held on
SULLIVAN
COUNTY
(P.
O.
Blountville), Tenn.—BOND SALE-
The $75,000 semi-annual coupon school bonds offered for sale on Dec. 23—
V.
151, p. 3280—were awarded jointly to the Fidelity-Bankers Trust Co.
and Booker & Davidson, both of Knoxville, paying a premium of $15, equal
to 100.02, a net interest cost of about 2.04% on the bonds divided as follows:
$50,000 as 2s. maturing on Nov. 1, 1954, the remaining $25,000 as 2^s,
due on Nov. 1, 1956.
^
TEXAS
„
_
_
ECTOR COUNTY (P. O.
.
here—V.
151, p. 3782—were purchased for a premium of $200. equal to
100.33, and mature $10,000 from Sept. 1, 1942 to 1947, giving a basis of
about 2 17%
^
^
„
FLOYD COUNTY (P. O. Floydada), Texas—BONDS DEFEATED—
The County Judge states that at the election held on Dec.
turned down the proposal to issue $250,000 highway bonds.
FLOYD
COUNTY
(P
O
Flovdada)
Texas
14 the voters
maturity
The
County Judge states that the $10,000 4% semi-annual funding bonds sold
par to the First National Bank of Floydada, as noted here—V. 151,
at
P"
rfiwrcviiT/2 t'0 fr0m May
1^42 t0
inclusive,
GAINESVILLE,
Texas—WARRANTS SOLD— The City
states
that
the
$15,000 street improvement
§o,rv^^n°S.,TL000.
Due Dec. 1
warrants
as follows:
have
Secretary
been
sold
as
$1,000 in 1941 and 1942,
$3,000 in 1943 and $5,000 in 1944 and 1945.
The bonds are
optional at
time on 30 days' notice.
Prin. and int. payable at the City Treasoffice.
Legality approved by Cecil Murphy of Gainesville.
In connection with the $10,000 swimming pool revenue bonds reported
sold in our issue of May 17, the City Secretary also advises us that the bonds
were never issued, due to delay in
receiving a WPA grant.
any
urer s
NUECES COUNTY (P
O
Coroua CHristn
Tex»s
prf
ft fctthat
CONTRACT—It is stated by C. J. Wilde Countv Auditor that the<\ MO000 highway improvement bonds have been contracted for, subject to the
on
1 in 1944 t/O 1955
Jan
...
'
*
NUECES COUNTY (P. O. Corpus Christi) Texas—BOND ELECTION
It is statea by C. J. Wilde, County Auditor, that an election is scheduled
for Dec
30 in order to havp tho
highway improvement
votpria
tiars
nn
thp kcnannp
opt
enn
The"coimty Judge states tb'atat
aoie
majority to
SAN
carry^
ANTONIO,
Texas—BOND ELECTION—It is stated by T. N.
Tucker, City Auditor, that an election will be held on Jan. 21 in order to
vote on the issuance of $550,000 municipal airport bonds.
SWEETWATER, T«».-BOA'DS SOLD—A $15,000 Issue
refunding bonds
of Austin
as
is
of
hospital
said to have been purchased by R. K. Dunbar & Co.
4s.
HOUSING
AUTHORITY
(P.
issue
of
Housing
..
,,
/yii/inpvii/ii'VT
p
,
„
.
..
.
ended March 31, 1940, were tabled in the Dominion House of Commons
during the recent session of Parliament. The Public Accounts is an official
document presented annually to Parliament by the Minister of Finnace.
It corresponds to what in the case of an ordinary business corporation would
be the annual financial statement, and includes a detailed statement of the
revenues and expenditures of the Dominion during the fiscal year under
£?v*e.w' as weB as the balance sheet of the Dominion as at the close of the
"The revenue from taxation and all other sources for the fiscal year
ended
March
31,
1940,
aggregated
$562,093,459.44
which
is
$59,922,-
The total expenditures on all
$680,793,792.30.
These expenditures include not only
ordinary expenditures of $398,323,205.55 for interest on the public debt
105.52
more
accounts
than for the previous year.
were
and the general administrative expenses of the Government which are of a
recurring nature, but also special expenditures for unemployment and
drought area relief aggregating $54,612,951.03 war expenditures amounting
to $118,291,021.64, reserve against estimated losses on 1938 wheat marketing guarantees of $27,000,000 applicable to 1939-40, losses and non-active
advances to Government-owned enterprises operated as separate corporations amounting to $42,079,149.35, capital expenditures of $7,030,038.34,
amounting to $23,320,028.24 and other expenditures
Canada ^vas »$118»700t332»86t as comparod witu $50»o91»744.23 for the
previous year. The total net debt of the Dominion of Canada as at the close
of the fiscal year was $3,271,259,647.34."
i
t wi k pv
CHILLI WACIvj
n
p
doatti
q a
t
t?
Tnmoa
Dinho^/ioAri
•,
Q_n_
_,
B.
* James. xviciiardson & Sons or
an issue of $22,500 4H % hopsital bonds at a price of
Vancouver purchased
»f
glLfTnONf^OUNJY <P'h°-J
W2%6.1
itaS%
from 1941 to 1945, incl. Other bids:
Bidder—
Bank of Nova Scotia__i
Dated
Deb 20 lOlO and dM S
Rale Bid
Dyment, Anderson & Co
—
-
fj' \ Daiy&Cb
y
101.57
101.03
10043
$5,000 in 1956 and $6,000 in 1957,
as
2><js.
°therbids:
Bristol),
Authority,
Maturing July 1, $4,000 in 1952, $o,00o in 1953 and 1954, $6,000 in
,n
price of 104.96, a basis of about 3.29%. Dated Jan. 2, 1941 and due serially
O.
V..—BOND
First Issue, series A
bonds offered .for sale on Dec. 20—V. 151. p. 3602—was awarded
jointly
to F. S. Moseley & Co., and R. W. Pressprich & Co., both of New
York,
paving par, a net interest cost of about 2.5484%, on the bonas divided as
follows: $16,000 maturing Juiy 1, $12,jOP in 1941, $4,000 in 1942, as
3Ks,
$27,00u maturing July 1, $3,000 in 1943, $4,000 in 1944 to 1949, as 2X&;
$10,000 maturing $5,OhO, July 1, 1950 and 1951, as 2^s; and $31,000
$84,000
r .NAn.
ATrrliA Ar iS «t'riepj r vpS <5h
t
f tE
AT IONS IN PAbl FISCAL YEAR—The Hon. J. L. Ilsley, Minister of
finance of Canada, in an interview given at Ottawa on Dec. 16, made the
following announcement:
The Public Accounts of the Dominion of Canada for the fiscal year
of $48,207 4% improvement bonds was recently awarded to Wood, Gundy & Co. of Toronto, at a
_
BRISTOL
cat^
RART9N T9V^NS^ (I\ °* BartonVll,e)/Ont.—BOND SALE—
Bell, Gouinlock & Co. of Toronto, purchased an issue of $16,358 43^ % local
improvement bonds at a price of 101.25, a basis of about 4.24%.
Dated
Dec. 15, 1940 and due serially from 1941 to 1950, incl. ^Harris, RamsayA&
Co., only other bidder, offered to pay 100.875. \ ti
OWEN SOUND, Ont.—BOND SALE— An issue
VI RGI N I A
sale—The
13
1942 to
^
^
.
lreemijSritTto°ac'iSPrOVement b°ndS Med 18 reCe'Te the reqU'red (aV°r"
at a Drice of 103
Dated Jan. 20, 1941 and due sena ly irom 1942 to
i~£if,c£!i
nnn
issuance of $1,500,000
bonds
jfank of''TwoSto
j
J^^r^aline and dStK^l nlant construct?on bonds
Odessa), Texas—BOND SALE DETAILS—
The County Judge states that the $60,000 road bonds sold to A. W. Snyder
6 Co., and Paul H. Aves & Co., both of Houston, jointly, as 2Ks, as noted
™
A iyj A f\ Jl
V/nllnUn
1955,
Rate Bid
104.77
104.40
104.32
104.21
104.16
_-._104.10
Grey & Bruce Trust Co
Midland Securities Co., Toronto
Burns Bros. & DentonA. E. Ames &Co
Cochran, Murray & Co
Harris, Ramsay & Co.
Mills, Spence & Co
Dyment, Anderson & Co
Dominion Securities Corp., Toronto
1
103.72
—
103.58
103.42
@FedFRASER